Our Services

Individual & Business Filing

If you have received a 1099-Misc, this means you are considered a free-lancer, are subject to the self-employment tax and must report the gross amount on Schedule C.  Unlike form W-2, no income taxes have been withheld and remitted to the IRS or State on your behalf by your employer.  Though you are now subject to greater taxes, form 1099-Misc and Schedule C do allow for claiming business deductions to help reduce taxes..

Schedule C filers can deduct all ordinary and necessary business expenses.  It is important to correctly categorize your expenses on the Form and retain back up support.  Some overlooked expenses include the home office, depreciation, travel and meals.   It may be necessary to issue 1099’s to recipients for amounts paid for professional fees and contract labor.

Tax Preparation

Tax Preparation is the yearly process of formally declaring your income, deductions and credits to self-assess your tax obligations under federal and state law. Your tax record serves as important documentation used for lending, employment and immigration purposes.

Due to the complex nature of tax laws, you are likely better off hiring Precise Financial Services if your situation involves self-employment income, rental activity, multi-state returns or an international component

Hiring a Precise Financial Services will provide the taxpayer much needed peace of mind that their tax obligations are calculated correctly, owing the legal minimum taxes due. Given the cost benefit analysis, it is a wise investment to work with a tax preparer, particularly given that tax prep fees may be tax deductible too.

Audits & Notices

Tax problems commonly manifest themselves via some form of written correspondence from the IRS or State.  Tax Notices may request unfiled tax returns, propose adjustments to your filed tax return, may ask for back up documentation or seeking to enforce collection via a lien or levy.  It is imperative that taxpayers carefully read these notices and pay attention to deadlines as delay may hinder their rights while interest and penalties continue to accrue.  Procrastination and hoping this issue will go away on its own is never a good strategy. There are various ways to reduce your tax liability, some are easier than others but if you allow Precise Financial Services to represent you, we will definitely get the ball rolling.

Planning & Advice

Tax planning is the process of evaluating a financial and lifestyle decision from a tax perspective to minimize tax liability through timing the use the deductions, credits, and exclusions. Tax planning needs to be accomplished in advance, as it asks the question of what can the taxpayer do proactively to save on taxes due next year. Also, asked from a different approach, what is the tax effect of completing a certain transaction. It is important for Precise Financial Services to educate our clients on tax strategies on ways to save on taxes throughout the year.

  • Buying a home, including an Investment Rental Property

  • Renting your personal residence, timing the Exclusion from Gain

  • Moving to or from a State, including steps to change Domicile

  • Setting up an LLC for my business, including the S-Corp Election

  • Business owner Compensation planning, Salary vs. owner Draw

  • Contributing to or taking a Distribution from Retirement Plans

  • Receiving or making a Gift, including foreign gift Disclosure

  • Moving and working overseas; Foreign Earned Income Exclusion

  • Filing jointly or separately with Spouse, including non-citizens

  • Itemizing tax deductions, including Charitable Contributions

  • Purchase a business vehicle, including accelerated Depreciation.

Notary

Certain documents must be notarized in order to have legal effect. Given the inherent formal and corresponding significance of this subject of legal documents that must be notarized, state governments have deemed it necessary to enlist a trained individual to assist with their execution. A "notary public," following his or her official appointment , a notary public performs as a quasi-public officer to attest to the proper execution of these important documents. These types of documents includes but not limited too

  • Wills

  • Trusts

  • Deeds

  • Contracts

  • Affidavits

Bookkeeping and Payroll

Bookkeeping prepares the data for accountants when they create financial reports and statements and prepare the basis for consultations and the tax season. It is a unique procedure that takes place within the context of accounting.

Every financial operation, whether buying or selling, must be documented. For bookkeeping, there are predefined procedures called ‘quality controls,’ which assist in timely and mistakes-free records.

Company’s success is impossible without employees. Payroll is the process of paying workers for their work for a specified time or on a specific day. Big companies have accounting or human resources departments in charge of payroll. More businesses prefer outsourcing payroll to specialists or accounting firms. These experts or firms handle payroll management, employee benefits and compensations (in case of injuries or accidents), and accounting functions, including tax preparations.