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 no substitute for the assistance of an experienced tax professional. But you don’t have to go it alone. Professional tax preparers are paid to keep up with the tax code and their expertise can help ensure that you get all the deductions and credits you are eligible to receive. Anyone can do data entry, however a seasoned tax professional will provide you with the following:
Here are the top 10 reasons why you may want to hire a professional tax professional:
If you plan to hire a tax professional to prepare your taxes, you do need to gather and organize your records, including W-2 forms, 1099 forms, mortgage and bank statements, charitable contributions, and so forth. Being organized saves your tax preparer time and keeps the fees down.
Here's 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.
Companies preparing business taxes in Hawaii are plenty. It is important to choose the right company for your business taxes, and any company needs to make this decision responsibly. There are multiple factors that one needs to consider some of which are does the company offer bookkeeping and payroll services and how accessible is your tax professional throughout the year. We believe that a good bookkeeper and a tax professional is an essential partner in the business’ future growth.
When it comes to corporate taxes it is absolutely essential to sweat the small stuff. When and how did the ownership percentage change, does the balance sheet reflect the correct amount of depreciation, are the proper retained earnings accounted for etc. Although we see many small business owners trying to do their bookkeeping themselves to save on professional costs. Rarely a match for work performed by an experienced bookkeeper. DIY bookkeeping oftentimes lack essential financial documents such as statements of Cash Flows, Balance Sheet and Equity Statement. In case of an audit, do-it-yourself financial statements stand to hold more harm than benefit.
We're excited to build the best possible tax strategy for your company.
Here at Tax Services of Hawaii we'll teach you to never FEAR taxes again. We don't offer cookie cutter services, instead we customize everything to meet your needs and expectations. Having an experienced tax professional makes a huge difference in the tax strategy you apply for the coming years. You need a plan and a professional to keep the plan on track. Small business tax preparation is only part of the equation.
At Tax Services of Hawaii, we do more than just prepare your return. You get a tax partner to help you throughout the year. Each quarter, your tax consultant will analyze your tax strategy and meet with you to discuss your options.
From now on, you'll know what your tax liability is and you'll have a plan to manage it. As one of the most affordable and experienced tax firms for entrepreneurs, we are geared to serve you and your business at our highest level.
No matter your entity structure, we can help maximize your deductions. Our comprehensive business tax preparation will ensure no money is left on the table and give you piece of mind and confidence to file your tax return. We use advanced technologies and practices to ensure the time spent on your tax return is focused on strategy and accuracy instead of data input.
Give us a call at (808) 529-1040 or send us a quick email at support@myhawaiitax.com with any questions you may have.
Whether you’re a small business owner seeking proactive tax planning or an individual who wants to get the most back on their tax return, Tax Services of Hawaii is here to help. Our Honolulu, HI accounting firm is skilled in all aspects of tax preparation and planning and delivers our services with honesty and integrity. Our tax services include:
At Tax Services of Hawaii we go beyond compliance to develop a comprehensive tax strategy aimed at saving your business the most money on taxes. We are well-versed in the latest tax laws and regulations and use every opportunity to reduce your tax liability as your business evolves. We can advise you on which business entity will afford maximum long-term tax savings so your business can retain higher profits.
Preparing your own income tax return can seem like a way to save money but it may actually be costing you in the long run. When you consult with an experienced tax professional like Tax Services of Hawaii, you'll be sure to take advantage of all possible deductions and never pay more than what you owe. If needed we will also file back taxes and work with the IRS to resolve any outstanding tax problems.
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.
Our clients pay the lowest amount of taxes allowable by law because we continually look for way to minimize your taxes throughout the year, not just at tax time!
We recommend Tax Saving Strategies that help you...
Here's just a few of the Tax Saving Strategies we use...
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.
Are you having problems with the IRS?We're here to help you resolve your tax problems and put an end to the misery that the IRS can put you through. We pride ourselves on being very efficient, affordable, and of course, extremely discreet. The IRS problems will not just go away by themselves; they just keep getting worse with penalties and interest being added each day.
If you owe the IRS, you have a very serious problem. It may take the IRS several years to catch up to you, but they're relentless and have no mercy in collecting all the money that is owed. When the collection process starts, they'll make your life miserable and literally ruin all aspects of your life.
Please take a look through our complete IRS problem resolution services. Feel free to visit our sister company that specializes in working with you on any tax problem that you may have. You can visit their website Tax Resolution Services of Hawaii.
Opening your own business is exciting and thrilling. It's everything that comes after the excitement and thrill has worn off that dictates whether a small business will make it or not. It's up to you to maintain and stretch out the "thrill and excitement" period forever.
When a small business owner decides they want to incorporate, they often struggle to decide what type of incorporation to choose. While it can all be pretty overwhelming in the beginning, we hope to lay out the advantages and disadvantages of starting an LLC or a corporation, whether or not to classify it as an S Corp or C Corp, and give you a better idea of which one would be best for your business.
Business goals aren't one size fits all and neither is incorporating. When deciding which kind of corporation fits your business strategy, consider some of the different benefits that each kind offers. And take a deeper dive with the comparison.
"Incorporating a business is defined as the legal separation of a business entity from its owner. This new business 'person' is completely independent, meaning that even if something happens or changes take place with owners or administrators, the business will keep running and functioning as normal and without having to also change."
To determine which business entity will serve your new business best you need to start process of choosing between a sole proprietorship, a general partnership, a limited partnership, a limited liability partnership, a c corporation, an s corporation, and a limited liability company (LLC) involves much more than one would at first think.
Hawaii Real Estate Accounting Expertise
Tax Services of Hawaii provides real estate accounting services to all kinds of businesses in the industry including brokers, Realtors, investors, property managers, architects contractors and more. Our accounting, bookkeeping and tax services are designed to help you keep a firm grip on your finances so you can make better decisions and concentrate on growing your business.
Why a real estate accounting firm like Tax Services of Hawaii?
Our Principal has 20+ years of hands on business experience in the real estate industry so we're very familiar with the tax and reporting regulations that affect all kinds of businesses in the real estate industry. We offer a personal approach and take the time to learn all we can about your business goals. Our clients feel confident knowing an experienced Partner that understands their needs is supervising and improving the financial aspect of their business.
More than tax preparation for real estate businesses...
We will make it our aim to minimize your tax liability. We go beyond offering tax preparation and keep up on the current tax laws so we can watch out for any changes that could affect your bottom line. Then we develop a tax planning strategy designed to keep your taxes low so you can realize higher profits.
Call (808) 529-1040 today to request a free 10-15 minute telephone consultation with one of our tax professionals and find out more about our real estate accounting and tax services.
As a small business owner you have more important things to do than to keep your own books. We take care of your books for you, so you can get back to the job of running your business and generating profits. We utilize QuickBooks Online to maintain our clients accounting records. Where needed, we will setup your general ledger and connect your bank accounts and credit card accounts to download on a daily basis. We will post all of your transactions into their respective general ledger accounts. When it's time to do taxes.....you're books are set and ready to go!
Each month or quarter we'll do the following things for you...
These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.
Bank Reconciliation
Reconciling your business checking account each month allow us to keep your bank account, accounting, and taxes up-to-date.
Having us reconcile your account each month allows you to...
Income Statement
An income statement, otherwise known as a profit and loss statement, basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period.
An income statement allows you to...
Balance Sheet
A balance sheet gives you a snapshot of your business' financial condition at a specific moment in time.
A balance sheet helps you:
Balance sheets, along with income statements, are the most basic elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you.
Maintaining a Clean General Ledger
The general ledger is the core of your company's financial records. These records constitute the central "books" of your system. Since every transaction flows through the general ledger, a problem with your general ledger throws off all your books.
Having us review your general ledger system each month allows us to hunt down any discrepancies such as double billings or any unrecorded payments. Then we'll fix the discrepancies so your books are always accurate and kept in tip top shape.
Unlimited Consultations
We are always available to spend time with you so you fully understand how to interpret and utilize the financial information we provide. Our consultations are already included in our price, so please feel free to call us whenever you have a question or concern. For 2023 our monthly fees start at $550.
