Outsourced CFO

Some business owners are so busy that they don’t get a full understanding of what’s going on with their business operations and finances. Some businesses are not at the level yet where they should hire a CFO and/or a controller. We can assist with consulting board members and officers on how their business is operating. We can help summarize and analyze financial statements for you so it’s easy to understand and a decision can be made based on the presented information.

We can also assist in the application of new GAAP and Tax Code changes that apply to your business. Recent GAAP changes include Lease Accounting and Revenue Recognition. New Tax Code changes include QBI calculations and new depreciation rules for different assets. There are several others that we can assist you with.

Entity Selection

Going into business is a huge step and risk many people like to take, but not everyone is aware of the consequences each option will have on them. Some entity structures offer more liability protection than others. Some entities are taxed differently than others. They may be taxed as an entity or at the owner level. Owner distributions may or may not be tax free and the profits may incur some additional taxes. It’s tough to determine what’s best for your situation. We can assist you with what entity will suit your long-term goals as a business and as an owner.

Once you decide on the type of entity you would like your business to operate as, we can assist in getting it registered with the Secretary of State. We can assist you in preparing the Articles of Incorporation and Bylaws [Corporations/Nonprofits] or the Articles of Organization and Operating Agreement [LLCs]. We will ensure your entity is in full compliance as far as tracking important dates like board meetings [and all minutes], keeping records of all stock transactions, and tracking all distributions.

Tax Planning for Entities

Depending on the type of entity you own or manage, we can assist you with interim or annual tax planning. Several tax benefits may include accelerated depreciation for certain assets or tax credits for other situations. As a business or an owner, timing of transactions can be planned to benefit every party involved. We optimize the often overlooked qualified business deduction [QBI] you may be entitled to.

Tax Planning for Individuals

Everyone’s tax situation is different. You may have dependents. You and your spouse may wonder if you should be filing jointly or separately. You may own a business, a rental, or investments. Whatever the case, we provide tax planning to you and everyone in your household to minimize your overall tax liability.

Retirement Planning

You may be participating in an employer sponsored defined benefit plan [pension] and/or a defined contribution plan [401k, 403b, 457]. You may be participating or contemplating in funding your own retirement [IRA]. You may want to know if you should be funding your retirement funds as a traditional or Roth contribution. You may also want to know when you can start taking distributions without being penalized and when you’re required to take distributions. We can advise you on the different options and how to plan for retirement based on your tax situation.

There are different rules on how much you can contribute and/or deduct toward your retirement and whether or not it’s tax deferred or tax free. There are also waiting periods on certain kinds of retirement plans that you will need to be aware of. If your income is above certain thresholds, this will affect what you can contribute and/or deduct. You may want to take advantage of different strategies to bypass some of the current tax laws. If you are a business owner, there are some retirement plans that will benefit you more than others. If you inherited a retirement plan from a deceased family member, we can advise you on any tax consequences, if any, that will impact you and any other beneficiaries.

Estate Planning

There are several ways to structure your estate for your intended beneficiaries. There are several factors you have to consider including your total gifts given your lifetime above the annual exemption limit. You also have to consider future estate exemptions that will have an effect on your taxable estate. If you’re thinking of avoiding probate, you may want to consider setting up a living trust to accomplish this. Your marital status will also impact your decision on the estate structure. Whatever you decide, we assist in estate planning to optimize the estate’s eventual tax situation while benefiting the beneficiaries involved.

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