Finance and Accounting 

 (Accounting, Auditing, Tax Planning and Financial Planning) 

We have a team of Chartered Accountants and 1st class graduates and post graduates. All our team members have domain expertise in US GAAP and US Business Practices.

We specialize in bookkeeping and accounting, taxation and payroll services, Accounts Receivable and Accounts Payable, Financial Analysis and reporting, General ledger, general bookkeeping, Reconciliation.

BOOKKEEPING AND TAX PREPARATION

Recordkeeping is usually one of the tasks that people do not like to deal with. However, recordkeeping is very important to your business. Good records will help you do the following:
· Monitor the progress of your business
· Prepare your financial statements
· Identify source of receipts
· Keep track of deductible expenses
· Prepare your tax returns 
· Support items reported on tax returns
Make a profit. You need to know how much you are spending on your business to keep it running in order to know how much income you need to have a profit. For example: "How much do I need to sell my widgets for?" Always keep good records of the costs of taking your widget to market. You can then avoid having a business that loses money each time you sell a product.

Calculate your lowest net profit subject to tax. You cannot deduct expenses that you approximate or estimate. You must be able to prove (substantiate) your business expenses with timely and accurate records to support the amounts deducted to compute your net profit.

Borrow money from a banking institution or other commercial lender. These lenders are going to check your credit and they will want to see your projections to repay the loan.

Separate personal from business. Transactions between related parties, i.e., a corporation and its sole shareholder, may be subject to special scrutiny. To facilitate your tax preparation and reporting, as well as your responses to any possible IRS inquiries, it may be beneficial to record and store your documentation of any transactions between related parties.

 
We provide a wide range of accounting services including financial statements, accounting system design and payroll services.  We have developed specialties in providing accounting and consulting services.

Consumer Goods, Consumer Services, Hotels, Restaurants, Clubs, Other Leisure, Consulting, Legal, Engineering, Accounting, Other, Real Estate, Insurance, Retail, Wholesale

Financial modeling, investment valuation, tax return preparation, tax strategy development, portfolio construction and evaluation, statistical analysis, Excel programming, research and writing.PAYROLL SERVICES FOR BUSINESS OWNERS

Human resource issues are often put on the back burner of new and growing businesses. Small business owners get caught up in managing the financial resources of the company because those are the elements that are being monitored and evaluated by financial institutions and equity investors. The problem is that no company can be successful if its human resources are not managed as effectively as its financial and technological ones. Add to that the unpredictable, and sometimes uncomfortable, aspects of managing people and you’re left with a perfect set of excuses to not attend to human resource management. Fortunately there are many strategies that have been proven to enhance all aspects of people management.

Our tax planning and preparation service is designed to provide you with the most accurate and complete returns possible.  We prepare individual, corporate, partnership and trust returns for all types of companies, and in virtually any state.  Our tax planning professionals can instantly project your next year's tax liability, so we can do some tax planning now.  Our goal is to help our clients pay less tax. 

TAX CONSULTING FOR SMALL BUSINESSES

As individuals, we earn money, pay taxes, and buy things, where as a corporation earns money, buys things, and then pays taxes. What would you rather do, pay for things with pre-tax or after-tax dollars?

How is a C corporation taxed? And what is C corporation “double taxation”?

A C corporation files its own federal and state corporate tax returns each year and (unlike an S corporation) pays income tax at its own corporate income tax rates. If a C corporation distributes dividends to the shareholders, the shareholders must report and pay personal income tax on those dividends. And because dividends, unlike salaries and bonuses, are not tax-deductible, the corporation must also pay taxes on them. This means that dividends are taxed twice, once to the corporation and again to the shareholders. This is called “double taxation.”

However, most small C corporations where the owner-shareholders work for the company rarely pay dividends. Instead, such owner-employees are paid salaries and fringe benefits as ordinary and necessary business expenses that are deductible to the corporation (the corporation doesn’t have to pay tax on them). As long as you work for your corporation, even in a part-time or consulting capacity, you can take home profits in the form of a salary and bonuses, thereby avoiding double taxation, provided that you do not receive dividends.

The following illustration shows how one individual, who has $60,000 per year in revenue, can save almost $10,000 in taxes just by incorporating. The power of being able to determine what you pay yourself, and what stays in the corporation for future expenses of the company, is what draws millions of people to incorporate, rather than running their business as a sole proprietor or partnership. The illustration does not take into account several areas that would make the illustration more compelling. Such as retirement accounts and fringe benefits.

SOLE PROPRIETORSHIP

Revenues . . . . . . . . . . . . $60,000                  
Expenses . . . . . . . . . . . . $10,000
Gross Profit . . . . . . . . . . $50,000
Income Tax . . . . . . . . . . $11,042
Self-Emp. Tax . . . . . . . . $7,650
State Tax . . . . . . . . . . . . 5%-12%

Total Taxes Paid . . . . . . $18,692
Total Net . . . . . . . . . . . . $31,308

CORPORATION

Revenues . . . . . . . . . . . . . . . $60,000
Expenses . . . . . . . . . . . . . . . $11,530
(includes 1/2 FICA)
Salaries Paid . . . . . . . . . . . . $20,000
Gross Profit . . . . . . . . . . . . . $28,470
Corporate Tax . . . . . . . . . . . $4,270
Net Profit………... . . . . . . . . $24,200
John’s Income . . . . . . . . $20,000
John’s Income Tax. . . . . $3,000

Total Taxes Paid . . . . . . . . . $ 8,800
Total Net . . . . . . . . . . . . . . . $41,200