Industry Focus: Condominium and Rental Property Financial Management
We can send management fee invoices to your owners of condominiums and rental invoices to your tenants, and manage your payments and accounts. (You really don’t want anyone else to deal with your high end owners other than us.) We can also pay your bills for your condominium and rental properties. This also comes with full financial statements and tax returns. Call Blaine at (978) 604-4253 to find out how inexpensive this service can be.
Industry Focus: Our Health Care Clients
We provide services to small healthcare practitioners and have wide experience in financial management in the healthcare industry in the areas of rehabilitation, mental health, healthcare staffing (RN,LPN HHA, and homemakers), ambulance services, and not for profit care for the developmentally disabled.
We are familiar with your reimbursement environment, cost accounting, and compliance.
We provide financial and compliance services from the sole practitioner up to the multi million dollar group practice.
Please call Blaine at (978) 604-4253. to see what we can do for you.
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.
Unemployed? Medical Expenses? Big Credit Card Balances? Let Us Mitigate Your Credit Card Debt!
If you have changes in your financial circumstances such as unemployment, a large medical expense, or divorce since the time you took out unsecured credit card debt, you may be eligible for mitigation of interest charges to your credit card account. We can negotiate this for you. If we cannot make an arrangement for you that avoids bankruptcy we will refer you to a qualified bankruptcy attorney at no charge. That is our guarantee.
Beware of shysters out there who will promise impossible results and demand thousands of dollars in upfront fees or “donations”. We are a financial services firm, and our fees are clearly delineated.
Call Blaine at (978) 604-4253 for a personal consultation.
Why You Should Choose Us to Prepare Your Individual Income Tax Return
Donald Korb, IRS Chief General Counsel.
Most of the individual tax returns we prepare are for business owners. We also prepare the tax returns for their businesses along with providing them with accounting, payroll, and bookkeeping services, so we are accustomed to complex tax returns.
We provide free e-file of all returns.
We will charge you the same price as you were charged last year or were quoted this year by any legitimate tax preparer, who is an IRS authorized tax preparer (e.g. has a preparer ID number with the IRS).
You can call us any time, and we answer the phone. You can email us at any time, and you will get a return email or a phone call within the same day. You will not get a bill for answers to your questions unlike other tax preparers.
We are conveniently located in Stoneham, MA with easy access by Routes 93 and 128.
Call Blaine at (978) 604-4253 or email us at patstax@gmail.com.
Our New Office at 19 Pond St. in Stoneham, MA Is Now Open
Our new office at 19 Pond St., Stoneham, MA 02180 is open. We are conveniently located off Main St. south of the square at the corner of Hancock and Pond St. We have easy access from routes 93, 128, 28 (Main St.), 38, 60, and 129. See map below:
For directions go here:
http://bit.ly/edsDvV
Call (978) 604-4253. Please excuse our appearance prior to renovations. Come on down!
Get Your 2010 Bookkeeping Done Now And Make 2010 Your Year!
We have people contacting us to get straightened out for 2010 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.
Patriot Tax and Bookkeeping, Inc. Now Offers Credit and Collections Management
Sammy “The Bull” Gravano, Notorious “Collector”
The problem is he didn’t keep his customers.
Patriot Tax and Bookkeeping Now Offers Credit Management
Did you ever have a customer that was always slow in paying their bills? Did they start getting behind? Were you surprised because they seemed like a reputable company in a stable industry? Were they a big customer that you didn’t want to alienate? Then one fine day did you discover that you couldn’t get in touch with them because they had literally disappeared leaving you with a substantial loss in income possibly thousands or tens of thousands of dollars?
Patriot Tax and Bookkeeping, Inc. can insure that this will never happen with our credit management services. We will track your customers’ payment patterns and with our proprietary analysis tools we can spot troubled accounts before they become troubled.
We will perform credit assessments and draw up ironclad contracts.
Our friendly but firm staff will represent themselves as YOUR credit department. This will in effect separate you from collection activities, so that the customer does not identify you with anything but the great products and service you provide.
Call Blaine at (978) 604-4253 or email us at patstax@gmail.com if you want to learn more.
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.
How To Structure Your Business
So you’re starting a new business? The structure you choose has serious tax and legal implications. The following are the most common business structures:
Sole Proprietorship
You need not do anything unless you have employees. If you have employees you must obtain a federal employer identification number. This may be obtained easily online at www.irs.gov. You will be subject to a self employment tax of 15.3% on any profits. The effective rate is less since you may deduct this tax as a business expense. The rate matches the FICA rate.
As a sole proprietor you have no “corporate veil” to protect your personal assets should you incur a legal judgment. Also this is a SOLE proprietorship. Only one person may have ownership interests and this does NOT include your spouse.
Corporation
There are two types of corporations. There is a C corporation and an S Corporation. You become a C corporation once you file as a corporation with your Secretary of State. The C corporation has its own tax rates separate from your personal tax rates. This means that any profit you make in this entity is taxed before you receive any dividends. You may elect to become a Subchapter S Small Business corporation by filing a form with the IRS in a timely manner. This allows your profits to be taxed at your personal tax rate and to avoid the double taxation of a C corporation. There are restrictions in the amount of revenue you may earn and how many shareholders you may have and what type of shareholders (they must be individuals).
Limited Liability Company (LLC)
This type of business organization as its name implies limits your personal liability for business actions in much the same way as the corporation does with its “corporate veil”. If an LLC has a sole member then it is treated as a sole proprietorship subject to self employment taxes. If it has more than one owner then it is treated as a partnership.
Partnerships
The most common types of partnerships are multiple member limited liability companies (LLC’s) and limited partnerships (LP’s). A limited partnership contains limited partners and a general partner, which is most commonly an LLC. The general partner manages the partnership and charges the limited partners management fees. This structure is what one typically sees in hedge funds, private equity funds, venture capital funds, and other types of private investment companies.
Let Patriot Tax and Bookkeeping, Inc. guide you as to the most advantageous structure for your business enterprise. We will obtain tax identification numbers, perform filings with your Secretary of State, and file all tax returns with the IRS, your state DOR, and local authorities. Do not attempt this by yourself!