Managing a business in California can be confusing if you don’t have proper help. You have to think about payroll, staffing, the cost of doing business, and the dreaded taxes. It’s a neverending cycle and not a feat you should take on by yourself. Our California accounting team can help. We have wide-ranging experience in all types of taxation matters encompassing numerous industries such as manufacturing, distribution, and professional services, as well as real estate development and investment.
It starts with choosing the right business entity for your California business. Many taxpayers who operate a small business in their own name or as part of a partnership often see huge consequences come tax season. It’s essential that you form your new business as a corporation, a limited liability corporation (LLC), or a limited liability partnership (LLP) to help insulate you from your business (financially). As a separate, corporate entity, your small business can be taxed as its own “person.” While this means you cannot take advantage of any of the deductions for losses in your personal taxes, you are also protected from having to pay out of pocket expenses for your taxes. Instead, you get a salary or paycheck like any other employee and continue to pay taxes for your business as a separate entity. It’s that simple.
Bookkeeping is also a must. We can make your accounting processes more efficient and allow you to spend your time doing what you do best—managing your business. Whether you need help reconciling your bank accounts, monthly bookkeeping, formal financial statements, or customized tax planning, Prizer Flores can provide the support you need.
We also help you find tax breaks that can save you money! Did you know that if you have under 25 full-time employees making under $50,000 per year each, you may be able to claim a small business health care tax credit if you provide at least 50% of their healthcare expenses? Further credits and deductions may be available for things like using good energy policies at your business and maintaining other good practices. Let us help you navigate the ever-changing income tax code. Whether it’s planning for a transaction or making sure you take advantage of every deduction possible, we’ll make sure you don’t pay a penny more than you should.
When it comes to taxes, we’re part of the team. Whether you need help reconciling your bank accounts, monthly bookkeeping, formal financial statements, or customized tax planning, Prizer Flores can provide the support you need. Understanding your accounting function and reporting are essential in providing data for management’s critical decision making. Let us apply our knowledge of accounting and tax principles to your industry and financial reporting requirements to create efficient, useful, and accurate financials.
Tax tips are nice, but having a team that has your back when it comes to accounting and taxes is how you grow your business. Our Accounting & Fractional CFO plans are perfect for businesses of all sizes.
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