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Tax Services

Choice of Business Entity

At launch, one of the most important decisions is choosing the right structure for your business. 

Our Hesperia CPA helps companies choose their entities at launch. Scott reviews your available structure options and describes how each affects your operations and obligations. With this information in mind, you can choose the type of business that best meets your goals.

Tax Planning

Planning is the key to successfully and legally reducing your tax liability. We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income.

We make it a priority to enhance our mastery of the current tax law, complex tax code, and new tax regulations by attending frequent tax seminars, webinars and reading industry journals.

Businesses and individuals pay the lowest amount of taxes allowable by law because we continually look for ways to minimize your taxes throughout the year, not just at the end of the year.

We recommend Tax Saving Strategies that help you...

  • grow and preserve assets by keeping Uncle Sam out of your pockets.
     
  • defer income so you can keep your money now and pay less taxes later.
     
  • reduce taxes on your income so you keep more of what you make.
     
  • reduce taxes on your retirement distributions so you can retire in style.

 
Here's just a few of the Tax Saving Strategies we use...

  • Splitting income among several family members or legal entities in order to get more of the income taxed in lower brackets.
     
  • Shifting income or expenses from one year to another in order to have them fall where it will be taxed at a lower rate.
     
  • Deferring tax liabilities through certain investment choices such as pension plan contributions and other similar plans.
     
  • Using certain investments to produce income that is tax exempt from either federal or state or both taxing entities.
     
  • Finding tax deductions by structuring your money to pay for things you enjoy, such as a vacation home.

Remember, we work for you not for the IRS. Many of our clients save many times the fee in reduced tax liability through careful planning and legitimate tax strategies.

Payroll

Total payroll services for small business clients have been provided for many years. Services include: Set up and maintenance of all records, withholdings of tax and benefit contributions, Federal and State tax filings, issuance of checks and preparation of all W-2's and 1099 forms.

Profitability and Business Growth Advisor / Virtual CFO

Wouldn’t it be nice to know if your net profit is sustainable?  It would also be nice to know how long your money would last before you end up in a cash crunch, or when you’ll be able to buy new equipment.  Did you do enough marketing, should you hire a new employee or let one go, do you have too much inventory on hand?  Maybe you want to sell the business and retire? Will you know what to do to increase it’s value?  The unknown is scary.  We will give you a step by step plan to increase your net profits and maintain a desired level of cash.

Up to now a business owner had to shoot from the hip hoping that there would be enough income to cover the expenses and hopefully put money back into your pocket.  It’s time you worked on your business not just in it.

It’s time you obtained operational performance & profitability.  Get easily digestible financial reports, and business intelligence that includes Key Performance Indicators (KPI), vertical and critical analysis, and peer benchmarking.  These actionable insights allow you to quickly identify areas for operational improvement.  A new way to think about critical areas in your operations, have 100% visibility into your business.   Year over year comparisons of key ratios & KPIs.  This is a very powerful tool that will help you with the speed and accuracy of your reporting while providing better analysis and business intelligence.  You will receive recommendations about future actions to be taken.  You will receive an explanation of your business, as a whole, by looking at several company factors.  Finally, a way to look into your company’s future.

Here’s to your Profits!

Tax Preparation

Preparing your own income tax return can be a task that leaves you with more questions than answers. According to a study released by the US Government's General Accounting Office, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer.

Whether we like it or not, today's tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there's still no substitute for the assistance of an experienced tax professional.

Here's what you get...

  • Your tax return will be checked by our computer software and then physically reviewed by one of our staff members identifying potential problems the IRS may look at more closely and reviewing the math to limit IRS contacts.
  • Your tax return can be filed electronically so you will get a refund back quicker.
  • Our staff will show you how to adjust your payroll withholding to get more money back each week. Why give the IRS an interest free loan for up to 16 months.
  • We will show you potential deductions to limit your tax liability for next year. 

Bill Paying

We monitor your accounts payable to make sure that you do not miss any discounts for paying early and that your bills actually get paid on time. Of course, you approve every payment. Each bill that gets paid is directly withdrawn from your account to your vendor so you save on postage, envelopes, and the transaction is recorded immediately so you will always know how much cash you have in the bank.

Bookkeeping

This is the recording and classification of current year information. From this information we use Accounting to Analyze and interpret the data. Through this analysis you are provided with monthly, quarterly, semi-annual, or annual financial statements to help you proactively plan and uncover needs while improve profit outcomes, not to mention a better tax return.
We use powerful programs that give you access to electronic reports for ease of use; whenever you want. No more waiting for month-end or year-end when it is already too late to do any tax planning, so what you get is what you get.

Books a Mess? No Problem!
If you own a small business and haven't kept up your bookkeeping, don't worry. We can help you. We'll prepare your bookkeeping for the year, prepare a full Schedule C, as well as your personal income tax return. Then we'll help you set up an easy system that allows you to keep your books in tip-top shape next year.

Business Consulting

Determination of the best possible entity selection for both tax savings and personal liability protection. Examining the different options available for your entity structure in determining the optimal retirement plan and customization of guidance for your individual needs.

Back Tax Returns

Many times you don't file your return because you either owe money and can't afford to pay it when the return is due, or you believe you are due a refund, so you don't hurry to file. Even if you owe the IRS the best thing to do is file the return and figure out how you will pay for it later. The Failure to File penalty is a flat 25%. It is greater than the Failure to Pay penalty. Along with this Failure to File penalty comes interest, and interest compounds daily, before you know it the penalties and interest are more than the actual tax.

Payroll Preparation

Payroll preparation can be the most confusing and expensive operation in the bookkeeping equation. Take the confusion and cost out of the equation.

Currently you must perform all the hourly calculations and confirm that each employee actually spent the time working the hours they say they did. You’ve really become a babysitter.

Wouldn’t it be nice if this happened automatically so that all you have to do is peruse the employee’ s total time recorded? You no longer have to add up the hours worked that are claimed by your employees.

 

Payroll processing can also be very expensive, you can be stuck paying a fee every time you run payroll. Then you must pay for quarterly payroll tax returns to be prepared and what about the year-end forms, W2’s, W3, 940’s, and any state forms required to be filed. What if I told you that you can do away with these costs? You could have one low monthly payment. That would surely cut down on your payroll processing fees.

 

What about the W.C. word (worker’s compensation). You’ll no longer have to come up with a flat amount to pay your worker’s compensation company iust to start the process of covering any employee injury that may occur at work. Worker’s compensation can now be paid when you run your payroll, therefore negating the flat fee requirement. There would be no more worrying that the worker’s comp. calculations and payments made during the year were enough; just to have the worker’s compensation company hand you another bill at the end of the year, another flat fee.

 

Did you ever imagine having a dedicated Human Resources Department? There for you whenever you need them. Know the rules you have to follow when letting an employee go? Have your employee handbook professionally prepared to cover all the requirements associated within your industry and within your company. Did you know that having an employee handbook is a requirement when taking action against an employee ? Your employees have to sign the employee handbook stating that they understand all the rules and requirements of your company. This gives you the rights you need in disciplinary actions.

There are also many signs that must be posted in a non-conspicuous area so that every employee can read them; another requirement. These you can get for free from your Human Resource Department.

Income Tax Preparation

There are more than 75,000 pages in our complicated tax code and regulations.


Other Services

Business Consultations

When it comes to starting or running a company, the biggest challenge is knowing the right ways to fulfill certain tasks. There are many possible ways to operate your business, but not every method may be right for you. In these cases, a little bit of advice goes a long way.

Scott M. Penn, CPA, PC & Tax Solution Services offers business consulting to Hesperia, Victorville, Apple Valley, and all other nearby areas. Scott, our CPA and founder, helps companies choose the methods of operation that best supports their goals and objectives.

Entity Selection

At launch, one of the most important decisions is choosing the right structure for your business. 

Our Hesperia CPA helps companies choose their entities at launch. Scott reviews your available structure options and describes how each affects your operations and obligations. With this information in mind, you can choose the type of business that best meets your goals.

Business Tax Services

Regardless of the entity you choose, your business’ income will be taxed in some fashion. Our firm provides business tax preparation and tax planning. We help you take the proactive steps that minimize your tax obligation and fill out and file the return; your business gets to save money and stay compliant as a result.

General Questions

In some fields, it is expected that every communication with the service provider is billable. Accounting has built up that reputation as well, but that is not the case at our firm.

Scott M. Penn, CPA, PC & Tax Solution Services encourages our clients to call us for free anytime they have a question. If an answer can be provided over the phone, then we provide it at no cost to the client. We can schedule a billable consultation if extensive work is necessary to provide a solution, but we are always available by phone if a simple call is all it takes.

Contact Us for Management Advice

Scott M. Penn, CPA, PC & Tax Solution Services provides business consultations in Hesperia, Victorville, Apple Valley, and the High Desert. We want to see the businesses in our hometown and in all surrounding areas succeed, so we offer as much guidance on business management as we can. If a large hurdle in launching or running your business is needing the right advice, call us today and schedule your first consultation at (760)-948-2899.

IRS Negotiation

IRS Negotiation

LGBTQ Tax Services

Many issues may arise when preparing same sex couples’ taxes. Here at Scott M. Penn, CPA, PC we service and are experienced in preparing tax returns for registered domestic partners and same sex couples.

LGBTQ Tax Assistance

LGBTQ Tax Assistance


Send Us a Message

We would love to hear from you!

760-948-2899 Fax: 760-948-7712 scott@scottmpenncpa.com

Get clarity on your tax and accounting situation