Get support for managing the tax and financial aspects of your business.
The relationships you have with your clients or patients are personal. You carry their concerns and needs with you—from your office to your home and back again—as you mull over solutions. This, along with your day-to-day work, is only part of what you deal with as a professional services provider. Add in the tax and financial-related chores that come with running a business, and, well, it’s a lot to manage.
JAK is here to help.
With decades of experience serving clients in the professional services industry, we understand what you’re up against. Our accountants work with a diverse mix of business owners and professional services providers, including lawyers, dentists, chiropractors, marketing firms, and creative agencies. We handle the tax and financial side of your business, so you can take care of your clients or patients.
Tax Preparation for Business and Professional Services
Understanding how the latest tax law changes apply to your business is critical. Your JAK CPA works closely with you throughout the year to help you plan for and adjust to new legislation as necessary. Whether it’s making quarterly payments or filing your return, we can help you stay ahead of state and federal deadlines.
Can Professional Service Accounting Help You Reduce Your Tax Liability?
In many instances, yes. Strategically planning your qualified business income deductions (QBI), for instance, may give you an additional 20% deduction on your taxes. Finding ways to minimize your net investment income tax (NIIT), which is an additional 3.9% tax on investment income, can help, too. Some of your investment income may be excluded for purposes of this tax if it relates to your business. An example of excluded investment income might be interest on a loan you gave your business.
If you own the building in which your business operates, it’s possible to combine the rental with the operating entity to maximize your QBI, reduce your NIIT, and avoid passive activity limitations.
If you are thinking acquiring another practice or making ownership changes, we can assist in the transaction and advise you on maximizing your tax benefits.
How Can a Professional Services CPA Firm Help You Increase Your Bottom Line?
Arguably the most valuable benefit of working with a CPA firm like JAK is access to insightful consulting. We consider all aspects of your business—not only those related to accounting and tax—to help you increase your bottom line. This could involve anything from assisting with budgeting and cash flow calculations to recommending process improvements. Sometimes even a small change, such as switching to a different credit card processing vendor, can make a significant difference for your business.
Of course, we take a hard look at your numbers, too. Through an interim analysis of your accounting records, we can make sure your numbers add up—and that you know where your business stands. We can also provide industry benchmarks for items such as receivable turnover and gross profit, so you can see how you stack up against your competitors.
Do You Have the Right Accounting Technology Solution for Your Business?
As your business grows and evolves, you may change your space, equipment, and employees to keep up. But what about your accounting technology or system? Although some businesses may never outgrow a basic accounting system such as QuickBooks, others may quickly find it lacking. This can lead to shoddy data, issues with timing, and poorly vetted decisions—none of which bode well for a growing business. Your JAK CPA will help you assess the capabilities of your accounting technology solution to ensure it’s the best one for you.
The JAK Difference
Working with JAK gives you access to a broad range of expertise. You’re supported by a team of accountants with expertise in areas such as bookkeeping, tax planning, succession planning, financial statement preparation, and other business consulting. If needed, we connect you to our network of trusted advisors to help you meet your goals.
We assign not one, but two JAK CPAs to your account. These CPAs are your relationship managers; as your primary points-of-contact, they provide you with consistent, knowledgeable service. However, as a JAK client, you have access to all of the CPAs at JAK. This team approach allows us to support you with in-house specialized expertise if needed.
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