Business Solutions Made Easy
Are you a small business owner? An individual looking to make sense of your finances? Need help with tax preparation? It can be overwhelming to keep up with the constantly-changing rules, regulations, and shifts in the world of economics and finance.
At Cieslik & Glenn, Certified Public Accountants, Inc., we have the resources to make a plan that’s simple to understand so that you can look forward to a stable financial future. Call today or visit our Corona, CA, office for a consultation.
Our Services Include:
Business Solutions
Every business is unique, which means you need customized financial advice. Our team will discuss your business plans and find a way to reach your immediate and long-term goals. We’ll help overcome the challenges of your unique industry, as well as the standard challenges of running a business.
We work with you, your lawyer, banker, insurance agent, and other advisors to solve your business problems. Some of the management issues we help with include loan applications, cash flow concerns, pricing, and cost controls. We’ll also review your current operations and make adjustments for more profitability.
Is your business prepared for the future? Here are a few ways to increase your profit:
Verify Community Support
Can your local community support your business? Does the local population produce enough demand for your services?
Be Cautious
We’ll help review all proposals or purchase information to make sure your business will benefit.
Trust the Professionals
Bankers, insurance agents, lawyers, and accountants can all help you identify and solve your business problems. Make sure you have an experienced team of advisors behind you.
Plan Incorporation
Before incorporating your business, be sure to check out the long-range and non-tax considerations.
Avoid Late Payroll Penalties
Some businesses get 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.
Listen to Your Customers
It costs an estimated 10x as much to acquire a new customer than it does to retain a current one. Make your customers happy, and they’ll refer new customers to you!
Don’t Make Yourself Indispensable
We’ll make sure your business can run, with or without you. An independent business is a healthy business. You should be able to retire with your own company and be absent as much as you like.
Tax Return Preparation
Unless your finances are very straightforward, you could likely benefit from working with a tax professional. 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. Here are some tax breaks you could be missing:
For Individuals:
● Adoption expense credit
● American opportunity tax credit
● Annual gifts to reduce estate
● Best filing status
● Bunching deductions
● Childcare 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
Tax Organizer
If you need help organizing your tax information, use our free Tax Organizer! Schedule an appointment with one of our professionals, and we’ll help you better understand your financial situation. Please fill out this worksheet before your appointment:
Tax Organizer
Financial Statements
We’ll supervise and prepare reviewed, compiled, or audited statements based on what you need. We will help you understand what each statement means and how to use them to increase your profitability and better manage your business. Every business should create financial reports monthly, so you can adjust to any potential issues and make comparisons quickly.
Why are thorough financial records important?
● Daily operating decisions are based on financial reports
● Banks require reports of past performance for loan applications
● When filing your tax returns, you need evidence for your numbers
Here are some common ratios you should monitor on a month-by-month and year-by-year basis:
Current ratio
Your current assets divided by your current liabilities. This measures your ability to pay your debts.
Debt to equity ratio
Your total liabilities divided by net worth. This gives you a year-to-year comparison of your ownership in your company.
Receivables outstanding
Your receivables divided by average day’s sales. This gives you the number of day’s sales on the books.
Profit margin
Your gross profit divided by net sales allows you to compare your business operations to industry competitors. It also monitors how well your operations perform over time.
Frequently Asked Questions
When is the individual tax deadline?
The individual tax deadline is April 15th. Contact us to help you file your taxes or file an extension!
When is the extended individual tax deadline?
The individual tax deadline is October 15th. Contact us to help you file in
time!
What kind of clients do you work with?
We have both individual and business clients.
What is your consultation fee?
Our consultation fee starts at $150 and is applied to the preparation of your tax return. Contact us to set up an appointment!
How long do I keep my records?
Most financial records should be kept for 7 years. Contact us for specific situations.
Do you prepare trust tax returns?
Yes, we have experience preparing trust tax returns. Contact us for an appointment!
What is tax planning?
Tax planning is the process of organizing your financial affairs to minimize your tax liability within the legal framework, making strategic decisions throughout the year to optimize your financial situation at tax time.
Why is tax planning important?
Effective tax planning can lead to substantial savings, helping you minimize the amount of taxes you owe and ensuring you are in compliance with tax laws.
When should I stat tax planning?
Tax planning is a year-round effort. Starting early allows you to make informed decisions and take advantage of available opportunities to reduce your tax liability.
What are tax deductions?
Tax deductions are expenses that can be subtracted from your taxable income, reducing the amount of income subject to taxation and potentially lowering your overall tax liability.
How do I determine my filing status?
Your filing status is determined by your marital status and family situation. Common statuses include Single, Married Filing Jointly, Head of Household, and others.
What tax credits are available to me?
Tax credits directly reduce the amount of tax you owe. Common credits include the Child Tax Credit, Earned Income Tax Credit (EITC), and education- related credits like the American Opportunity Credit.
Should I take the standard deduction or itemize my deductions?
It depends on your individual circumstances. Compare the standard deduction to your potential itemized deductions and choose the option that results in the lower taxable income.
What is the importance of keeping good records for tax planning?
Maintaining accurate records of income, expenses, and relevant financial transactions is crucial for claiming deductions, credits, and ensuring compliance with tax laws.
How does homeownership affect my taxes?
Homeownership can result in deductions such as mortgage interest and property taxes, potentially reducing your taxable income.
What tax considerations should small business owners be aware of?
Small business owners should be aware of deductible business expenses, tax credits, and the implications of different business structures on their tax liability.
How can I minimize taxes on investment income?
Utilize tax-efficient investment strategies, consider tax-advantaged accounts, and be mindful of capital gains tax implications when buying or selling investments.
How often should I review my tax plan?
Regularly review your tax plan throughout the year and make adjustments as needed, especially in response to significant life changes or changes in tax laws.
What should I do if I can't pay my tax bill in full?
If you can’t pay in full, consider setting up a payment plan with the IRS or explore other options. Ignoring the issue can result in penalties and interest.
For help with these services and more, schedule a consultation. Contact us today at
