Accounting and Tax Services in Corona, CA

Whether you are a business owner or just need help organizing your finances, it is important to have a good accounting team back you up. As each year passes, the way our tax system works changes due to shifts in the economy and financial systems. Keeping up with these changes can be a challenging task, which often requires expert knowledge and skills.

Please click on one of the categories below for an expanded list of services offered by our firm. We are proud to help individuals and business owners in Corona, CA and beyond with a range of accounting and financial planning services.

Business Solutions

Here at Susan Glenn & Associates CPAs, Inc., we know no two businesses are alike, and neither are their financial needs and goals. We take the time to get to know every one of our clients, their needs, and expectations for their financial future. We will work with you to help you reach and achieve both immediate and long-term financial goals. Our team will help you overcome the challenges every business faces, as well as the ones unique to your company and industry. Whatever your business concerns, we can provide you with the help you need.

Whether you are just starting out or are already in full operation, our staff can help you secure adequate financing and create a proper organizational structure. We will work with you and your lawyer, banker, insurance agent, and other professional advisors to solve your business problems.

We can assist you with a variety of management issues including: loan applications, cash flow concerns, pricing, and cost controls. In addition, we will assist you in reviewing your operations and see what you could do to make your business more profitable.

What makes a business successful?

Even if your business is doing well, you should never stop looking for ways to improve all areas of your business. Staying profitable is not only about doing well in the present, but planning and continuing to looks for ways to stay competitive in the future.

There are many ways to improve your profits including:

  • Make sure your community can support your business.

    Before starting a new business, it's important to do you homework and research if the area has the population base to support your company. This is especially true for specialty shops. For example, a grocery store can be profitable in a town of only a few thousand, whereas a bicycle repair ship may need a population of 50,000 people to make it profitable.

  • Take caution with business deals.

    Special franchises and business deals that sound too good to be true usually are. Our team will assist you in reviewing any business proposals or business purchase information.

  • Enlist the help of professionals.

    Bankers, insurance agents, lawyers, and accountants can all help you identify and solve your business problems. While certain issues may be unique to your business, these types of professionals are trained to identify and overcome business challenges. Having a trusted team of advisors provides you with a sounding board for proposed transactions.

  • Check reasons for incorporating.

    Before incorporating your business, be sure to check out the long-range and non-tax considerations. Many smaller corporations benefit more by operating in some other legal form.

  • Avoid penalties for late payroll deposits.

    Some businesses are penalized for late payroll tax deposits. To avoid this issue, make sure the first check in your stack is the payroll deposit to your bank. This may mean having to pay your deposits earlier than required, but it prevents you from receiving penalties.

  • Listen to your customers.

    In today's world, it's important to not only sell your products and services, but also sell customer satisfaction. Happy customers are more likely to return to your business and spend more money, and more importantly, they are more likely to refer new customers to you, which helps grow your loyal client base.

  • Focus on customer retention.

    Good customer service can go a long way. It is estimated it costs 10x as much to acquire a new customer than it does to retain a current one.

  • Don't make yourself indispensable

    As a business owner, it is important to make sure your company runs with or without you present. If your business runs well now in your absence, it will run well in the event of your disability or death. If you are currently indispensable, it's important to start training people now. Doing this not only ensures your company can stay afloat in the event something happens to you, but it can also afford you the reward of retiring with your own company, with the ability to be absent as much as you like.

For a no-charge initial conference, give us a call today at (951) 737-1731. Together, we will determine if we are a good long-term match for you and your business. We will happily answer any questions your have, and if we don't have the answers, we will help you locate someone who does.

Professional Tax Return Preparation

Today's tax climate is not an easy field to navigate. Unless your finances are extremely simple, chances are you could benefit from working with a tax professional. If you only prepare one tax return a year, it is easy to overlook possible credits and deductions. Even the use of a computer system cannot replace the experience and knowledge of a seasoned tax professional.

Our firm prepares hundreds of tax returns each year, and know what to look for when your return is prepared. Most importantly, we are here for you through every step in the process. We are happy to answer your questions year round, and to be a resource for business, financial, and tax advice.

Find Your Tax Breaks

No matter if you're an investor, wage earner, business owner, or combination of the three, you should take advantage of tax-cutting benefits in our tax law. Paying more taxes than the law demands does not yield gains for many people. The list below will help you identify possible tax-savers, and may include tax breaks you are overlooking.

For Individuals:
  • Adoption expense credit
  • American opportunity tax credit
  • Annual gifts to reduce estate
  • Best filing status
  • Bunching deductions
  • Child care credit
  • Child tax credit
  • Donating appreciated assets instead of cash
  • Earned income credit
  • Education expenses
  • Education savings accounts
  • Flexible spending accounts
  • Health savings account
  • Lifetime learning credit
  • Qualifying property for personal residence gain exclusion
  • Roth IRA
  • Roth 401(k) if employer’s plan permits
  • Rollover to Roth IRA
  • Shifting income or deductions from year to year
  • Tax-deductible IRA
For Investors:
  • Long-term capital gains
  • Low-income housing credit
  • Rental property
  • Small business stock rollover
  • Tax-free exchange
  • Tax-free municipal bonds
For Businesses:
  • 401(k) plan
  • Bad debt write-off
  • Disabled access credit
  • First year expensing of business equipment
  • Home office deduction
  • Keogh plan
  • Other business tax credits
  • SIMPLE plan
  • SEP
  • Tax-free exchange
  • Year-end bonuses

For more information on how to reduce your taxes, and strategies to manage your finances, please give our office a call at (951) 737-1731 or fill out a contact form.

We look forward to working with you!

Tax Organizer

Need help organizing your tax information? Use our free Tax Organizer!

This worksheet should be filled out before you come in for your appointment, as it will help you organize your information and makes it easier for our team to gain a better understanding of your financial situation.

Tax Organizer

You will need the free Adobe Reader to view and print the organizer.

Financial Statements

If you need assistance preparing your financial statements, you can count on Susan Glenn & Associates, CPAs. We can supervise and prepare reviewed, compiled, or audited statements according to your needs.

More importantly, we will help you understand what each statement means, and how to use them to increase your profitability and better manage your business.

Maintaining good financial records are necessary for many reasons:
  • You base daily operating decisions off of financial reports
  • During loan applications, banks require reports of past performance
  • When filing your tax returns, your numbers need proper substantiation

Financial reports should be prepared monthly, so that you can make year-to-date comparisons and quick management decisions. It also allows you to track your month-to-month progress, and can help you adjust for problems before they truly arise.

Here are some common ratios you should monitor on a month-by-month and year-by-year basis:
  • Current ratio

    These are your current assets divided by your current liabilities. This measures your ability to pay your current debts.

  • Debt to equity ratio

    This is your total liabilities divided by net worth. This provides you with a year-to-year comparison of your ownership in your company.

  • Receivables outstanding

    This is your receivables divided by average day's sales, which gives you the number of days' sales on the books.

  • Profit margin

    Your gross profit divided by net sales allows you to compare your business operations to others in your industry, as well as monitor how well your operations are performing over time.

Gaining a better understanding of your financial statements can help you increase your profits, and assist you in making sound business decisions. If you are looking to improve your business' operations, we are happy to assist you. We have the knowledge and expertise to understand your situation, and the skills to translate your statements into language and terms you can understand. No one is born understanding financial information, but we will work with you to make it easier.

We encourage you to ask as many questions as you need to until you are comfortable and confident in understanding your business numbers.

Give us a call at (951) 737-1731 or fill out a contact form today!