Our Services

Weekly

·       Record every transaction (i.e. customer billings and payments, vendor payments etc.) into the proper account at least once a week.

·       Keep copies of all documents, file receipts, invoices, cash receipts and payments, and add them to well organized files for every reference.

·       Create records for each of your vendor and keep track of billing dates, amounts due and payment due dates to stay updated of unpaid bills.

·       Prepare and send invoices, include payment terms in invoices and offer early payment incentives.

·       Pay vendor, sign checks, track payable accounts and earmark funds to pay suppliers on time.

·       Review projected cash flow, create a statement showing your current cash position, expected cash receipts and expected cash payments for the upcoming week.

Monthly

·       Balance your checkbook and make sure your cash transaction entries are accurate and that you are working with the correct cash position.

·       Review Past-Due receivables at the beginning of the month, send out friendly reminder to customers, clients and anyone else who owes you money.

·       Review actual profit and loss vs budget. If you do not have a budget prepared, compare your current profit and loss with the same prior-period year-to-date statement.

·       Review month-end balance sheet vs prior period and compare current balance sheet against the same period from a previous year, to see how you are managing your assets and liabilities.

Quarterly

·        File estimated quarterly taxes, pay estimated taxes every quarter to avoid fines & lower your year-end tax burden.

·        Review quarter payroll reports with the IRS (most states require quarterly payroll reports and payments), if you operate in a state that requires sales tax, be sure to comply with all required payments, and prepare annual profit & loss estimates.

·        Evaluate how much money you are actually making and establish the difference between revenue and expenses and what caused those changes.

·        Review past-due receivables and decide whether to send past-due bills to a collection agency or write them off for a tax deduction.

·        Assess your inventory and calculate the value of items not sold.

·        Fill out IRS forms W-2 & 1099-MISC (February 1st is the deadline to report the annual earnings of your full-time employees (W-2) and independent contractors (1099-MISC))

·        Review & approve year-end financial reports & tax returns. Make sure to review everything before sending your documents to your accountant and/or the IRS.

The following tips and reminders will help you avoid unpleasant surprises when it’s time to file your taxes:

·       Withhold additional amount to plan for a refund at tax time.

·       Adjust withholding amounts that closely align with tax liability.

·       Fine-tune changes in income or number of jobs (including spouse) in order to account for variations year to year or throughout the year.

·       Make sure your W-4 is updated.

·       Stay up to date with changes in marital status, dependents or complexity of tax return (itemize vs. standard deduction).

·       Form 1040 U.S. Individual Income Tax Return. What’s new?

o   Virtual currency question added

o   New above-the-line deduction for charitable contributions

o   Estimated tax payments line added

o   Recovery rebate credit on

·       Form 1040-SR, U.S. Tax Return for Seniors. What’s new?

o   All numerals are exactly the same as form 1040

·       Form 1040-NR, U.S. Nonresident Alien Income Tax Return.

o   Redesigned to resemble form 1040

·       Form 1040-NR-EZ obsolete for 2020.

·       Form 1040-X, Amended U.S. Individual Income Tax Return.

o   Now available to be e-filed

o   Form 1040-X can be e-filed only for 2023 tax return and subsequent years. Original return must have been e-filed

o   Form 1040 will be available in spanish for 2024