Do you have a business and need to properly account for your income and expenses? Do you have employees and are in doubt as to how to file the State and Federal reports? What type of business do you need, Sole Proprietorship, Partnership, Corporation or S Corporation? Help is only a phone call away.

       A major cause for new small businesses to fail is those businesses do not have a proper accounting of their income and expenses. Granted, the cost may seem excessive especially since it does not produce a product to be sold. Let me give you an actual instance. A tax preparation client brought his work to me and I prepared his return. I called him to ask a couple questions and he mentioned paying himself a wage. I explained that a sole proprietorship owner does not pay himself a salary. He is considered to have earned the net profit of the business. He said that he incorporated in the middle of the prior year and was not a sole proprietorship. This was the first indication of a corporation as the same checking account was used without any change what so ever. This caused a recalculation of his tax return to determine the profit for the pre-incorporation period and the post incorporation period. This more than doubled his tax preparation fees and increased his taxes from $1,000 to $7,500. All of this because neither he nor his attorney took the tax effect of his actions into consideration. The bookkeeping fees for that period would have been much less than his actual costs. We still have to do the proper accounting to determine the balance sheet and profit and loss of the corporation, so he did not save the bookkeeping fees after all. This was a very costly mistake.

       The bottom line is that knowledge of your business’s financial condition is an expense you can not afford to be without. Call for a discussion of your personal requirements.

Hours of Operations are 8:30 AM to 5:30 PM
Monday to Friday - Central Time

 For a Confidential Discussion of Your Specific Needs 




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