JFR Associates performs federal and state income tax preparation for individuals and businesses. Our income tax preparation services can include multiple states if necessary. Most, or all, of our filings are done electronically.
Tax planning is the analysis of a financial situation or plan from a tax perspective. The purpose of tax planning is to ensure tax efficiency. Through tax planning, all elements of the financial plan work together in the most tax-efficient manner possible. Tax planning is an essential part of a financial plan. Reduction of tax liability and maximizing the ability to contribute to retirement plans are crucial for success.
Minimizing Potential Taxes
Minimizing tax liability is one of the most important financial planning aspects for business owners and individuals each year, but it can also be a confusing process. Tax credits and deductions are often overlooked when filing taxes each year, and miscalculations or misinterpretations of tax guidelines can end up costing taxpayers more than they may have bargained for. Although it is not exhaustive, the following list of common tax planning strategies can help some taxpayers minimize their taxable liabilities each year.
Book Keeping Services
In order to keep proper books one must have the knowledge of debits and credits and the understanding of financial accounting which includes the balance sheet and income statement. JFR Associates can assist with the recording, storing and retrieving financial transactions for a business, which may include the following common tasks:
Invoicing for goods sold or services provided to customers
Recording receipts related to expenses
Recording and verifying bills from suppliers
Monitoring accounts payable
Processing payroll and the related required reports
Monitoring accounts receivable.
Recording depreciation and other adjusting entries
Providing financial reports
Bookkeeping is done with the use of computer software.
Accounting & Financial Compilation
JFR Associates can produce a financial statement compilation, which is the least expensive of the various forms of auditing services (the other two being a review and an audit), and so is preferred by those cost-sensitive entities whose financial statement users are comfortable with this form of engagement.
Quarterly and Year End
Employers are required to make federal payroll tax payments to the government,
as well as filing the proper reporting and informational returns. Employers must also provide employees and contractors with W-2 and 1099 reports explaining the compensation paid and withholding amounts. There may be state requirements as well. The rules can be complex and penalties for noncompliance severe, which is why the administration of payroll tax responsibilities is often outsourced by small businesses.
JFR Associates can properly handle payroll tax responsibilities by making sure that:
your federal and state taxes are paid and reported to the appropriate tax agencies
you properly report income, amounts withheld, and amounts paid on behalf of employees and contractors
you maintain the required federal and state records
At JFR Associates we know that accurate and timely compliance is the key to avoiding payroll tax penalties!
Sales Tax Return Filing
JFR Associates can assist business owners with the following items related to required state sales tax collection, remittance and reporting:
what is subject to sales tax and at what rate
what filing frequency you should use
what are the due dates for your sales tax filings
compiling gross receipts to determine the amount of sales tax you owe
JFR Associates has a great deal of experience with construction accounting. Construction accounting is a form of project accounting where costs are assigned to specific construction contracts. Costs are assigned to the each project by coding costs to the unique job number as the costs are incurred. These costs are primarily comprised of materials and labor, with additional charges for such items as consulting and architectural fees. A number of indirect costs are also charged to construction projects, including the costs of supervision, equipment rentals, support costs, and insurance.
Wealth Transfer is the transfer of wealth or assets to beneficiaries upon the death of the owner through financial planning strategies that often include wills, estate planning, life insurance, or trusts in a tax efficient manner.
Estate planning is the preparation of tasks that serve to manage an individual's asset base in the event of their incapacitation or death. The planning includes the bequest of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in estate law.
A stretch IRA is an estate planning strategy that extends the tax-deferred status of an inherited IRA when it is passed to a non-spouse beneficiary. It allows for continued tax-deferred growth of an Individual Retirement Account (IRA). By using this strategy, an IRA can be passed on from generation to generation while beneficiaries enjoy tax-deferred and/or tax-free growth. The term "stretch" does not represent a specific type of IRA; rather it is a financial strategy that allows people to stretch out the life, and therefore the tax advantages of an IRA.