Starting the Process
During our initial planning meetings, we set up a chart of accounts and complete an Entity Analysis to determine if you are taking advantage of the best tax laws available for your personal situation. We develop a customized tax strategy so you can pay the lowest legal taxes while maximizing your personal cash flow. In addition, our team reviews previous tax returns to look for missed tax deductions and will complete an Owner Compensation Analysis to ensure compliance with IRS compensation rules (and will help you to correct any errors, if needed).
These meetings also give us the information needed to search for missed deductions you may not be taking advantage of. Clients that come on board mid-year receive a tax projection to anticipate their tax bill, which allows our team to start planning for year-end.
Finally, we will complete a record-keeping evaluation to determine if the records you are collecting are adequate for your business. After we complete a few months of your monthly financial statements and feel they are reporting accurately, we sit down with you to review the findings and determine together the key indicators for your business.
On-Going Support, Reporting, and Monitoring
As a part of our Client Care Program, we provide year-round reporting and monitoring so that you can gauge your business finances on an ongoing basis. Not only do we provide monthly management reports (financials), but we also personally review them to check for key indicators, problems, and opportunities. This allows us to give you timely guidance and consultation, and provides a real-time snapshot of your business.
In addition to reports and report monitoring, our team provides year-round account service and support. We work with you on compliance with IRS rules and regulations, provide New York state tax guidance, and take the burden of sales tax filings off your shoulders by completing your required sales tax returns. If you do get a notice from the IRS or state, we respond on your behalf to resolve the issue. Clients can always feel welcome to call with questions, issues, or concerns – we truly enjoy talking with you!
Part of our holistic, consultative approach is tax planning. We proactively reach out to you to discuss your tax plan and tax projections prior to year-end. In order to eliminate surprises and avoid costly mistakes, we work with you closely and continuously throughout the year. This includes projecting your taxes and determining year-end tax planning strategies to effectively reduce your taxes to the lowest legally possible. Then, at year-end, we have a structured in-person meeting to go over all financial facets of your business and identify its strengths and weaknesses to improve your profitability for the upcoming year.
Tax Preparation & Completion
At year-end, your taxes are completed timely and accurately by a licensed tax professional. Business returns are completed well before the due date and individual returns are typically completed in February or March. Then, it’s time to assess the year and review strategies for the coming year.
Our Client Care Program allows us to provide you the most comprehensive and highest level of customer care – so you can focus your efforts on building a stronger, more profitable business. Your success is our success!