Personalized Tax Preparation Process
How do you feel about taxes? At LBS Tax & Accounting, our staff loves tax season. We at LBS Tax maintain close relationships with our clients throughout the year. As our client, you will be financially prepared come tax season. Our clients don’t have to worry- the appropriate measures have all been taken to minimize your tax liability. We deduct stress from the tax equation. And, when tax time is over, we are still here. You won’t be left out in the cold.
Our fee includes a face-to-face consultation that guides you through a checklist to ensure that every potential item that will impact your taxes is captured. Once your taxes have been completed, an additional meeting is scheduled to review your tax return, line by line, with a fully detailed explanation ensuring accuracy and comprehensive service every time.
Tax Returns – Individual
Life events such as buying or selling a house, having a baby, getting a divorce, and income increases or decreases all affect your tax liability, and how much of tax return you are entitled to. Should you itemize or take standard deductions? How does your involvement in a partnership affect your personal return? How should you report gambling winnings and social security income?
LBS Tax & Accounting’s personalized approach results in sound tax planning strategies that are as unique as you are.
Tax audits can potentially be stressful and worrying. However, we work with you to minimize the strain and complication of a tax audit. LBS Tax & Accounting can guide you through this often bewildering time leading you to a healthier financial future.
Tax returns are often a headache for many individuals and businesses alike. Each business year, every financial move you make on your company’s behalf will impact your year-end numbers and consequently your company’s following year tax returns. Additionally, your personal financial liability is also determined by your business structure and choice of payment, retained earnings and profit distributions.
How can you file a return that will generate the highest, legal deductions and maximize your income? Do your accounting records match your tax return? How many years can your company maximize loss carry forwards? Let LBS Tax & Accounting help you with your pre-tax planning and preparation. Whether your financial quandaries are large or small in scope, we can answer your accounting questions and implement financial planning strategies.
In order to effectively manage the long-term, it is crucial to stay on top of day-to-day transactions. LBS Tax & Accounting provides support and training for business owners, so they may effectively manage ongoing bookkeeping activities. Our level of service can be customized to provide support on various levels, including data entry, accounts payable and accounts receivable services. We also provide internal sustainability by monitoring and safeguarding important accounting functions. We can even provide specialized industry consultations to help you run your business.
Arizona state law exempts services from sales taxation; however, there are exceptions. Certain industries, such as construction, offer specific types of services that may be construed as taxable. Arizona has launched an aggressive campaign to ensure compliance with state sales tax laws and the State of Arizona considers any service that physically alters a landscape or structure to be subject to construction contracting sales taxes. This law affects the majority of construction firms. Failure to apply for and report the appropriate sales tax for your business can easily create a serious legal dilemma.
We maintain the critical knowledge you need to ensure your business, regardless of industry, is always operating in compliance with city and state laws.
Payroll tax evasion is the #1 reason most businesses will be shut down by the government. Payroll taxes fund social security and affect employee and business accounts. The government takes payroll taxes very seriously, and closely observes that the proper modus operandi is followed. If your organization fails to comply, even if only unintentionally, penalties and interest can add up to 50% of the liability and are not tax-deductible.
In addition to fulfilling mandated payroll standards, LBS Tax & Accounting can also provide HR services that are necessary for employers to evaluate liability, improve management skills, and ensure productivity.
Financial statements tell the economic story of your business. Financial statements enhance management skills and reveal aspects of business successes or concerns. In addition to educating you about your organization’s financial statements, LBS Tax & Accounting’s can help you to budget and forecast your company’s financial needs and bring you a sound understanding of your business’s financial direction.
LBS Tax & Accounting’s staff can assist you in interpreting financial statements such as:
- Balance sheet
- Income Statement
- Cash Flow Statement
A balance sheet is a financial picture of your organization. It contains your assets, liability and equity, and their relationships to each other at any moment in time. Decision makers can assess the organization’s liquidity, financial flexibility, profitability and risk. Dated reports are a compass of your company’s position and its history.
What does your balance sheet reveal about your company’s financial health? What expenses are negotiable? How can you structure automobile, travel and entertainment expenses for your maximum benefit? LBS Tax & Accounting works with you to understand each Balance Sheet line item and how they affect your business, for maximum financial effectiveness.
An income statement reports revenues and expenses generated by your organization’s major activities. It also details gains and losses incurred by other activities over a determined period of time.
When utilized correctly, an income statement should:
- Close out to a Balance Sheet at the end of a determined period
- Influence management decisions
- Identify fixed and variable expenses
- Compute break-even points
- Project income
- Plan taxes
- Budget for increased controls and manageability cash flow
Potentially, an income statement should help decision makers evaluate cash versus non-cash transactions and plan for future growth and investment.
Cash Flow Statement
The primary purpose of a cash flow statement is to provide information about the cash receipts and payments of an organization over a period of time. A secondary purpose is to provide information about investing and financing activities.
When utilized correctly, a cash flow statement should:
- Evaluate the ability to generate positive future net cash flows
- Assess the ability to meet obligations and pay dividends
- Identify any need for external financing
- Establish differences between income and associated cash receipts and payments
- Classify cash and non-cash aspects of the entity’s investing and financing activities
What is the best system to catalog your organization’s financial transactions? As a Quickbooks(R) Certified Training Firm, we are able install the most beneficial Quickbooks(R) program for your situation, and provide ongoing support and training for the software application. Support services include phone and face-to-face consultations.
Maximize your business potential! LBS Tax & Accounting can leverage a wide range of talent and contacts to help business owners plan, develop and manage their businesses with the proper allocation of resources. LBS Tax can also facilitate introductions and strategically align companies with proper financing, real estate contacts and business development resources.
LBS Tax & Accounting handles everything your business needs to achieve and maintain financial success. Find out how you can gain a financial edge by contacting LBS Tax for more information.