Accounting Services
Bookkeeping
Accurate record is the key to success for a business.
If you prefer to keep bookkeeping in house and have a capable staff, I can help you set up online bookkeeping program, such as QuickBooks online, or any other program out there, and train your staff bookkeeper. I can help you streamline and automate key accounting functions. I will also provide regular checkup and assistance to ensure the integrity of the accounting data.
If you prefer to outsource the accounting functions, I can fill in that gap, handling accounting needs such as payables and receivables, payroll and payroll tax reporting, sales/use tax filing, bank, merchant account, POS system, and credit card reconciliation, review loan documents, year end reporting etc.
I cannot say this enough, keep your business expenses and personal expenses separate. The cost of bookkeeping totally depends on how well you organize your business.
Compilations
With accurate bookkeeping practices, you can produce reliable financial statements from your accounting program for your budgeting and cost control functions.
Under some circumstances, you may need CPA compiled financial statements, such as applying for State Contractor’s license, etc. I can assist with compilations of financial statements, even if my firm did not handle your bookkeeping. But I do not have the capacity to handle any review or audit engagement.
Tax Services
tax Planning
What is the key difference between a tax CPA and any other tax preparation services on every block of the road? Tax planning tailored to you to make sure that you only pay what you need to pay, not a penny more.
Tax planning is an ongoing process given the fact that the tax law is constantly changing and your situation is evolving. This year, with the passing of the One Big Beautiful Bill (OBBB), there are a lot of planning opportunities including setting up an HSA, donate to charity for an above the line deduction, etc. Head over to my Blog page to read some posts regarding planning strategies for the OBBB.
For businesses, we should review your business structure and performance at least yearly and adjust your tax strategy if need to. For instance, your S corporation may not be generating as much income as before, and a revocation could take you out of payroll and tax filing obligations of being an S-Corp, which will save you administration costs and professional fees. Another example is setting up retirement plans as a tax saving strategy for the self-employed. You must heard about the Traditional IRA, Roth IRA, SEP, SIMPLE, Solo 401K, Roth 401K, Back Door Roth IRA, etc. Which one is right for you?
Tax Preparation
Personal Tax Preparation
Whether you have a rental house, make a fortune from crypto, own a small business, have a side gig, or being part of a partnership or S-corporation, I can handle your form 1040 and all its schedules. And if needed, my firm can help you with the FBAR reporting for your foreign banks and other financial account. I also worked with non-resident foreigners living and working or investing in the United States. I compiled a check list for documents you should gather for your tax return. Depending on your situation, you may not need everything on the list. Click here to download the file.
Business Tax Preparation
If you are a new business filing first tax return, or changed business entity selection, I will walk you through the new forms required and new obligation you may have. I can also review your previous tax returns to identify issues. Sometime I cannot believe what come before my eyes. For example, a client’s professional corporation was being filed on schedule C on his personal tax return for years, when the name of the company is clearly marked INC?! I have a business information sheet which also listed some commonly deductible business expenses. Click here to download the business information sheet. My firm can handle business tax returns correctly and accurately, whether it is a simple or complex multi-state return.
Estate and Trust Tax Preparation
It may be the attorneys who draft the wills and the trust, but CPAs often are the ones who file the final return for the deceased client or for the heirs if the trust continues its operation. A CPA need to have intimate knowledge and understanding of the unique functions of estate and trust and the specific forms and requirements for these entities. I can review your estate planning documents, such as your will, trust, POAs for financials and health care, etc. and help construct a comprehensive estate plan.
business formation
I will review your business information and recommend the proper business structure to maximize your financial and tax benefits from both the state and federal perspective. I will assist with the business registration, such as EIN application, secretary of state registration, state sales/use tax registration, state unemployment tax set up, etc. After the business formation, I will help with setting up an accounting system including billing and collection procedures and cost control policies, and assist with your business insurance needs. Click here to download a short questionnaire to help me understand what you want for your new business.
business valuation or business succession
Sometimes when business owners retire, they need to look for a way out by selling the business, or take on successor owners. I can work with you to review your financial data in order to recast your income stream and project a fair market value for your business.