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Looking for High Quality and Reasonable Fee Accountant Firm | Tax Preparation Service in Washingto1

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8 Fans · 4 Listings · Joined: Oct 3, 2007
 
$135

Looking for High Quality and Reasonable Fee Accountant Firm

Why?:
Individual And Business Tax Preparation • Accounting • Notary Public & Others
Price:
$135
Location:
Washington, DC
Description:

SMALL BUSINESS ACCOUNTINGAs a small business owner you have more important things to do than to keep your own books. We take care of your books for you, so you can get back to the job of running your business and generating profits.Each month or quarter we'll do the following things for youAs a small business owner you have more important things to do than to keep your own books. We take care of your books for you, so you can get back to the job of running your business and generating profits.Each month or quarter we'll do the following things for you...These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.Bank ReconciliationReconciling your business checking account each month allow us to keep your bank account, accounting, and taxes up-to-date.Having us reconcile your account each month allows you to...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.Detect and prevent embezzlement of funds from within your company.Know how your business is doing? You can't really know unless all accounts are reconciled and properly accounted for on your financial statement.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.Income StatementAn 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...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 cost of goods sold as a percentage of sales.Determine your income tax liability. Balance SheetA balance sheet gives you a snapshot of your business' financial condition at a specific moment in time.A balance sheet helps you: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 aggressivelydetermine if your business is in a position to expanddetermine if your business can easily handle the normal financial ebbs and flows of revenues and expensesdetermine if you need to take immediate steps to bolster cash reservesdetermine if your business has been slowing down payables to forestall an inevitable cash shortageBalance 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.Maintaining a Clean General LedgerThe 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 your books.Having us review your general ledger system each month 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.Unlimited ConsultationsWe are always available to spend time with you so you fully understand how to interpret and utilize the financial information we provide. Our consultations are already included in our price, so please feel free to call us whenever you have a question or concern.If you'd like to receive a free consultation on our Small Business Accounting Service, please Call us. Or send us an e-mail.TAX PREPARATIONPreparing your own income tax return can be a task that leaves you with more questions than answers. According to a STUDY released by the US Government's General Accounting Office, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer.Whether we like it or not, today's tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there's no substitute for the assistance of an experienced tax professional.Here's what you get...Your tax return will be checked and rechecked by our computer software identifying potential problems the IRS may look at more closely and reviewing the math to limit IRS contacts.Your tax return can be filed electronically so you will get a refund back quicker.Our staff will show you how to adjust your payroll withholding to get more money back each week. Why give the IRS an interest free loan for up to 16 months.We will show you potential deductions to limit your tax liability for next year. In addition, we will give you a sheet of commonly overlooked deductions to limit the following year's tax liability.Books a Mess? No Problem!If you own a small business and haven't kept up your bookkeeping, don't worry. We can help you. We'll prepare your bookkeeping for the year, prepare a full Schedule C, as well as your personal income tax return. Then we'll help you set up an easy system that allows you to keep your books in tip-top shape next year.Once again, tax planning for the year ahead presents more challenges than usual, this time due to the numerous tax extenders that expired at the end of 2013.These tax extenders, which include nonbusiness energy credits and the sales tax deduction that allows taxpayers to deduct state and local general sales taxes instead of state and local income taxes, may or may not be reauthorized by Congress and made retroactive to the beginning of the year.More significant however, is taxable income in relation to threshold amounts that might bump a taxpayer into a higher or lower tax bracket, thus, subjecting taxpayers to additional taxes such as the Net Investment Income Tax (NIIT) or an additional Medicare tax.In the meantime, let's take a look at some of the tax strategies that you can use right now, given the current tax situation.Tax planning strategies for individuals this year include postponing income and accelerating deductions, as well as careful consideration of timing related investments, charitable gifts, and retirement planning. General tax planning strategies that taxpayers might consider include the following:Sell any investments on which you have a gain or loss this year. For more on this, see Investment Gains and Losses, below.If you anticipate an increase in taxable income in 2015 and are expecting a bonus at year-end, try to get it before December 31. Keep in mind, however, that contractual bonuses are different, in that they are typically not paid out until the first quarter of the following year. Therefore, any taxes owed on a contractual bonus would not be due until you file a tax return for tax year 2015.Prepay deductible expenses such as charitable contributions and medical expenses this year using a credit card. This strategy works because deductions may be taken based on when the expense was charged on the credit card, not when the bill was paid. For example, if you charge a medical expense in December, but pay the bill in January, assuming it's an eligible medical expense, it can be taken as a deduction on your 2014 tax return.If your company grants stock options, you may want to exercise the option or sell stock acquired by exercise of an option this year if you think your tax bracket will be higher in 2015. Exercise of the option is often but not always a taxable event; sale of the stock is almost always a taxable event.If you're self-employed, send invoices or bills to clients or customers this year in order to be paid in full by the end of December.Caution: Keep an eye on the estimated tax requirements.Accelerating Income and DeductionsAccelerating income into 2014 is an especially good idea for taxpayers who anticipate being in a higher tax bracket next year or whose earnings are close to threshold amounts ($200,000 for single filers and $250,000 for married filing jointly) that make them liable for additional Medicare tax or Net Investment Income Tax (see below).Here are several examples of what a taxpayer might do to accelerate deductions:Pay a state estimated tax installment in December instead of at the January due date. However, make sure the payment is based on a reasonable estimate of your state tax.Pay your entire property tax bill, including installments due in year 2015, by year-end. This does not apply to mortgage escrow accounts.It may be beneficial to pay 2015 tuition in 2014 to take full advantage of the American Opportunity Tax Credit, an above the line deduction worth up to $2,500 per student to cover the cost of tuition, fees and course materials paid during the taxable year. Forty percent of the credit (up to $1,000) is refundable, which means you can get it even if you owe no tax.Try to bunch "threshold" expenses, such as medical and dental expenses (10 percent of AGI starting in 2013) and miscellaneous itemized deductions. For example, you might pay medical bills and dues and subscriptions in whichever year they would do you the most tax good.Threshold expenses are deductible only to the extent they exceed a certain percentage of adjusted gross income (AGI). By bunching these expenses into one year, rather than spreading them out over two years, you have a better chance of exceeding the thresholds, thereby maximizing your deduction.In cases where tax benefits are phased out over a certain adjusted gross income (AGI) amount, a strategy of accelerating income and deductions might allow you to claim larger deductions, credits, and other tax breaks for 2014, depending on your situation.The latter benefits include Roth IRA contributions, conversions of regular IRAs to Roth IRAs, child credits, higher education tax credits and deductions for student loan interest.Caution: Taxpayers close to threshold amounts for the Net Investment Income Tax (3.8 percent of net investment income) should pay close attention to "one-time" income spikes such as those associated with Roth conversions, sale of a home or other large assets that may be subject to tax.Tip: If you know you have a set amount of income coming in this year that is not covered by withholding taxes, increasing your withholding before year-end can avoid or reduce any estimated tax penalty that might otherwise be due.Tip: On the other hand, the penalty could be avoided by covering the extra tax in your final estimated tax payment and computing the penalty using the annualized income method.Healthcare ReformIf you haven't signed up for health insurance this year, it's not too late to do so--and avoid or reduce any penalty you might be subject to. Healthcare subsidies are also a potential tax planning issue. Please contact us if you need assistance with this.Additional Medicare TaxTaxpayers whose income exceeds certain threshold amounts ($200,000 single filers and $250,000 married filing jointly) are liable for an additional Medicare tax of 0.9 percent on their tax returns, but may request that their employers withhold additional income tax from their pay to be applied against their tax liability when filing their 2014 tax return next April.High net worth individuals should consider contributing to Roth IRAs and 401(k) because distributions are not subject to the Medicare Tax.If you're a taxpayer close to the threshold for the Medicare Tax, it might make sense to switch Roth retirement contributions to a traditional IRA plan, thereby avoiding the 3.8 percent Net Investment Income Tax as well (more about the NIIT below).Alternate Minimum TaxThe Alternative Minimum Tax (AMT) exemption "patch" was made permanent by the American Taxpayer Relief Act (ATRA) and is indexed for inflation. It's important not to overlook the effect of any year-end planning moves on the AMT for 2014 and 2015.Items that may affect AMT include deductions for state property taxes and state income taxes, miscellaneous itemized deductions, and personal exemptions.Note: AMT exemption amounts for 2014 are as follows:$52,800 for single and head of household filers,$82,100 for married people filing jointly and for qualifying widows or widowers,$41,050 for married people filing separately.Please call us if you'd like more information or if you're not sure whether AMT applies to you. We're happy to assist you.Residential Energy Tax CreditsNon-Business Energy CreditsATRA extended the non-business energy credit, which expired in 2011, through 2013 (retroactive to 2012); however, it has not been reauthorized by Congress. For years prior to 2014, taxpayers could claim a credit of 10 percent of the cost of certain energy-saving property that was added to their main home.Residential Energy Efficient Property CreditsThe Residential Energy Efficient Property Credit is available to individual taxpayers to help pay for qualified residential alternative energy equipment, such as solar hot water heaters, solar electricity equipment and residential wind turbines. In addition, taxpayers are allowed to take the credit against the alternative minimum tax (AMT), subject to certain limitations.Qualifying equipment must have been installed on or in connection with your home located in the United States.Geothermal pumps, solar energy systems, and residential wind turbines can be installed in both principal residences and second homes (existing homes and new construction), but not rentals. Fuel cell property qualifies for the tax credit only when it is installed in your principal residence (new construction or existing home). Rentals and second homes do not qualify.The tax credit is 30 percent of the cost of the qualified property, with no cap on the amount of credit available, except for fuel cell property.Generally, labor costs can be included when figuring the credit. Any unused portions of this credit can be carried forward. Not all energy-efficient improvements qualify so be sure you have the manufacturer's tax credit certification statement, which can usually be found on the manufacturer's website or with the product packaging.What's included in this tax credit?Geothermal Heat Pumps. Must meet the requirements of the ENERGY STAR program that are in effect at the time of the expenditure.Small Residential Wind Turbines. Must have a nameplate capacity of no more than 100 kilowatts (kW).Solar Water Heaters. At least half of the energy generated by the "qualifying property" must come from the sun. The system must be certified by the Solar Rating and Certification Corporation (SRCC) or a comparable entity endorsed by the government of the state in which the property is installed. The credit is not available for expenses for swimming pools or hot tubs. The water must be used in the dwelling. Photovoltaic systems must provide electricity for the residence and must meet applicable fire and electrical code requirement.Solar Panels (Photovoltaic Systems). Photovoltaic systems must provide electricity for the residence and must meet applicable fire and electrical code requirement.Fuel Cell (Residential Fuel Cell and Microturbine System.) Efficiency of at least 30 percent and must have a capacity of at least 0.5 kW.Charitable ContributionsProperty, as well as money, can be donated to a charity. You can generally take a deduction for the fair market value of the property; however, for certain property, the deduction is limited to your cost basis. While you can also donate your services to charity, you may not deduct the value of these services. You may also be able to deduct charity-related travel expenses and some out-of-pocket expenses, however.Keep in mind that a written record of your charitable contributions is required in order to qualify for a deduction. A donor may not claim a deduction for any contribution of cash, a check or other monetary gift unless the donor maintains a record of the contribution in the form of either a bank record (such as a cancelled check) or written communication from the charity (such as a receipt or a letter) showing the name of the charity, the date of the contribution, and the amount of the contribution.Tip: Contributions of appreciated property (i.e. stock) provide an additional benefit because you avoid paying capital gains on any profit.Investment Gains and LossesThis year, and in the coming years, investment decisions are likely to be more about managing capital gains than about minimizing taxes per se. For example, taxpayers below threshold amounts in 2014 might want to take gains; whereas taxpayers above threshold amounts might want to take losses.If your tax bracket is either 10 or 15 percent (married couples making less than $73,800 or single filers making less than $36,900), then you might want to take advantage of the zero percent tax rate on qualified dividends and long-term capital gains. If you fall into the highest tax bracket (39.6 percent), the maximum tax rate on long-term capital gains is capped at 20 percent for tax years 2013 and beyond.Minimize taxes on investments by judicious matching of gains and losses. Where appropriate, try to avoid short-term capital gains, which are usually taxed at a much higher tax rate than long-term gains--up to 39.6 percent in 2014 for high-income earners ($406,750 single filers, $457,600 married filing jointly).Where feasible, reduce all capital gains and generate short-term capital losses up to $3,000.Tip: As a general rule, if you have a large capital gain this year, consider selling an investment on which you have an accumulated loss. Capital losses up to the amount of your capital gains plus $3,000 per year ($1,500 if married filing separately) can be claimed as a deduction against income.Tip: After selling securities investment to generate a capital loss, you can repurchase it after 30 days. If you buy it back within 30 days, the loss will be disallowed. Or you can immediately repurchase a similar (but not the same) investment, e.g., another mutual fund with the same objectives as the one you sold.Tip: If you have losses, you might consider selling securities at a gain and then immediately repurchasing them, since the 30-day rule does not apply to gains. That way, your gain will be tax-free; your original investment is restored, and you have a higher cost basis for your new investment (i.e., any future gain will be lower).Net Investment Income Tax (NIIT)
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December 11 on Oodle
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