Services Overview
Schaaf CPA Group is small enough to care, and experienced enough to know what you need to care about. We care about your time, your money, and your reputation. If you entrust us with an important matter, it will always be important to us until it is resolved. Below is a list of some of the main services that we provide to closely-held businesses and individuals.
Tax Preparation Services – Preparing your own income tax return can be a task that leaves you with more questions than answers. Even worse, leaving your tax fate to a national tax preparation chain and its part-time preparers can lead you to a false sense of confidence. Whether we like it or not, today’s tax laws are so complicated that filing anything other than a simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. No personal computer software program or national tax preparation chain can substitute for the experience, dedication, and continuing education that a CPA can draw from to work for you.
Here’s what you’ll get…
-Your tax return will be prepared or reviewed by a CPA, not an unlicensed part-time preparer. You are encouraged to make an appointment with us during the preparation process so that we are sure to know everything about you necessary to use the tax laws to your advantage.
-Your tax return will be checked by our computer software to identify potential problems the IRS may look at more closely and to review the calculations to limit IRS contacts.
-Your tax return can be filed electronically so you will get a refund direct deposited to your bank account quickly.
-We will help guide you through the IRS or Indiana Department of Revenue audit process.
-We will guide you through any notices you receive.
-We will answer most questions you have throughout the year free-of-charge.
Tax Consulting Services – Planning is the key to successfully reducing your tax liability. We go way beyond tax compliance to recommend tax savings strategies to maximize your after-tax income.
We strive for all of our business and individual clients to pay the lowest amount of taxes allowable by law by continually looking for ways to minimize your taxes throughout the year, not just at the end of the year.
Here are just a few of the tax savings strategies we use…
-Deferring income through the use of accounting method choices so you can keep your money now and pay less taxes later when you are in a lower tax bracket.
-Helping you take advantage of spousal employment arrangements, fringe benefit deductions, rental arrangements to your business, and other planning strategies for small businesses to permanently eliminate tax liability.
-Helping you implement and manage contributions to qualified retirement and savings plans (IRAs, 529 plans, SEPs, 401Ks, Simples, UniKs, etc.) to defer or eliminate tax liability.
-For farmers, use income averaging, prepaid farm expense planning, and non-taxable fringe benefits to the fullest extent possible.
-We annually share with you our list of ideas so that you can be sure you are not missing any deductions or strategies.
Bookkeeping Services – As a small business owner, you probably have more important things to do than keep your own books consistently spotless. We can help by reviewing, correcting, and updating your books on a monthly, quarterly, or yearly basis or by assuming the responsibility altogether.
As you need, we can do any or all of the following for you…
-Make sure that your bank accounts are reconciled and in balance,and that all of your funds, accounts, and checks are accounted for properly.
-Maintain accrual items on your balance sheet and update them monthly, or as needed.
-Update your accounting software on a monthly basis to reflect your activity for the month.
-Provide you with accurate financial statements monthly, quarterly, or annually as you prefer.
Business Formation Consulting – Are you thinking of forming your own business or reconsidering your business entity choice after a change in the size or scope of your business? A methodical plan of action is needed in order to fulfill your goal of being your own boss and running your own successful business. Success lies in the approach you take. We help you avoid the common pitfalls that many new business owners make when starting or considering changing their current venture.
We can help you…
-Determine your start-up capital needs and sources.
-Select a business structure that benefits your needs by evaluating tax advantages, legal exposure, and ease of operation.
-Select the right accounting software by evaluating your needs, budget, and hardware.
-Prepare a cash flow budget so you know how much money you need to keep your business alive each month for the first few years.
-Establish procedures to monitor and control costs.
-Prepare and file required Federal and state permits and filings.
-Prepare and file your Federal application for an Employer Identification Number.
-Help you select a payroll services provider.