On Site Services Now Offered
Patriot now offers on site services for monthly closings including bank reconciliations, accruals, and loan and credit card reconciliations. We will provide you with profit and loss statements, balance sheets, and customized reports on your computer system. We also specialize in cost accounting,special projects,tax filings including 1099′s, 941′s, W-2/W-3′s, corporate, partnership, and personal income taxes.
We have wide experience with Quickbooks Pro, Quickbooks Online, Quickbooks Enterprise, and high end systems such as Great Plains Dynamics with FRx reporting.
Our company policy is to meet any competitor’s price quote. We believe you should pay the most reasonable price that the market dictates.
Call Blaine at (978) 604-4253 for more information.
Get Your 2011 Bookkeeping Done Now And Make 2011 Your Year!
We have people contacting us to get straightened out for 2011 and file accurate tax returns. They will incorporate or form an LLC so they have limited liability for their business activities and tax advantages just to get off 2010 on the right foot. The tax authorities are more aggressive and have more tools than ever to audit your tax return. The usual flags apply and apply especially to the small entrepreneur.
Most widely used audit flags by the IRS and DOR:
1. Cash businesses. You HAVE to have a detailed accounting of cash activities including date, vendor name, amount, and expense category or it will be disallowed.
2. Home office deduction. Yes they will visit you unannounced and ask to see your home office. IRS agents like to get out of the office as much as you do. If there’s kids toys in the “home office” or ESPN on the TV you may have a problem.
3.Schedule C’s. The IRS doesn’t like Schedule C filers or sole proprietors or sole member LLC’s. The IRS wants to know what’s personal and what’s business. The Schedule C to them is a gold mine of disallowed business expenses that should be personal expenses. Incorporate and hire yourself as an employee and they’ll leave you alone audit wise. Plus incorporation may mitigate self employment taxes.
4.EITC. Don’t lie when filing for the Earned Income Tax Credit, which is basically a payment for working and not seeking public assistance or you may go to jail. Thank me later.
5. Mismatched reports from people you do business with. An erroneous 1099 from a government agency such as the Lottery Commission will always spur an audit. Lucky you.
6. Tax returns with inadequate disclosure. When they “recommend” detailed statements they will get them one way or another including an audit. It’s always best to file as detailed a tax return as possible.
6. Obviously expenses that are not “ordinary and necessary” business deductions such as write-offs for clothing, personal services, Cuban cigars promoting your race horse (from an actual case), etc. will get you some attention.
We only defend our own returns. We can recommend CPA firms or tax attorneys to represent you for returns under audit from our predecessors. Then we can go on from there.
Our Services in A Nutshell
We provide superior economical service in the areas of bookkeeping, business and personal income tax returns, sales/use taxes, automatic tax payments, full payroll, accounting, and financial reporting of all types.
We have a broad bandwidth in that we can reconcile your accounts and provide full financial reporting including profit and loss statements, balance sheets, and cash flows. We can also provide budgeting, projections, and management reporting customized to your financial information needs that will aid you in decision making and help you increase profitability.
Our customers include retailers, software developers, health care providers, salons, staffing agencies, home remodelers, web developers, private equity managers IT outsourcers, hedge fund managers and traders, real estate brokers, SEO consultants,and, yes, even dog walkers.
Call Blaine at (978) 604-4253 or email us at patstax@gmail.com.
We provide high quality friendly services. We answer phone calls and emails on a real time basis.
We have economical standard rates that allow you to choose the services you need without being saddled with ones you don’t. Our rates average $150 per month for full services.