Business Tax Preparation
An accurate tax return can only be prepared when you start out with an accurate set of books. Our value priced monthly fee includes one business tax return. We smoothly handle the flow from your books into your tax return.
If you are a sole proprietor, the monthly fee includes your individual tax return. This ensures the accuracy of the process from the first register entry on January 1 all way through eFiling your return the following tax season. Business tax returns are always inluded in our monthly fee. If you are not a Schedule C business we will also do your indivdual tax return if you choose
Here's what you get when HJ Zarabet & Associates, CPA completes your business tax return:
- Your tax return will be checked and rechecked by our computer software identifying potential problems
- We will then manually review each return to catch anything the machine may have missed
- Your tax return will be filed electronically (if applicable)
- As we did all your small business accounting throughout the year, we are familiar with all aspects of what needs to go into your tax return
- You will digitally (or printed if you opt) receive a copy of your completed tax return as well as a copy of your Form K-1 (if applicable)
Personal Tax Return
We make it a priority to enhance our mastery of the current tax law, complex tax code, and new tax regulations by attending frequent tax seminars.
Pay the lowest amount of taxes allowable by law because we continually look for ways to minimize your taxes throughout the year, not just at the end of the year.
To get the most benefit out of tax planning it is best to set up an optional one hour in-person or video conference consultation.
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 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
- Reconcile your bank account (frequency depending on your service level choice)
- Identify lost checks, lost deposits and unauthorized wire transactions
- Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank
- Know how your business is doing? You can't really know unless all accounts are reconciled and properly accounted for on your financial statements
- Manage your cash more effectively. Proper management of funds not only saves money, it makes money for you
- Protect yourself. By timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged checks presented to your bank and paid by that bank, you can relieve your agency of responsibility for the shortfall and transfer the risk to the bank. This reason to reconcile alone should be enough. Crime exists
- Sleep Better. You will sleep more peacefully at night knowing your bank accounts are reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds are properly accounted for
- Generate a comparative income statement (frequency depending on your service level choice)
- Track revenues and expenses so that you can determine the operating performance of your business
- Determine what areas of your business are over-budget or under-budget
- Identify specific items that are causing unexpected expenditures. Like phone, fax, mail, or supply expenses
- Track dramatic increases in product returns or Fee of goods sold as a percentage of sales
- Determine your income tax liability
- Generate a comparative balance sheet (frequency depending on your service level choice)
- Quickly get a handle on the financial strength and capabilities of your business
- Identify and analyze trends, particularly in the area of receivables and payables. For example, if your receivables cycle is lengthening, maybe you can collect your receivables more aggressively
- Determine if your business is in a position to expand
- Determine if your business can easily handle the normal financial ebbs and flows of revenues and expenses
- Determine if you need to take immediate steps to bolster cash reserves
- Determine if your business has been slowing down payables to forestall an inevitable cash shortage
- Balance sheets, along with income statements, are the most basic elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you
- Clean up your general ledger
- Provide unlimited email and text support (Phone support optional)
- Properly classify your credit card transactions
- "Gross up" your payroll accounts
- Make any necessary adjusting journal entries
- Properly classify any assets purchased as an expense or as a capitalized fixed asset
- Properly record all draws or distributions
- Properly record officer health insurance payments
- Correctly set up loan payable accounts and create amortization schedules
- Send out scheduled reminders to vendors on your A/R list to encourage faster payments (Optional)
- Provide in-depth analysis, KPIs (Key Performance Indicators) and benchmarks to keep you continually informed about the state of your business (Optional)
- It's Fee Effective
- It's A Time Saver
- Worry Free Payroll Tax Filing
- Allows You To Focus On Core Competencies
- App access to easily make any payroll changes
Bookkeeping PlusIn business there are few things more important than the proper accounting of your revenue and expenses, yet this is, mistakenly, one the most overlooked responsibilities of many small business owners. We understand that as a small business owner you have more important things to do than to keep track of your own books. You or a spouse may try to do it yourselves to save money. Or maybe you try using a bookkeeper who lacks the complete training you will find in a CPA. Let HJ Zarabet & Associates, CPAs take care of your small business accounting, so you can get back to the job of running your business and generating profits. All at a fee that may pleasantly surprise you.
We'll do the all of following things for you included in your monthly fee (if required)
Reconciling your business checking account allows us to keep your financial position up-to-date
Having us reconcile your account allows you to:
An income statement, otherwise known as a profit and loss statement, basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period
An income statement allows you to:
A balance sheet gives you a snapshot of your business' financial condition at a specific moment in time
A balance sheet helps you:
The general ledger is the core of your company's financial records. These records constitute the central "books" of your system. Since every transaction flows through the general ledger, a problem with your general ledger throws off all of your booksHaving us review your general ledger system regularly allows us to hunt down any discrepancies such as double billings or any unrecorded payments. Then we'll fix the discrepancies so your books are always accurate and kept in tip top shape.
We are always available to spend time with you so you fully understand how to interpret and utilize the financial information we provideThis service is already included in our price, so please feel free to email or text us whenever you have a question or concern. Prefer to use the phone? We offer offer optional phone support as well
Every credit card transaction needs to be properly coded to the correct ledger accountWe do it for you
Payroll amounts as provided by the payroll service are entered as a net check amount. This leads to inaccurate payroll reportingWe will gross up your payroll amounts to accurately show your correct payroll expense
Non-cash adjustments are a necessary part of keeping your books correctly updatedWe will enter any necessary AJE.
Capitalization is not just for the first word in a sentenceLarge purchases may need to be capitalized and depreciated as well. As CPAs, we know the proper rules of capitalization.
When you, the small business owner contributes or withdraws cash from your business, it needs to be entered correctlyWe make sure it is properly entered so it has the correct effect on your tax return.
There are right ways and wrong ways to record an owner's or officer's health insurance paymentsLet HJ Zarabet do it correctly to properly meet current tax laws.
We make sure that any loan you take is correctly bookedAnd that you are getting all the interest expense deductions you are entitled to.
Cut down on those awkward phone callsLet our optional automated platform send email reminders to delinquent customers to assist collecting your receivables.
If you are serious about your business this is optional information you need to knowDiscover hidden potential probles before they grow.
When it comes to paying employees, laws and the IRS have made the payroll function a time consuming nightmare for the small business owner. Small business owners spend an average of eight hours a month performing payroll functions. That's 12 full days a year that could be spent generating sales, prospecting new business opportunities, improving products or services, or servicing customers.
HJ Zarabet & Associates, CPAs, in partnership with Gusto, offers payroll solutions that meet your business's needs and enable you to spend time doing what you do best--running your company.