American Dream CPA has prepared thousands of tax returns for self-employed professionals. Through this experience, we have developed our Self-Employed Professional Program. Our goal is to make our clients' lives less painful when it comes to taxes.
In this program we handle everything for you — tax planning, preparation, bookkeeping, payroll, and guiding our clients on how to take full advantage of the tax system. This simplifies communication and the efficiency allows us to charge reasonable costs. The returns are engineered to be accepted without audit and to comply with the tax laws and regulations, taking advantage of both the corporate and individual tax systems.
Corporations pay less tax than individuals because they have a separate corporate tax system. This lets businesses take all sorts of “ordinary and necessary” tax deductions including travel, private jets, boats, furnishings, limousines, and research into other businesses. The result is that corporations pay less than 2% of their total income in federal income taxes. This is why you should file your business on a separate S Corporation tax return.
However, individual who file their business using a Schedule C as part of their Personal Form 1040 tax returns have many restrictions on business deductions. The result is that individuals pay over 10% of their total income in federal income taxes.
This advice is based on decades of experience over decades of striving for excellence and caring about our clients' quality of life. There is more involved in successful tax planning and preparation than a good tax bottom line.
1. You need a long-term tax strategy to achieve the lowest practical tax rate over the long term in a changing environment.
2. The tax strategy must be tailored to your priorities, lifestyle, income, commitments and goals.
3. You need a "tax smart education" on how to properly...' item the 3 use the tax system, including:
a. You must be comfortable with the strategy and tactics used.
b. Your returns must comply with the laws and governmental regulations.
c. Your tax returns should have an extremely low chance of being audited.
The lowest possible tax means the tax is affordable and the returns will meet your bank's or insurance company's expectations if possible. We can promise this because we will have discussed your requirements and what the taxes will be to achieve the lowest possible taxes.
Liberty and Tax Justice for All.
We do (almost) everything. Our Self-Employed Program requires a minimum effort by our clients and includes:
STRATEGY PLANNING PREPARATION
A long-term tax strategy to achieve the lowest practical tax consistent with your lifestyle and financing requirements.
Consultation regarding tax planning, business, real estate and retirement.
Preparation of tax returns that have an extremely low chance of being audited.
corporate FORMATION and compliance
Assistance in forming an LLC or a corporation so the business reports its activity as an S corporation.Preparation of forms required to keep the LLC or corporation in compliance.
ACCOUNTING AND PAYROLL
Setup and maintain a QuickBooks bookkeeping system to track income and expenses so that when clients pay expenses through the business, the expenses are recorded properly. This includes:
a. Guidance in selecting what expenses and bills are to be paid through the business.
b. Advice on the many expenses that can be deducted under certain circumstances.
c. Answers to "How do I deduct this?" and an explanation of the requirements.
Payroll service, including recommendations for salaries and retirement.
HEALTH INSURANCE REVIEW
Review of how Obamacare premium tax credits impact health insurance costs.
The tax system creates the second-greatest obstacle to attaining the American Dream. The greatest obstacle is the limitations we place on ourselves. We provide the encouragement, knowledge and support to overcome these obstacles. Our clients save on taxes by using both the corporate and individual tax systems. Stop being a victim.
Our expertise and efficiency allow us to charge reasonable costs. Call now so we can review your situation and make specific recommendations to improve your quality of life. You will be grateful for having engaged our services.
Adrian Keith Skane, CPA, CEO