Monthly Archives: March 2014

Professional Tax Advisers

Why Hire Professional?

Taxpayers need to hire professional tax advisers for a number of reasons. Those reasons may range from complicated tax returns, to extensive IRS tax help. And if you are one of the taxpayers requiring something other than general tax preparation, you might consider professionals. However, before spending your money, you should prepare a list of questions. And upi should address your specific needs and objectives if you are to find the right professional.

Here are some of the reasons that clients seek out help from professional tax preparers.

Preparing your own taxes is time-consuming, stressful, or confusing. So how can these factors be reduced by the company handling your needs?

What measures are taken to ensure that the returns are accurate?

If it is a complicated tax situation or the issues are complex, is there specialized advice to reduce debt, or are options explored?

Does the firm offer detailed planning and advice for future years as a service?

IRS Tax Help

Some taxpayers are facing more serious tax problems. And you really don’t want to have these kinds of issues with the IRS. If you are facing tax problems, such as non-filed taxes, paying off IRS debt, or resolving an IRS audit, does your firm provide support? And if it does, is the support sufficient?

If you are a business owner, invest in the stock market, own rental property, or live outside the United States, you may face complications with your return. If so, is your tax professional capable of addressing these issues? Often, there are accumulated taxes from prior years. And the buildup of the back taxes proposes financial hardships. Whereas typical tax preparers are ill-equipped to handle these matters, tax specialists and advisers may be able to help.

Why Business & Financial Solutions?

These are just a few of the potential questions you may have. But there is more. And you will want to make certain you cover all points before hiring a firm to serve as your adviser, or tax professional. Consequently, you should not be afraid to ask questions.

Business and Financial Solutions provides all the services that we have listed here. But we provide so much more. So call us if you are seeking a company that can address all your accounting or tax needs under one roof. And please feel free to browse our website for a complete list of services.

BFS is a full solutions company. And we are open year-round. So we do not close after April 15th. Our solutions include business accounting, professional bookkeeping tax preparation, IRS resolutions and tax advisory. But we also prepare business plans and grant proposals. Additionally, we assist with starting new businesses and non-profit organizations.

Further our business professionals include tax preparers, accountants, bookkeepers and tax specialists. So contact one of our tax advisers for help or more information. We look forward to being of service and welcome the opportunity to serve your needs for IRS representation.

What to Do Next.

We may be reached via email at info@bfswebsite.com, or call us at 855.557.2222. And we have convenient locations in Vienna, Rockville and Frederick, Maryland. Serving Silver Spring, Wheaton, North Bethesda, Potomac and the Washington DC Metro Area.

Offices located in Rockville, Frederick and Vienna. (Washington DC Metro Area)

Professional Content & Business Plan Writers

Writing Professional Business Plans

The term business plan is somewhat misleading. What you are actually writing is a variety of plans within a business, or a commercial entity. This document explains what the company will be, who will operate it, the competitive landscape in the local area, and its unique selling points that hopefully will bring success. It is concise and includes an appendix for supporting material like photos, clippings or articles. It should also strive to describe both your physical business and your company financials. Our business plan writers are also quite skilled, and well versed in professional content writing.

Business & Financial Solutions prepares professional Business Plans. The general length of the document is about 20-35 pages. And it consists of a content, colored graphs and financial charts. Our firm only prepares customized, affordable and professionally written plans, with strategic format. Our customized business plan outlines the steps and strategies that your start-up or expanding business needs in order to become a profitable and successful venture. It covers the needs of early stage and growing businesses.

The business plan includes: financial projections and charts, cash flows, profit and loss, balance sheet, and more. And it is written by professional content writers and accountants to meet the specific needs of your company or organization. But each plan is diffferent in respect to the goals of the business owner.

Starting a Business

Anyone starting a business should have a solid business plan, particularly those in need of funding. Getting funded without a professional business plan is nearly impossible and can lead to costly mistakes. Business plans are inherently strategic. You start at point A. You want to get to point B, and you want to get there with a reasonable profit margin. The business plan is the roadmap for getting there. A great business plan demonstrates this plan of action, outlining a visual means by which to get there.

The thought of writing a business plan for a new start-up business or an ongoing company, small or large can be overwhelming. One of the greatest challenges is how and where to start. If you are looking to expand, then special consideration should be given to the bigger picture. The good news is that it doesn’t have to be a struggle. Our firm can help you realize your vision and assist in moving your company forward, regardless of the company’s size.

Business & Financial Solutions

Whether you are looking to start a new business from start-up, or looking to expand an existing business, we can help. Our firm’s professional business plan writers offer support to your efforts with expert content writers, visionaries and accountants that can help you grow your business to successful heights. For a free consultation contact us at info@bfswebsite.com, or call 855-557-2222. We serve the entire Washington DC Metro Area, Northern Virginia and Greater Baltimore, including Fairfax and Fairfax County, VA. Our clients are nationwide.

Content Writing

BFS, in addition to business plans provides grant proposal writing and content writing for websites. Our firm’s team of business plan writers and accountants collaborate to make certain that your professional product is one that meets the standards of investors and bankers. Please browse our website for a complete overview of our services, including starting a new company.

Our firm office locations are in Montgomery, Frederick and Fairfax Counties.

Office locations in Rockville, Frederick, Vienna.

Tax, Accounting & Bookkeeping Service

Need help with Accounting or Bookkeeping?

Do accounting firms, that are traditionally conservative, have to abandon a cautious approach for the sake of making money? At Business & Financial Solutions we don’t think so. While our firm provides tax, accounting and bookkeeping services, we also provide tax help for already existing problems. Also, we render advanced bookkeeping and accounting solutions to help business with unresolved and ongoing issues.Clients need accuracy and efficiency in their financial reporting now, more than ever.

Our conservative approach results in less tax problems and an accurate account of assets and liabilities. And we explore creative options to reduce taxes. Thus, our approach results in less money and a real value down the road. Further, our firm concedes to the carpenter’s rule. “Measure twice. Cut once.” And the result is less problems. Consequently there are less fires to put out. And there will be less repetitive work to be done.

Full Service Accounting

Business & Financial Solutions is a full service accounting firm. In fact, we are open year round. Our areas of focus are forensics and litigation support, project and grant accounting, tax and asset accounting. We also deal in IRS resolutions tax audits. BFS offers general accounting services and general bookkeeping for small to midsize business owners. And we offer accounting and tax help for clients throughout the Washington DC Metro Area, and throughout the United States. Our accountants, bookkeepers and tax professionals work as a team. And our objective is to serve the welfare of each business owner’s specific needs. Individuals having issues with back taxes can get help here as well.

Accounting conservatism is a financial approach many companies use to limit the amount of risk in their accounting information. This cautious method anticipates lower profits along with higher losses. And companies may use this approach to avoid misleading business stakeholders regarding the company’s financial health. However,Business & Financial Solutions is not locked into this approach. But we do not abandon it for the sake of making money. Yet, there are times where a more aggressive approach is preferred. Or aggression may even be required. But each decision that we make is designed to serve the best interest of our client.

Call for Tax Help

Contact our firm to see if our services meet your company’s needs. And schedule a free consultation at either our office locations in Rockville, Frederick or Vienna. Optionally, you may schedule a telephone conference consultation. And our teleconference phone systems will allow up to one hundred callers at once. Our accountants, bookkeepers and tax experts can are available to answer your specific questions.

BFS offices are located in Frederick, Rockville and Vienna.

Outsourced Accounting and Bookkeeping

Outsourced Accountants in Frederick

Many small businesses are beginning to outsource their accounting and bookkeeping operations. As a matter of fact, this has become a practical means to reduce costs and overhead. So if you are looking for outsourced accountants in Frederick MD, our company can be of assistance. And we also provide services for surrounding areas, such as Owings Mills, Eldersburg, Mount Airy and more.

Business & Financial Solutions helps start-up companies and other businesses with excellent. And we do this by ushering through accounting and finance solutions on a fixed-fee basis. Further, our firm offers comprehensive outsourced accounting, bookkeeping and tax services for businesses in Maryland, Virginia, Washington, DC and throughout the United States.

We can work with you in an ongoing partnership. We will provide all of your accounting and bookkeeping needs. And our services come at a cost less than the price of a part-time or full-time bookkeeper, or accountant. Accounting software packages include QuickBooks, Peachtree, Deltek and many others.

A Profile on Our Services

A growing business faces many routine challenges during its growth. There needs to be solid financial management with dependable accounting functions, in order to meet these challenges. Resources may not necessarily be found in-house. Business & Financial Solutions goes above and beyond to help small businesses meet the many challenges. But we work with our clients to meet weekly, monthly or day-to-day operations. Our services are one an as-needed basis.

BFS is your solution, whether you prefer personalized web-based solutions using QuickBooks, or traditional accounting. Also you help with professional bookkeeping, Business & Financial Solutions has convenient offices based locations in Maryland and Virginia. And they all provide the same outstanding services. And most of our services can be delivered nationwide.

Of course, all our services are provided with the strictest confidentiality, and at affordable prices. And they are customized to meet the needs of each client’s specific outsourced accounting and bookkeeping and accounting requirements.

Visit our CONTACT us page for office locations, or call us at (240) 297-1055.

Free Consultation

If you’re considering an outsourced arrangement, we offer a free initial consultation to learn more about your business. It will also give you an opportunity to learn more about our services. Let us show you how we might be able to work together in developing your company.

So it may not be practical to hire an internal employee to meet accounting needs. But BFS offers an excellent alternative, while maintaining the integrity of your financial reporting. A variety of software packages are available including QuickBooks and Peachtree Accounting programs.

Office locations in Rockville, Frederick and Vienna. (Washington DC Metro Area.)

Income Tax Filing Offices

If you are looking for convenient income tax filing offices to file your tax returns, you are in luck. Business and Financial Solutions has convenient locations in Rockville and Frederick Maryland, as well as Vienna Virginia. And our company focuses on timeliness, efficiency, value and convenience.

Our CPAs and tax preparers are trained to handle complicated income tax matters for businesses and individuals. And each client is treated with the highest regard. Additionally, our company promotes the highest levels of services with integrity. So we insist on continuing education for each of our consultants and tax preparers. And if you are filing income tax returns, you will want to use a company that stays up-to-date on the tax codes.

Fees and Services

Business & Financial Solutions fees for services are based on the work performed. And taxpayers should know that it is illegal to charge fees based on a percentage of your refund. Further, firms and preparers are also prohibited from charging contingent fees except in certain limited circumstances. When working with our company, fees for tax services are not based on information obtained from your prior year tax return. Regardless of what your price was with another firm, high or low, our fee will be based on our pricing structure. So we want to be fair to each client, while being fair to our firm as well.

Our company’s office location in Frederick is at the intersection of West Patrick Street and McCain Drive at 4 South McCain Drive We are in Suite #14. The Rockville offices are in Rockville Town Center, across the street from the District Courthouse at. And the address is 17 West Jefferson Street. The suite number is #202. Lastly, our Vienna VA office is off Leesburg Pike at 1604 Spring Hill Road, Suite 212. And each location offers convenience in parking.

Some companies are only geared for seasonal work. However, we deliver a full line of tax and accounting services. And you will find us open year-round. Welcome to Business & Financial Solutions. We work with taxes and back taxes year-round.

Office locations in Rockville, Frederick and Vienna.

Tax Preparation for Foreign Pension

TAXATION ON FOREIGN PENSIONS & ANNUITIES

According to the IRS, pensions and annuities from foreign countries may not be taxable in the United States. Well this is largely dependent upon the tax treaty that the United States has with the country in question. So is foreign pension tax preparation required for you? You should consult with an experienced tax preparer in that area.

The IRS Code

The IRS Code says that as a general rule, yes. The country of residence can tax the pension and/or annuity. However this is based on the articles of most tax treaties with other countries. But there are some countries where we do not have a tax treaty. Still, there are others where the tax treaties don’t allow the country of residence to tax the pension or annuity under its domestic laws. This is true unless a treaty provision specifically amends that treatment. Some treaties, for example, provide that the country of residence may not tax amounts that would not have been taxable by the other country if you were a resident of that country.

In some cases, government pensions/annuities or social security payments may be taxable by the government making the payments. There also may be special rules for lump-sum distributions. You can read more about this in IRS Publication 525. If you received a foreign pension, you first must determine whether the foreign pension is taxable by examining the treaty between that company and the U.S. Business & Financial Solutions can help you with this. Our firm offers experienced tax preparers for foreign pensions and annuities.

Reporting Requirements

Additionally, As a result of IRS offshore compliance initiatives, recently enacted legislation, and new informational reporting requirements, tax preparers and U.S. participants in foreign pension plans must carefully evaluate how a foreign-based retirement plan is structured.

Many U.S. citizens who have repatriated or who currently reside and work in foreign countries need help in this area. They may have retirement assets in the country for which they are stationed, or participate in a foreign plan of some sort. These taxpayers should evaluate income tax reporting requirements, and use a tax preparation firm with experience in information requirements and strive to minimize income taxes and penalties.

Contact our firm and speak with one of our tax experts for a clearer idea on how to handle pensions and annuities while abroad, or if you are retiring from a foreign pension or annuity plan.

Locations in Rockville, Frederick, Vienna.

Tax Planning Services & Retirement Savings Credit

Tax & Retirement Services

Tax services that often go neglected are those of professional tax planners. You may be eligible for the Saver’s Credit if you contribute to a retirement plan, like a 401(k) or an IRA. The Saver’s Credit is the short name for the Retirement Savings Contribution Credit. And it can be worth up to $2,000 for married couples filing a joint return. The credit is worth up to $1,000 for single taxpayers.

The Saver’s Credit can help you save for retirement and reduce the tax you owe. However, there are the facts from the IRS that you should know about this credit. First, the Saver’s Credit is in addition to other tax savings you can get if you set aside money for retirement. For example, you may also be able to deduct your contributions to a traditional IRA.

Conditions for Tax Savings Credit

Special conditions have to be met in order to receive this credit. And you should refer the IRS website for specifics in this matter. Or you may wish to contact our firm and schedule an interview. We can talk to you about the credit. And we can also discuss all your tax planning needs.

Upon retirement, life and income change. Instead of contributing to tax-deferred retirement savings plan that reduce taxes; you now have to pay taxes on the funds withdrawn from your savings plan. So professional tax planning is imperative so that you do not pay excessive taxes during the years where you may be making the least income. After all your retirement years should be your golden years.

Retirees often receive income from a variety of sources, such as Social Security benefits, distributions from pensions, annuities and IRAs. Business & Financial Solutions will take a close look at how your income from various retirement plans are taxed, and then look at basic tax strategies that may. You see, a little planning ahead can go a long way to keeping your taxes as low as possible in retirement. Our clients are residents in Northern Virginia, Montgomery County, Frederick County, the Washington DC and Greater Baltimore Maryland Metro Areas.

Professional Tax Planner

We have three convenient locations with services in Vienna, Rockville and Frederick. Please visit our HOME page for addresses. Our tax planning services are designed to improve your way of living. Let us help with the preparation of a solid plan, in making your golden years what they should be.

Office locations in Rockville, Frederick and Vienna.

Tax Returns & IRS Problems

Which preparer should I choose for tax preparation?

The process of finding and choosing a new tax preparer has become as difficult as the new tax codes. So which one should I choose? Business & Financial Solutions makes filing income tax returns easy for you. And we help resolve outstanding tax problems too. Further, we are happy to review prior year tax returns. And we can help with amending those.

Different tax preparation professionals have varying degrees of training and experience. The Internal Revenue Service has begun a system to track and, in some cases, test tax preparers. Be wary of any tax preparer that does not have a PTIN in the preparer area of your return. It is the responsibility of taxpayers to determine which tax professional is best for their needs, or personal tax challenges and problems.

In hiring someone to prepare your taxes, we urges you to choose that preparer wisely. Taxpayers are legally responsible for what is on their tax return, even if it is prepared by someone else. Business & Financial Solutions offers professional tax services and meets all the guidelines as set forth by the IRS, including continuing education. Choose a company that has been around for awhile. Many firms offer a list of affiliates, or references that you may check. It is best to choose a firm that is open year-round, rather than seasonal tax preparers. This way, if help is needed addressing any residual problems that may arise with the IRS or state, you will be able to contact the firm.

Fee Structure

Tax preparation fee structures are decided by each individual firm. So if you are comparing different tax professionals, considering ask how they determine their prices, and what they estimate your tax preparation might cost. Because of per-item, per-form, or per-hourly rates, it might be impractical for an accountant to provide you with an accurate price quote. Accordingly, you’ll want to ask accountants for a likely price range.

Please feel free to browse our website and checkout our credentials. You may click on our AFFILIATES page for a list of our professional references. Business & Financial Solutions has been around well over a decade. We are open year-round, with office locations in Frederick MD and Rockville MD. We meet all the state and local requirements as a tax preparation firm. Use SEARCH function in our website to see if the services we provide meet your needs, or address any of your tax problems.

Office location in Frederick, Rockville and Vienna.

Professional Bookkeeping

WHAT TO LOOK FOR IN PROFESSIONAL BOOKKEEPING SERVICES

An experienced based knowledge of the chart of accounts for a company is essential. The firm you hire should understand, and be able to explain, your balance sheet and profit and loss statements. And the firm should have excellent communications and planning skills. Also, they should possess a strong understanding of how the balance sheet works for a business. Business & Financial Solutions is an accounting firm. And we deliver professional bookkeeping services in Maryland Virginia and the Washington DC Metro Area. Additionally, bookkeeping services are performed by a professional bookkeeper, and supervised by accountants and CPAs. Knowing how to enter the numbers into a QuickBooks file is simply not enough.

The practicality of Do-It-Youself

Business owners like to think they can learn any skill it takes to run a business, including the bookkeeping side of a business. It is generally a mistake to think that you can keep a successful set of books, while running the business for which you are professionally trained. Though there may be exceptions to this rule, it is usually not the case. Business owners usually need help.

You may be a successful business owner with a multitude of skills, but if bookkeeping is not one of them, you should probably hire a bookkeeper to help. Before you bring someone on board, you should make certain that they have a clear idea of what you do.

Attention to Detail

Business & Financial Solutions believes that a strong attention to detail is important. This is necessary for an efficient reporting of your financial information. A good bookkeeper should be familiar with the latest technology. In our virtual world of technology today, the company or person that you hire should be able to navigate around the various software systems.

Clear communication is a vital element in our profession. This is where our firm excels. We are often the point of contact for the client to their own financial data, and contact to vendors and customers. A defensive, unresponsive, may cause difficulties for the client. We have heard clients express many frustrations about previous bookkeepers.

If you are looking for expert Maryland accountants and professional bookkeepers, look for the one that has the attributes that you deserve. The bookkeeping and accounting services that you receive should complement your business as assist in the growth of your business. Our firm is driven to the success of your business. We have convenient locations in Montgomery, Frederick and Fairfax Counties.

Office Located in Rockville, Frederick and Vienna.