AB TAX RELIEF
We meticulously handle your personal and business taxes, affording you the opportunity to focus on the pursuit of professional and personal fulfillment.
About
An accounting firm is known for the quality of its service. Our firm's reputation reflects the high standards we demand of ourselves.
Our primary goal as a trusted advisor is to be available to provide insightful advice to enable our clients to make informed financial decisions. We do not accept anything less from ourselves and this is what we deliver to you.
We feel it is extremely important to continually professionally educate ourselves to improve our technical expertise, financial knowledge and service to our clients.
Our high service quality and "raving fan" clients are the result of our commitment to excellence.
We will answer all of your questions, as they impact both your tax and financial situations. We welcome you to contact us anytime.
Services
TAX PREPRATION
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 last year, 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. Here's what you get... Your tax return will be checked and rechecked by our computer software 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. We 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. In addition, we will give you a sheet of commonly overlooked deductions to limit the following year's tax liability. 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.
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. 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 estate so your family keeps more of what you've made. reduce taxes on your gifts so you can give more. reduce taxes on your investments so you can grow your wealth faster. 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 bracket. 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 plans, 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.
SMALL BUSINESS ACCOUNTING
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! Each month or quarter we'll do the following things for you... Reconcile your bank account Generate an income statement Generate a balance sheet Clean up your general ledger Provide unlimited consultations 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... Identify lost checks, lost deposits and unauthorized wire transactions. Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank. Detect and prevent embezzlement of funds from within your company. Know how your business is doing? You can't really know unless all accounts are reconciled and properly accounted for on your financial statement. Manage your cash more effectively. Proper management of funds not only saves money, it makes money for you. Protect yourself. By timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged checks presented to your bank and paid by that bank, you can relieve your agency of responsibility for the shortfall and transfer the risk to the bank. This reason to reconcile alone should be enough. Crime exists. Sleep Better. You will sleep more peacefully at night knowing your bank accounts are reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds are properly accounted for. 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... Track revenues and expenses so that you can determine the operating performance of your business. Determine what areas of your business are over-budget or under-budget. Identify specific items that are causing unexpected expenditures. Like phone, fax, mail, or supply expenses. Track dramatic increases in product returns or cost of goods sold as a percentage of sales. Determine your income tax liability. 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... Quickly get a handle on the financial strength and capabilities of your business. Identify and analyze trends, particularly in the area of receivables and payables. For example, if your receivables cycle is lengthening, maybe you can collect your receivables more aggressively. Determine if your business is in a position to expand. Determine if your business can easily handle the normal financial ebbs and flows of revenues and expenses? Determine if you need to take immediate steps to bolster cash reserves? Determine if your business has been slowing down payables to forestall an inevitable cash shortage? 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
PAYROLL
When it comes to paying employees, laws and the IRS have made the payroll function a time consuming nightmare for the small business owner. Small business owners spend an average of eight hours a month performing payroll functions. That's 12 full days a year that could be spent generating sales, prospecting new business opportunities, improving products or services, or servicing customers. We offer payroll solutions that meet your business's needs and enable you to spend time doing what you do best--running your company. Why Outsource Your Payroll... It's Cost Effective Use your staff more efficiently by letting us handle payroll and the associated legal details. Reduce overhead by removing the need to hire specialized employees. It's a Time Saver Our payroll service eliminates the burden of customizing, updating and maintaining your own payroll system--no more data entry, no more researching updates or new laws, no more worries. Worry Free Payroll Tax Filing Eliminate the risks of calculating and filing your own payroll taxes by having professionals do it for you. Federal, state and local payroll tax laws are frequently changing and becoming more complex. How much time do you want to spend learning all the rules and keeping your information up to date? Allows You To Focus On Core Competencies Our professional staff allow you to focus on the core competencies of your business. We are accounting professionals--you get the experts working for you and with you. Comprehensive Reports You get a wide variety of user-friendly and accurate payroll reports. For a nominal fee, we will include union reports, certified payroll, workers' compensation reports and much more. Get the Payroll Solution That Best Fits Your Needs. We know that when it comes to payroll service - no one size fits all. That's why we offer the following 3 custom payroll processing options. 1. Comprehensive Payroll Services Our Comprehensive Payroll Service takes care of all of the payroll processing for you, so that you won't have to. You get... Your payroll checks prepared and printed on-time, every-time. All of your payroll checks are laser printed on "blank" check stock to ensure maximum security and meet the micro encoding standards as set forth by the Federal Reserve System. Free Direct Deposits Worry Free IRS and State tax reporting as well as EFTPS tax deposits. User friendly, and easy to understand monthly, quarterly, and annual payroll tax reports, including W-2, W-3 and 1099 forms. Detailed reports on your employee's vacation, sick days, and personal days accruals. Creation and filing of the required new hire reports Your payroll records maintained in tip top shape. 2. After-the-Fact-Payroll Services We will take your manually-prepared payroll records and other payroll information and post this information to our data files, so you get... Worry Free IRS and State tax reporting as well as EFTPS tax deposits. User friendly, and easy to understand monthly, quarterly, and annual payroll tax reports, including W-2, W-3 and 1099 forms. Detailed reports on your employee's vacation, sick days, and personal days accruals. Creation and filing of the required new hire reports Your payroll records maintained in tip top shape. 3. Online Payroll Processing You can enter your employee's hours and earnings securely online and get... The ability to instantly print payroll checks on your own printer. Free Direct Deposits Worry Free IRS and State tax reporting as well as EFTPS tax deposits. User friendly, and easy to understand monthly, quarterly, and annual payroll tax reports, including W-2, W-3 and 1099 forms. Detailed reports on your employee's vacation, sick days, and personal days accruals. Creation and filing of the required new hire reports Your payroll records maintained in tip top shape. Custom Payroll Reports Service There seems to be an endless amount of special reports Government agencies require. We can prepare the following reports for you. Worker's Compensation Audits Unemployment Claims Social Security Audits Child Support Audits W-2 and W-3 processing 1099 and 1096 processing Preparation/assistance with Federal and State registration forms How much do we charge? In order to give you an accurate price for our payroll services we need to know a little more about your business and what services you're interested in. Our prices are very affordable.
AUDIT
Stockholders, creditors, and private investors often need assurance that the financial statements accurately represent the true financial position of a company. Your stockholders, creditors, or private investors have different levels of risk tolerance, so we provide three levels of assurance to meet your needs. Audit - Highest Level of Assurance An audit provides the highest level of assurance. An audit is a methodical review and objective examination of the financial statements, including the verification of specific information as determined by the auditor or as established by general practice. Our work includes a review of internal controls, testing of selected transactions, and communication with third parties. Based on our findings, we issue a report on whether the financial statements are fairly stated and free of material misstatements. An Audit allows you to... Satisfy stakeholders such as employees, customers, suppliers and pressure groups, as well as the investing community, as to the credibility of published information. Facilitate the payment of corporate tax, goods and services tax, and other taxes on-time and accurately, thereby avoiding interest, penalties, and investigations. Comply with banking covenants. Help deter and detect material fraud and error. Facilitate the purchase and sale of businesses. Here's what you get... You get the highest level of assurance because we go outside your company to obtain more information. Typically, we'll have written communication with: Your customers, to check outstanding receivable balances, Your banks, to confirm cash or debt balances and terms, Your vendors, to verify outstanding payable balances, and Your attorneys, for information on pending or threatened legal action. We also perform physical inspections by observing your inventory counting methods and perform test counts. We document and test each operating cycle, including sales and cash receipts, expenses and cash disbursements, and payroll. Our audit papers include a detailed work program to document the examinations and testing performed, as well as the client's supporting work papers. Audits Not Just for Public Entities All public companies are required to have an annual audit, but some nonpublic entities must undergo an annual audit as well. These include local governments, not-for-profit agencies and other organizations receiving government grants. Moreover, some financial institutions require audits of nonpublic companies based on the financing amount and/or the bank's assessment of the company's risk. Also, companies with absentee ownership (such as those owned by investment firms, or individuals who no longer run the business) may order audits as checks of their management teams. Review - Limited Assurance Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the financial statements, and various inquiries we make of your company's management team. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures. A review doesn't require us to study and evaluate your company's internal controls or verify data with third parties or physically inspect assets. Rather, a review report expresses limited assurance in the form of the statement: "We are not aware of any material modifications" for the financial statements to be in conformity with the Generally Accepted Accounting Principles (GAAP). Reviewed financial statements must include all required footnotes and other disclosures. Why might a business request a review engagement? It can be a good middle ground, providing the advantages of a CPA's technical expertise without the work and expense of an audit. Compilation - Lowest Level of Assurance In compiling financial statements for a client, we present information that is the "representation of management" and expresses no opinion or assurance on the statements. Compilations don't require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business. Banks often require compilations from an independent CPA as part of their lending covenants. Which Report Should You Use? Each type of financial statement report may suit specific circumstances, depending on requirements from your client's bank or other parties, as well as meet budgetary needs. Understanding each report's unique strengths and weaknesses can help you choose the most appropriate one. Please call if you have questions about which type of report is right for you.
Contact us
- 204 Ark Rd suite 104 C, Mount Laurel Township, NJ, USA