Consultants and Consulting Firms
Premier CPA Services for Consultants: Partnering with Thought Leaders and Industry Experts
Consulting firms mainly earn from the time and expertise of their main leaders. Their main costs are things like staff salaries, office rent, and daily business expenses. This means it’s important to look closely at how the business runs and its costs, not just taxes. Even though the yearly tax return shows last year’s costs, our advice can help lower these expenses. Our group of clients and partners can help you all year, not just when it’s time for taxes.
Corporate Veils
Why They Matter
The Corporate Veil in corporations and LLCs is what keeps your personal and business finances separate, both legally and financially. It’s the main reason people form corporations or LLCs. But if you mix personal and business money, or mix funds from different businesses you own, you could lose this protection. This is known as “piercing the corporate veil.” If someone challenges this in court, a lawyer will defend it. But how strong your defense is depends on how you handle your business finances and operations. Your CPA should help you keep records right and set up processes to prevent issues.
We know about Corporate and Partnership Accounting, different LLC setups, and other areas that can confuse business owners. By regularly checking your finances and quickly fixing any issues, we can help keep your business safe and its finances separate.
Consulting Business Tax Issues
Expert CPA Firms Know Your Issues
Consulting businesses might look simple: you offer your time and get paid, often shown in a 1099 Form. But things get tricky with changes in the Meals Deduction, how you charge clients for costs, and making sure you file a 1099 for any contractors you hire. In our education area, we have a video on “How to Fill out 1099 Misc Forms.”
Expense your Car?
Rules for Cars as a Business Expense
Every service business hopes to count their transportation as a business cost, but many are surprised when they can’t. You can deduct vehicle costs and its upkeep, but you need the right records. Nowadays, with smartphones and apps, this can be done in minutes daily and can save you a lot of money during tax season. Choosing a local tax accountant who only checks your receipts might save some money upfront, but without proper systems, you could miss out on big deductions. We’ll help you claim the most car-related expenses legally possible.
Work in Multiple States?
Multiple State Tax Issues Need Expertise
If you do business in multiple states, you might be taxed by states other than where you live. This idea started with taxing pro athletes from other teams. If you’re traveling across states for business, you might need to keep track of sales and costs by state. By organizing your accounting and keeping track of receipts, we can help you get the most deductions and lower your tax bill.
Spousal Payroll?
Double Your Tax-Free Benefits
For families with one primary earner and a non-working spouse, adding the spouse to the payroll can be a key financial strategy when the spouse contributes to the business. Many business owners often have their spouses assist with tasks like managing billing or other office tasks as needed.
By working with you to accurately document your spouse’s involvement and set up payroll, we can help you optimize tax deferrals in retirement accounts and access additional tax credits. Proper documentation is crucial to meet IRS regulations; they have strict rules and a specific section for Married Couples in Business.
Keep in mind, several tax credits are only available if both spouses are employed, as defined by receiving a W-2 by the IRS. Therefore, proper spousal payroll setup is essential for family businesses to access these benefits.
Evaluating Consulting Business CPA Firms
Are We Compatible?
Make sure you choose a CPA firm led by professionals who comprehend the necessities of business owners, not just the intricacies of business tax returns. It’s imperative to view the owner’s finances comprehensively when providing advice on tax matters, retirement plans, and other pivotal financial decisions. You’ll gain from proficiency in tailoring your chart of accounts to suit your consulting business’s specific needs. By managing your expenses effectively, you can optimize your business operations and monitor your financial flow in real time. Similar to how you aid your clients in making informed decisions, we are here to assist you in the same way.
Consultants CPA – More Info
Time Sensitivity
I know how busy professional life can be, especially when every hour counts. My goal is to save you time, allowing you to focus on your clients, while my team and I take care of your needs.
Intelligence
The initial work is handled by our capable junior staff to maintain cost-effectiveness, but I personally oversee all high-level discussions. With an engineering background from MIT and a Master’s Degree in Accounting, I’m well-equipped to understand and respond to your needs efficiently.
Firm Structure
Small CPA and consulting firms operate similarly. We manage payroll for our team, establish benefit packages, and implement retirement plans accommodating varying income levels, all while maintaining a structure that’s easy to navigate.