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!
Small Business Tax Consultations
Do you need a professional organization to take full responsibility for all of your bookkeeping?
Do you need a professional organization to take charge of all your payroll needs including worker’s compensation audits, payroll tax filing and payment? Do you need a professional organization to file your business income tax and personal income tax returns?
Do you need a professional organization to advise you on acquisitions and crunch all the numbers to get you cash flow positive on the deal?
Do you need a professional organization for corporate formations and dissolutions? Do you need a professional organization to determine the right business structure that is customized to your needs?
Do you need a professional organization to manage your accounts receivable and credit?
Do you need a professional organization with experience in the retail, construction, hedge fund, restaurant, wholesale, health care, personal services, software and web development, IT outsourcing, staffing, and not for profit industries?
If you need any of these things please call me at (978) 604-4253 or email me at patstax@gmail.com. My name is Blaine Stone, and I am the president of Patriot Tax and Bookkeeping, Inc. I solve problems.(apologies to Jim Sokolove)
Follow me on Twitter here: http://twitter.com/blainestone
Read my blog here: http://patriottaxandbookkeeping.blogspot.com/
Follow me on Linkedin here: http://www.linkedin.com/in/blainestone
Patriot Tax and Bookkeeping, Inc.
“Fast, Accurate, Reliable, Affordable”
Good Bookkeeping Saves Client $40,000 in Deductions
One of our clients was selected for an audit by the IRS because of an erroneously filed 1099 by the state. When the examiner asked for receipts for items paid for with cash the client discovered he could not locate them. The IRS examiner proposed to disallow all cash payment deductions. When it was pointed out that all cash payments were accounted for in a similar manner that bank and credit card transactions are, which included dates paid, amounts, and vendor names, the IRS agent allowed the deductions although the receipts could not be produced. This is one case where good bookkeeping and reconciled accounts saved the client $40,000 in what would have been disallowed deductions because of the credibility of Patriot Tax and Bookkeeping,Inc.’s accounting systems.