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 also help you arrange installment agreements or apply for offers in compromise if you have become late in paying your taxes or dispute the amount of taxes you rightfully owe or are able to pay.
Social Security Planning – Are you facing the decision of when to take Social Security Benefits? Do you take benefits at age 62, at your full retirement age, or at age 70? That decision is often pretty straightforward and one that you can usually make yourself. But, what if you are married and your spouse is entitled to benefits? How do you coordinate your benefits with those of your spouse in order to maximize the total amount your family brings home?
For example: Did you know that the higher earning spouse can wait to receive his or her benefits and, in the meantime, collect on the lower earning spouse’s Social Security account. In coordination with an overall plan, the results likely will generate over $150,000 more in total Social Security benefits over the lives of the 2 spouses without sacrificing current monthly Social Security benefit payment amounts.
Here’s what we can do for you…
-Run an unlimited number of scenarios in order to determine the specific strategy that makes sense for your life. We will then go with you to the Social Security Administration offices to help you implement the strategy.
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.
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.
-Deposit your incoming checks, write your outgoing checks, prepare and send your invoices, and maintain your accounts receivable aging and accounts payable aging.
Financial Statement Preparation – Stockholders, creditors, and private investors often need financial statements prepared by an independent CPA in order to gain some assurance that the financial statements accurately represent the true financial position of the company. There are several kinds of financial statements that a CPA can provide. Of the available choices, we focus on providing compiled financial statements.
What is a compiled financial statement?…
-In compiling financial statements for a client, we present information that is the “representation of management” in a manner that is often acceptable to stakeholders. In preparing the financial statements, we rely on our knowledge of accounting principles and a general understanding of your business. Banks often require a compiled financial statement from an independent CPA as part of their lending covenants.
Payroll Services – When it comes to paying employees, laws and the IRS have made the payroll function a time consuming nightmare for small business owners.
Small business owners spend an average of eight hours a month performing payroll functions. By handing over you payroll function to us, you can spend that time elsewhere in your business and rest assured that your payroll filings, tax deposits, and employee payments are accurate and timely.
Here is what we can do for you…
-By utilizing direct deposit transactions and by electronically filing your returns, we can usually entirely eliminate the need for you to touch any paper or reports or make any runs to the bank. All you typically need to do is tell us the hours worked by each employee prior to payday – that’s all.
-If you wish to retain some payroll responsibilities, such as making deposits or cutting your employee paychecks, we can arrange to work with you as you wish. You are not tied to our processes. We will adapt to yours.
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 billing and collection procedures to maximize your cash flow.
-Establish procedures to monitor and control costs.
-Prepare and file all required Federal and state permits and filings.
-Prepare and file your Federal application for an Employer Identification Number.
-Provide payroll services and/or consulting when you bring on your first employee.
Loan Acquisition Representation – Are you seeking to expand your business or otherwise needing additional capital in order to run your business more successfully? We can help you prepare the necessary paperwork in order to help a lending institution see things your way.
Here’s what we can do for you…
-Prepare a cash flow, income statement, and balance sheet projection so that you can successfully communicate your plan for your profitable use of the borrowed funds and your plan for paying back the borrowed funds.
-Prepare historical compiled financial statements so that you can successfully communicate your past business history.
-Prepare a formal written business plan to help you successfully communicate your goals for the future and how additional capital can get you there.