Certified Public Accountant | Asheville, NC

Tax & Accounting Services

Individual Services

How much should I withhold from my paycheck? Should I make an annual contribution to my IRA? Will I have to pay estimated taxes next year? These are just a few questions that face taxpayers each year. Being prepared during tax season will help eliminate surprise tax liabilities. Arm yourself with proper tax planning. Good tax planning this year could greatly assist you in the current year as well as in future years.

Are you aware of all the new tax law changes for this year? Each year, Congress adds new tax deductions and eliminates others. If you are not aware of these changes, you could be missing out on tax deductions, or you could be counting on a certain tax deduction when the deduction has been eliminated. In either case, you need someone who makes it her job to be aware of all the changes and will look out for your best interest in your tax return preparation.

In an environment of lowering interest rates, refinancing becomes very attractive. Many times a bank will request your prior years’ tax returns. However, from time to time banks may request something more substantial. In these cases, you will need someone who is familiar with the preparation of personal financial statements, compilations, and reviews. These documents give satisfaction to the bank that your financial position has been properly reviewed by a tax professional.

When starting a new business, there are many choices before you and many decisions to make. Have you selected the entity structure that suits your particular business situation? Have you opened up a separate bank account apart from your personal bank account? Have you prepared a business plan? Are you aware of the difference between a hobby and a business? By consulting with a tax professional, all these issues, plus other important topics, can be discussed and action plans can be designed to get your business off to a healthy and successful start.

Once your business is up and started, the bills flow in, checks get written, and the documentation starts to pile up. This is the time to put in place best practices so that your financial statements are in order at any time during the year—and at tax time, the actual tax preparation is a breeze. You have a choice of doing this cumbersome task yourself, hiring a bookkeeper on staff for whom you will pay payroll tax and any associated costs, or bringing us on board, freeing you up to concentrate on your business and recognizing an immediate financial benefit from not paying an employee. By making the choice to use us as your bookkeeping specialists, your revenues and expenses will be constantly and accurately updated with the most recent information, ready for you to use as an accurate managerial tool.

If your business is such that it needs a bookkeeper on staff, then we provide you with controllership services, coming in on a regularly scheduled basis to make sure that everything is in order and that all bank and credit card accounts are properly reconciled and that all fixed assets are properly accounted for and recorded.

If your business plans on having employees, then there are several important issues that must be taken care of before those employees get their first paycheck. Additionally, it is important to know the difference between an employee and an independent contractor. We will make sure that your employees fill out proper paperwork; file the federal and state employee taxes correctly and timely; and make sure that your annual W-2s, W-3s, and 940s are accurate and timely.

As the owner of your business, you want to make sure that you benefit from all tax incentives that you are due. For example, if you have employees, you want to make sure that you take advantage of all employment tax incentives. Or, you want to make sure that, to manage net profit, you take advantage of Section 179 deductions. As many company structures are pass-through entities whose net profits go onto the taxpayer’s 1040 and are taxed at the taxpayer’s marginal rate, tax planning becomes paramount to the taxpayer to ensure that there are no personal tax liability surprises.

How much is my company worth? This is one of the biggest questions that any business owner can ask themselves. But how to value it? That depends on a plethora of data and on what kind of industry you are in. When you want to sell your business or bring in a partner, you will need to know this information and we can help.

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