Tax Preparation

Preparing your own income tax return can be a task that leaves you with more questions than answers. Whether we like it or not, today's tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there's no substitute for the assistance of an experienced tax professional.

Books a Mess: No Problem!

If you own a small business and haven't kept up your bookkeeping, don't worry.  SA&T, can help you. SA&T, will prepare your bookkeeping for the year, prepare a full Schedule C or Corporate tax return, as well as your personal income tax return. SA&T, will be glad to help you set up an easy system that allows you to keep your books in tip-top shape next year.

Here's what your get:

  • SA&T, goal is you receive the most refund legally possible by making sure no possible deduction is omitted. Your tax return will be checked and rechecked by the computer software identifying potential problems the IRS may look at more closely and reviewing the math to limit IRS contacts.
  • SA&T, will file your tax return electronically so you will get a refund back quicker.
  • SA&T, will show you how to adjust your payroll withholding to get more money back each week. Why give the IRS an interest free loan for up to 16 months.
  • SA&T, will show you potential deductions to limit your tax liability for next year. In addition,
  • SA&T will give you a sheet of commonly overlooked deductions to limit the following year's tax liability.

 

Tax Planning

Small businesses are the ones most in need of guidance to take advantage of tax rules. 

Planning is the key to successfully and legally reducing your tax liability. Our goal to ensure you receive all the tax benefits available to you under the law.  We make it a priority to  ensure we are up-to-date with the tax law, complex tax code, and new tax regulations by attending frequent IRS and private tax seminars.

We recommend Tax Saving Strategies that help you:

  • Grow and preserve assets by keeping Uncle Sam out of your pockets.defer income so you can keep your money now and pay less taxes later.
  • Reduce taxes on your income so you keep more of what you make.
  • Reduce taxes on your estate so your family keeps more of what you've made.
  • Reduce taxes on your gifts so you can give more.
  • Reduce taxes on your investments so you can grow your wealth faster.
  • Reduce taxes on your retirement distributions so you can retire in style.

Here's just a few of the Tax Saving Strategies we use:

  • Splitting income among several family members or legal entities in order to get more of the income taxed in lower bracket.
  • Shifting income or expenses from one year to another in order to have them fall where it will be taxed at a lower rate.
  • Deferring tax liabilities through certain investment choices such as pension plans, contributions and other similar plans.
  • Using certain investments to produce income that is tax exempt from either federal or state or both taxing entities.
  • Finding tax deductions by structuring your money to pay for things you enjoy, such as a vacation home.

Remember, we work for you not for the IRS. Many of our clients save many times the fee in reduced tax liability through careful planning and legitimate tax strategies.

 

Tax Problems 

Nothing strikes fear in the hearts of people more than receiving an IRS Audit letter in the mail. Handling IRS notices, letters, and audits take significant time away from your business and family, in some occasions, audits require you to gather mounds of records substantiating each and every item reported on your tax return and develop a comprehensive understanding of tax law.  Rarely do our clients even have to talk with the IRS. We handle it all for you so that you need not take time off of your business or job to handle the bureaucracy and paperwork of the IRS. No lost wages or business. You simply forward an IRS notification right away and we handle it from A to Z.
We can help with all the following:

  • IRS Audit Representation
  • Back Taxes Owed
  • IRS Liens
  • IRS Levies
  • IRS wage Garnishments
  • Offer in Compromise
  • IRS Payment Plan
  • Innocent Spouse Relief
  • Obtain your IRS file

 

Small Business Accounting

SA&T, provides your choice of these monthly or quarterly services :

  • Reconcile your bank account
  • Generate an income statement
  • Generate a balance sheet
  • Clean up your general ledger and record months end journal entries
  • Track Inventory and analyze your profit margin
  • Plan continuously to minimize your taxes and improve profit
  • Meet with you do discuss your financial statements 
  • Provide unlimited consultations

You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services. We guarantee that you will receive the lowest price on your weekly, bi-weekly, or monthly payroll service. Please call us today for free no obligation consultation and join other successful entrepreneurs and business owners.

 

New Business Formation

Opening your own business is exciting and thrilling. It's everything that comes after the excitement and thrill has worn off that dictates whether a small business will make it or not. It's up to you to maintain and stretch out the "thrill and excitement" period forever.
Simon can help you:

  • Select a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation and portability should you need to relocate.
  • Setup a home office so you can maximize your tax deductions.
  • Prepare and file your application for your Federal Employer Identification Number.
  • Provide payroll and payroll tax filing when you bring on your first employee.
  • Prepare and file all required state and local licenses and permits.
  • Comply with employment laws so you don't get hit with fines and unhappy employees.
  • Prepare an initial business plan to clarify your marketing, management, and financial plans.
  • Select the right accounting software by evaluating your budget, needs and hardware.
  • Prepare a Cash Flow Budget so you know exactly how much money you need to keep the business alive each month for the first few years. Unplanned cash requirements are always emotionally painful.
  • Establish billing and collection procedures to maximize your cash flow.
  • Establish procedures to monitor and control costs.
  • Identify your business insurance needs.
  • Develop a solid Partnership Agreement. This is an extremely important document for all new partnerships and will help prevent a tremendous amount of financial and emotional problems down the road.

Let SA&T, help you succeed by getting your new business off to a good strong start.

 

Personal Financial Statements

Personal financial statements may be required from persons applying for a personal loan or financial aid. Typically, a personal financial statement consists of a single form for reporting personally held assets and liabilities (debts), or personal sources of income and expenses, or both. The form to be filled out is determined by the organization supplying the loan or aid.