We specialize in accounting and bookkeeping services including but not limited to: General Ledger and Trial Balance support, preparation of Financial Statements and projections, filing payroll and sales taxes. Depending on your business needs, we can customize an affordable package to fit your expectations.
BOOKKEEPING AND FINANCIAL SERVICES
Reconcile your bank account. Clean up your general ledger. Generate income statement & balance sheet. Provide personal financial statements and compilations for your business.
INDIVIDUAL AND BUSINESS TAX RETURNS PREPARATION
Whether we like it or not, today’s tax laws are so complicated that filing a relatively simple return can be confusing. Tax laws are constantly changing and it can become to 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.
Your tax return will be checked and rechecked by our professionals and computer software identifying potential problems the IRS may look at more closely and reviewing the math to limit IRS contacts. We also offer IRS and State representation to respond to your tax authority notices such as penalties and tax debt.
We work with most of our clients throughout the year to avoid penalties and provide tax planning to most effectively plan for your taxes whether calculating and making estimated business or personal tax payments; so that at the end of the year you are not surprised with a late payment or late filing tax penalty. We can also show you how to adjust your payroll withholding to get more money back each pay period. Why give the IRS an interest free loan for up to 16 months. For some clients, they enjoy receiving a large tax refund at the end of the year for a remodeling project or a vacation and we plan accordingly to adjust the paycheck withholdings to receive a large sum refund at the end of the year. Some of the other areas we specialize in include planning IRA and 401K conversions, Required Minimum Distribution (“RMD”) tax planning, SEP-IRA plan contributions, and deduction of Self Employed Health Insurance payments. Whatever you desire, we can make a tax plan to achieve your goals within allowable legal limits.
NEW BUSINESS FORMATION
Prepare and file all required state and local licenses and permits. Prepare and file your application for your Federal Employer Identification Number. Select the right accounting software by evaluating your budget, needs and hardware. Identify your business insurance needs. See our Insurance section for information about Unified Professional Services LLC a full service insurance brokerage firm which is licensed in New York and New Jersey. We can setup your sales tax authority. We can setup and process your payroll tax forms. We issue the required Federal and State payroll tax forms. At the end of the year we provide you with Forms W-2, W-3, and 1099 forms.
QUICKBOOKS SETUP AND SUPPORT
QuickBooks setup and installation can be tricky, save hours of frustration by allowing us to setup QuickBooks for you based on your business and industry needs. We will help you setup your Balance Sheet and Profit and Loss Statements. We will teach you how to properly recognize your revenues and expenses and setup your assets and liabilities as well as, your equity accounts.
TAX AND FINANCIAL PLANNING
Businesses and individuals pay the lowest amount of taxes allowable by law because we continually look for ways to minimize your taxes throughout the year, not just at the end of the year. Defer income so you can keep your money now and pay less taxes later. Reduce taxes on your income so you keep more of what you make. We will show you potential deductions to limit your tax liability for next year. We also work with licensed professional financial planners who will guide you and develop an investment plan for you in order to reach your retirement goals. Working with these investment professionals provides you with a dedicated team that has one goal in mind; seeing that you succeed in reaching your long term financial objectives.
WEALTH MANAGEMENT AND PRESERVATION
An estate may consist of tangible assets of real and personal property which belong to a natural person. The property of the estate must either be bequeathed through a will or transferred through the laws of intestacy if there is no will.
A will is the most commonly used legal instrument for the distribution of the property of a deceased person. Before property can be disposed of pursuant to the terms of a will, the will must be submitted to a probate court having jurisdiction of the estate of the deceased. Probate is often considered a relatively lengthy and expensive process, albeit one which may provide greater safeguards with regard to the rights of a deceased person’s beneficiaries, though probate often is contested by creditors or disgruntled members of the family of the deceased who feel they have not received their fair share of the deceased’s property.
In order to expedite the process of transferring assets to intended beneficiaries, some people choose to arrange their property so that it can bypass the probate process upon their deaths. For example, placing property into a trust before death (as opposed to a testamentary trust) will often allow the accomplishment of the objectives of property distribution without coming under the jurisdiction of a court and the possible redistribution after a lengthy contested probate process and trial.
Another major factor in trusts and estates law may be to minimize one’s tax exposure. After an applicable exempt amount, the United States federal estate tax and individual State estate tax can take a substantial chunk out of one’s taxable estate. The proper use of trusts may reduce one’s tax burden.
If you are interested in forming a trust, contact us to discuss various options available to you. We work with Elder Care lawyers who can design your trust in conjunction with our services to maximize your tax benefits from the overall estate plan.
BUDGETING AND DEBT CONSOLIDATION
Do you feel burdened by your debts and feel like you are under water? Alan Lorman CPA PC can help you plan a budget, go through your income and expenses to create a plan to pay down your personal or business debts. Are you contemplating whether you will be able to afford that new car, boat, or home? We provide financial projections, budgeting, and modeling to analyze your inflows and outflows; so that you can get a better handle of your finances.
We can also refer you to specialists in debt consolidation, credit counseling, debt settlement, and credit restoration. Did you know that even when you settle your debts for a fraction of your obligation, you may receive tax forms 1099-C at the end of the year that can add to your tax burden. Let us work closely with your debt settlement company to setup a plan to minimize your tax obligation.