Large firm quality; Small firm price | Accounting & Tax Services | Serving Long Island - New York Metro Since 1984
Most businesses and individuals view tax preparation as a once a year activity. Our view is that tax preparation should be kept in mind throughout the year as significant business activities are carried out so that the tax effect of those transactions can be considered and serious negative tax consequences avoided. For a business entity tax preparation is required at the end of the first calendar or fiscal year of operation whether the business is making a profit or not. Even dormant (non-operating) business entities need to preparae and file tax returns. Tax preparation is required of individuals who meet the minimum filing requirements established by law or regulations.
So many times have clients come in at their year end, informed us of what they had done during the year only to find out that they had made irreversible errors that could have been avoided had they sought our advice and counsel, or even themselves thought about the tax consequences of their actions. Tax preparation and filing requirements should be actively considered each time a significant business activity is undertaken. Do not hesitate to seek professional advice on issues about which you are uncertain or not knowledgeable. Even if you are certain of the tax preparation and filing consequences, seek confirmation. Make sure you are not making a fatal mistake.
Paying the least amount of tax legally possible is not about not reporting income or misusing the tax regulations, but is more about capturing all allowable expenses and making sure that they are appropriately applied against earned income; utilizing the most advantageous accounting and tax reporting methods; and avoiding late filings that result in excessive penalties and interest assessments.
Our office is diligent in keeping our clients focused on the rules and regulations related to tax preparation so that we do not cost our clients, but help them save and grow.
For professional, attentive service, contact us today for a consultation.
G.A. Clahar, CPA · 1188 Village Ave., Baldwin, New York 11510 · Phone: (516) 483-3851