Tax Planning & CPA Services

Tax Planning Minimization—Reduce Your Tax Bill!

LS CFO Advisors is a division of Lefstein-Suchoff CPA & Associates, LLC. We understand the importance for business owners to minimize their tax liabilities effectively. Instead of simply handing your accountant a pile of receipts in the last minute. Proactive tax planning is the key to ensuring you pay the lowest taxes possible. Collaborate with our team of specially trained CPAs and accountants who are Certified Tax Planners to kickstart your tax strategy today.

Our Certified Tax Planners and Coaches possess advanced education and expertise, allowing us to effectively mitigate tax obligations, maximize personal income, and boost business profitability. We continuously study the tax code, keeping up with the latest updates, and develop innovative techniques that leverage every legal avenue available to save our clients substantial amounts on their taxes.

We provide strategic tax solutions for businesses We begin the process of reducing your taxes with a comprehensive tax strategy that serves as your roadmap towards lowering your tax burden and increasing your wealth. Our initial step involves a personalized consultation to understand your financial situation. We then request you to complete a brief questionnaire and provide copies of your previous tax returns. Armed with this information, we conduct thorough research and explore various options over the course of a few weeks to identify effective tax reduction strategies. Our findings are compiled into a personalized Tax Strategy report that we deliver to you. We also assist you with the next steps to implement these tax saving strategies.

exitplanning

Tax Planning Process:

Step 1:

EVALUATE

Discovery Session: We thoroughly examine your records to uncover missed opportunities and identify new areas for proactive tax savings

Step 2:

STRATEGIZE

Create a comprehensive roadmap outlining the necessary changes to generate substantial tax savings.

Step 3:

IMPLEMENT

We collaborate closely with you to execute the recommended changes and achieve your tax-saving goals.

img06

The majority of tax professionals do not specialize in tax planning

Their focus is on completing the required forms and ensuring compliance. Typically, tax preparation is a reactive process, involving the reporting of past year’s expenses for tax filing purposes. They may attempt to minimize tax expenses by utilizing deductions and credits that you already qualify for.

We specialize in tax planning expertise. Anyone can handle tax reporting. Certified Tax Planners MINIMIZE taxes. In contrast, tax planning is proactive. A knowledgeable tax planner collaborates with businesses to guide them in making strategic decisions and adjustments throughout the year that result in substantial tax savings over time.

Your Trusted Tax Advisor at LS CFO Advisors, a division of Lefstein-Suchoff CPA & Associates, LLC, we aim to establish a long-standing relationship as your trusted tax advisor. Count on us to provide courteous and responsive assistance whenever you have tax-related queries or financial concerns. We prioritize your best financial interests and continually revise and update your tax strategy as per changes in tax laws. This ensures your compliance with new regulations and guarantees that you always achieve the maximum tax savings available.

CPA Services: Tax Preparation, Financial Statements, GAAP accounting, and Bookkeeping

Our CPA firm offers a comprehensive range of services tailored to meet your financial needs. Our expert team is proficient in providing various key services, including financial statements, bookkeeping, compliance with Generally Accepted Accounting Principles (GAAP), and professional tax preparation.

We understand the significance of accurate and reliable financial statements for businesses of all sizes. Our skilled CPAs meticulously prepare financial statements that offer a clear snapshot of your company’s financial health, enabling you to make informed decisions and present a transparent view to stakeholders.The balance sheet, profit and loss statement (also known as the income statement), and statement of cash flows are key financial statements that provide valuable insights into a company’s financial performance and position.

accountant
Here’s a closer look at each of these financial statements:
Balance Sheet
The balance sheet is a snapshot of a company’s financial position at a specific point in time. It presents the company’s assets, liabilities, and shareholders’ equity. The balance sheet follows the fundamental accounting equation: Assets = Liabilities + Shareholders’ Equity. It provides information about a company’s liquidity, solvency, and overall financial health. Key components of the balance sheet include current assets (cash, accounts receivable, inventory), long-term assets (property, plant, equipment), current liabilities (accounts payable, short-term debt), long-term liabilities (long-term debt), and shareholders’ equity (common stock, retained earnings).
Profit and Loss Statement (Income Statement)
The profit and loss statement summarizes a company’s revenues, expenses, gains, and losses over a specific period (typically a month, quarter, or year). It shows the company’s ability to generate revenue, manage expenses, and ultimately generate profits. The statement starts with revenue and subtracts the cost of goods sold (COGS) to determine gross profit. Operating expenses, such as salaries, rent, and marketing expenses, are then deducted to calculate operating profit (or loss). After considering non-operating items (interest income, taxes, etc.), the net profit (or net loss) is derived. The income statement provides insights into a company’s revenue sources, cost structure, and profitability.
Statement of Cash Flows:
The statement of cash flows shows the inflows and outflows of cash within a company during a specific period. It provides information about how cash is generated and used in operating activities, investing activities, and financing activities. The statement of cash flows helps assess a company’s ability to generate cash, meet financial obligations, and invest in future growth.

The statement of cash flows is divided into three sections:
Operating activities: This section includes cash flows from day-to-day business operations, such as cash received from customers and cash paid to suppliers and employees.
Investing activities: This section reports cash flows related to the purchase or sale of long-term assets, such as investments, property, plant, and equipment.
Financing activities: This section includes cash flows related to raising capital or repaying debt, such as issuing or repurchasing stock, borrowing or repaying loans, and paying dividends.

tax planning

BOOKKEEPING

These financial statements are crucial tools for understanding a company’s financial performance, assessing its liquidity, profitability, and cash flow management. They are used by stakeholders, including investors, lenders, and management, to make informed decisions, analyze trends, and evaluate the financial health of a business.

Efficient bookkeeping is vital for maintaining organized and up-to-date financial records. Our team is well-versed in bookkeeping practices, ensuring that your financial transactions are accurately recorded, categorized, and reconciled. With our assistance, you can focus on core business activities while having a clear understanding of your financial position.

Adhering to Generally Accepted Accounting Principles (GAAP) is crucial for maintaining consistency and credibility in financial reporting. Our CPAs possess a deep understanding of GAAP regulations and can help ensure that your financial statements comply with these industry-standard principles, providing confidence to stakeholders and regulators alike.

Using Generally Accepted Accounting Principles (GAAP)
is essential for several reasons:
gaap
Standardization and Comparability
GAAP provides a set of standardized accounting principles and guidelines that ensure consistency in financial reporting across different organizations. This allows for easy comparison of financial statements between companies, industries, and time periods. Standardization enhances transparency, facilitates decision-making, and promotes fair competition in the marketplace.
Credibility and Transparency
GAAP-compliant financial statements are considered reliable and trustworthy by investors, lenders, regulators, and other stakeholders. Adhering to GAAP principles helps build credibility and instills confidence in financial reporting, as it ensures that financial statements accurately reflect the financial position, performance, and cash flows of a company. Transparency is crucial for attracting investment, obtaining financing, and maintaining public trust.
Regulatory Compliance
Many countries have laws and regulations that require businesses to follow GAAP for financial reporting. Adhering to GAAP ensures compliance with these legal requirements and minimizes the risk of penalties, fines, and legal disputes. Additionally, publicly traded companies in the United States must comply with GAAP to meet the reporting standards set by the Securities and Exchange Commission (SEC)
Investor Protection
GAAP promotes investor protection by providing relevant, reliable, and comparable financial information. By following GAAP, companies disclose critical information about their financial performance, risks, and prospects. This transparency helps investors make informed decisions, evaluate the financial health of companies, and assess the potential risks and returns associated with their investments.
Access to Capital
GAAP compliance is often a prerequisite for accessing capital markets and securing financing from banks, investors, or venture capitalists. Lenders and investors rely on GAAP-compliant financial statements to assess the creditworthiness, profitability, and sustainability of a business. Non-compliance with GAAP can hinder a company’s ability to attract capital, limiting its growth and expansion opportunities.
Facilitating Audits and Due Diligence
GAAP provides a framework that auditors and financial professionals use to examine and evaluate financial statements during audits and due diligence processes. GAAP compliance facilitates the audit process, ensuring that financial statements are prepared in accordance with established standards and are subject to reliable scrutiny. It enhances the accuracy, reliability, and relevance of financial information presented to auditors, regulators, or potential buyers during mergers and acquisitions.
In summary, utilizing GAAP in financial reporting ensures consistency, credibility, transparency, regulatory compliance, investor protection, access to capital, and facilitates audits and due diligence processes. It helps establish trust, enhances financial decision-making, and contributes to the overall integrity of the financial reporting ecosystem.

TAX PREPARATION

Tax preparation can be a complex and time-consuming process. Our experienced CPAs are well-equipped to handle all aspects of tax preparation, ensuring compliance with relevant tax laws and maximizing your tax savings. We stay up to date with the ever-changing tax regulations, enabling us to identify applicable deductions, credits, and incentives that may reduce your tax burden. Our CPA firm provides comprehensive tax services tailored to various business structures and individual needs. We specialize in handling tax matters for C-Corporations, S-Corporations, LLC Partnerships, Sole Proprietorships, fiduciary returns, and individual tax returns.

No matter the business structure or individual tax needs, our comprehensive tax services cover C-Corporations, S-Corporations, LLC Partnerships, Sole Proprietorships, fiduciary returns, and individual tax returns. Our experienced CPAs provide expert guidance, proactive tax planning, and accurate tax preparation to help you meet your tax obligations, minimize tax liabilities, and maximize your overall financial well-being.

With our CPA services, you can rely on our expertise and professionalism to handle your financial statements, bookkeeping needs, compliance with GAAP, and accurate tax preparation, allowing you to focus on your core business while ensuring financial stability and regulatory compliance.

img10
C-Corporations
For C-Corporations, we offer expert tax planning and preparation services that ensure compliance with corporate tax laws. Our team is well-versed in navigating the complexities of corporate taxation, maximizing deductions, and optimizing tax strategies to help minimize tax liabilities and maximize profitability.
S-Corporations
With S-Corporations, we understand the unique tax considerations involved. Our knowledgeable CPAs assist in structuring your business and optimizing tax elections to take advantage of pass-through taxation while ensuring compliance with IRS regulations. We handle all aspects of S-Corporation tax preparation, including income calculations, shareholder distributions, and reporting requirements.
LLC Partnerships
LLC Partnerships require careful attention to tax implications. Our CPAs are experienced in handling complex partnership tax matters, including income allocation, self-employment tax calculations, and distribution planning. We provide accurate and timely tax preparation services for LLC Partnerships, ensuring compliance with partnership tax regulations and maximizing tax benefits for all partners involved.
Sole Proprietorships
For Sole Proprietorships, we understand the importance of tax planning and optimization for individuals operating their businesses. Our CPAs assist in determining the most advantageous tax structure, optimizing deductions, and ensuring compliance with self-employment tax obligations. We provide comprehensive tax services for Sole Proprietorships, helping you achieve your financial goals while minimizing tax burdens.
Fiduciary returns
Handling fiduciary returns is another area of expertise within our tax services. We assist in the preparation of accurate and compliant tax returns for trusts, estates, and other fiduciary entities. Our CPAs navigate the complex fiduciary tax landscape, including income distribution calculations, beneficiary reporting, and compliance with fiduciary tax laws.
Individual tax returns
Individual tax returns are an essential part of our tax services. We offer thorough and accurate preparation of individual tax returns, ensuring that all eligible deductions, credits, and exemptions are considered. Our team stays up to date with the latest tax laws and regulations to optimize your tax position and help you achieve the best possible tax outcome.