East Brunswick Tax Preparation: A CPA Team for Every Need

Tax PreparationEveryone knows that when you need your taxes done or some sort of auditing performed on your finances, a Certified Public Accountant is the way to go. After all, CPAs don’t just have a college degree backing up their expertise; they’ve also passed a strenuous and rigorous exam and sworn to uphold a code of ethics. However, there are also a variety of other services besides tax preparation and auditing that a CPA can assist you with.

As a personal advisor, a certified public accountant will help you immensely. If you’re looking for financial planning to help chart your path to retirement, a CPA can help you plan investments to get you where you’re going. Additionally, your chosen certified public accountant can also help you deal with estate planning and ensure that your heirs receive the lowest tax burden possible.

On the business side of your life, a CPA provides your business with peace of mind. Assurance services and forensic accounting are two specialty areas that require a CPA. That is on top of the standard need for East Brunswick bookkeeping services that your New Jersey business requires.

East Brunswick Tax Preparation

One of the primary things that you need an accountant for is tax preparation. While you may not think of using a CPA for your tax preparation, remember that with a new federal administration will come new tax rules. Minimizing your tax debt by maximizing the amount of deductions you are able to claim will save you a lot of money in the long run.

If you’re operating a business from home, a CPA can save you even more money, adding value to your business’ bottom line. Learning how to navigate the individual deductions can be tricky. Knowing what you are able to claim in regards to your home office, supplies, and even depreciation can help. Not sure if you can claim that printer or what percentage of your car is applicable to your business? Your East Brunswick bookkeeping services can help.

It just isn’t tax preparation that we can help with. Reviewing your old tax returns for accuracy is an important part of our services. Let us review them to ensure that you not only got the maximum return you could have; we will also review them to ensure that you have minimized your chance to be flagged for an audit. Of course, if you do end up getting audited, we can help with that as well.

Specialized Services from Your CPA

If you are in the process of being audited, you need a certified public accountant. While you can hire an attorney to help and represent you in front of the IRS, there’s no one who’s going to be able to defend your deductions and expenses to the IRS quite like an accountant. A non-certified public accountant is unable to legally represent you in these cases, making a CPA vital.

Should you end up with a tax penalty from your audit, we can help to arrange an installment agreement with the IRS or your state tax office. This ensures that you complete your tax obligation to the appropriate authorities, and prevents you from undergoing a financial hardship just to avoid liens or other penalties. And if you have an old settlement, we can review that as well to see if we can renegotiate the outstanding balance. In cases where you owe more than $10,000 in tax obligations, we may be able to help you settle for pennies on the dollar

East Brunswick Bookkeeping Services for Your Business

Not every public business is able to afford an in-house accounting firm. If your business is looking to offer an IPO, having a CPA firm on retainer is a must. Your CPA will be able to prepare the necessary audited financial statements that are required by the Securities and Exchange Commission (SEC). You also need to be able to file periodic reports with the SEC, something that your CPA will be able to handle with ease.

We can also help you with incorporating your business no matter where you’re located. We have the knowledge and authority to prepare the necessary documents to take your business from a sole proprietorship to a full-fledged corporate entity of its own. And of course, we can also assist with ensuring that your new business identity conforms with both the necessary federal and state laws applicable.

Financial and Tax Planning

CPAs do much more than deal with tax returns. One key area where your East Brunswick bookkeeping service excels is in wealth management. After all, nobody knows better than your accountant what your financial situation really looks like. Armed with that information, your CPA can craft a plan for you to maximize your retirement benefits while reducing your tax obligation.

If you’re getting ready to retire, retaining the services of a great CPA to help you shift your nest egg out of storage is essential. Your various retirement accounts will start to accrue significant tax consequences as soon as you start to withdraw income from them, and managing that tax debt is the difference between living well and just getting by.

Another area where your East Brunswick tax preparation firm can help is in reducing your estate tax. While estate planning is never a pleasant thing, if your estate is going to grow past the exemption amount (currently $5.45 million in 2017), you need to make sure that your heirs are left with as little tax burden as possible. While your CPA can discuss specific methods to do this, one key way is by taking advantage of the annual gift amount that you can give to each member of your family as an investment that will grow.

In the end, you might not think you need a certified public accountant, especially if you don’t own a business. However, a CPA firm such as Demian & Company can help in areas you might not have thought of. If you aren’t sure how we can help, give us a call and we can review your situation to see what benefits we can bring to the table.