BOOKKEEPING AND ADVISORY SERVICES:

Ledger+Plus Bookkeeping and Tax Service, LLC offers a unique advantage by integrating advisory services with their comprehensive bookkeeping and tax solutions. This approach ensures not only accurate financial records and compliance, but also strategic guidance tailored to your business needs. With expert advice on financial planning, budgeting, and risk management, clients can optimize their financial performance, make informed decisions, and achieve long-term growth. By leveraging the expertise of Ledger+Plus, businesses can confidently navigate complex financial landscapes while focusing on their core operations. (See our bookkeeping packages for services offered)

1. Bookkeeping Services:

• Transaction Recording: Accurately recording all financial transactions in the accounting      system.
• Bank Reconciliation: Ensuring that bank statements are reconciled with the company's      financial records.
• Accounts Payable and Receivable: Managing incoming and outgoing payments, including invoicing and collections.
• General Ledger Maintenance: Maintaining and updating the general ledger to ensure accurate financial records.

2. Financial Reporting:

• Monthly, Quarterly, and Annual Financial Statements: Preparing financial statements such as the balance sheet, income statement, and cash flow statement.  
• Trail Balance: Regularly updating and verifying the accuracy of account balances in the general ledger to ensure that total debits equal total credits, facilitating accurate financial reporting.  
• Management Reports: Creating customized reports to provide insights into business      performance.
• Tracking Multiple Revenue Streams: Businesses can gain valuable insights into their income diversification, identify opportunities for growth, and make informed decisions to optimize their revenue mix.
• Variance Analysis: Analyzing variances between actual and budgeted figures to identify areas for improvement.

3. Budgeting and Forecasting:

• Budget Preparation: Assisting in the creation of budgets to manage cash flow and financial resources effectively.
• Financial Forecasting: Projecting future financial performance based on historical data      and market trends.

4. Tax Preparation and Compliance:

• Tax Return Preparation: Preparing and filing federal, state, and local tax returns for individuals and businesses.
• Tax Planning: Developing strategies to minimize tax liabilities and optimize tax benefits.
• Estimated Tax Payments: Calculating and advising on estimated tax payments to avoid      penalties.

5. Payroll Services:

• Payroll Processing: Managing the entire payroll process, including calculating wages, withholding taxes, and issuing paychecks.
• Payroll Tax Compliance: Ensuring compliance with federal, state, and local payroll tax requirements and filing necessary returns.

6. Accounts Reconciliation:

• Bank and Credit Card Reconciliation: Ensuring all bank and credit card statements are reconciled with the accounting records.
• Vendor and Customer Reconciliation: Reconciling accounts with vendors and customers to ensure accuracy.

  7. Fractional CFO Services:

• Benefit of Fractional CFO: A small business benefits from a fractional CFO by gaining expert financial strategy and management without the expense of a full-time hire. This allows for improved financial health, informed decision-making, and scalable support tailored to the business’s specific needs.
• Startups: Companies in early stages needing financial guidance to grow sustainably.
• Growing Businesses: Firms experiencing rapid growth that require sophisticated financial      management.
• Turnaround Situations: Businesses facing financial challenges that need expert intervention      to stabilize and recover.

8. Internal Controls and Procedures:

• Control Implementation: Establishing internal controls to safeguard assets and ensure the integrity of financial information.
• Process Improvement: Identifying and implementing improvements to accounting processes and procedures.

9. Software Implementation and Support:

• Accounting Software Setup: Assisting with the selection, setup, and customization of accounting software (e.g., QuickBooks).
• Training: Providing training to staff on how to use accounting software effectively.
• Ongoing Support: Offering ongoing support and troubleshooting for accounting software issues.

10. Cash Flow Management:

• Cash Flow Analysis: Analyzing cash flow to ensure sufficient liquidity for business operations.
• Cash Flow Forecasting: Projecting future cash flows to help manage financial planning and decision-making.

11. Financial Health Assessment: (Key Performance Indicators-KPI’s)

• Ratio Analysis: Analyzing financial ratios to assess the financial health and performance of the business.
• Break-Even Analysis: Determining the break-even point to understand the level of sales needed to cover costs.
• Overhead Analysis:  Involves examining and allocating indirect costs to different departments or projects to better understand and manage overall operational expenses.
• Gross Profitability Margin Analysis: Involves evaluating the ratio of gross profit to revenue to assess a company's efficiency in producing goods or services relative to its sales.
• Net Profitability Analysis: involves assessing the ratio of net profit to revenue to evaluate a company's overall efficiency in managing expenses and generating profit from its total sales.
• Key performance Indicators (KPI’s): are measurable values that demonstrate how effectively a business is achieving its key objectives. They provide critical insights into the performance of various aspects of the business, enabling informed decision-making and strategic planning.

12. Advisory Services:

• Strategic Planning: Assisting with long-term strategic planning to achieve business goals.
• Financial Decision Support: Providing advice on financial decisions, such as capital investments, cost management, and pricing strategies.  
• Reasonable Salary Calculation Service for Your S-Corp: We provide a detailed analysis of industry standards, owner roles, and financial health to determine an appropriate salary. We offer customized solutions and thorough documentation to support your compliance needs.

13. Industry-Specific Services:

• Specialized Bookkeeping: Offering accounting services tailored to specific industries, such as small to medium size businesses, Dentistry, Law Firms, Church Administration, healthcare providers, real estate, Service providers, retail and others.
• Regulatory Compliance: Ensuring compliance with industry-specific regulations and standards.  

14. Audit Support:

• Preparation for External Audits: Assisting in the preparation of documentation and records for external audits.
• Audit Liaison: Acting as a liaison between the client and external auditors to facilitate the audit process.

15. Start-Up and Small Business Services:

• Business Formation: Advising on the financial aspects of business formation and structuring.
• Start-Up Planning: Assisting with the development of financial plans and budgets for new businesses.

TAX PREPARATION SERVICE:

An Enrolled Agent (EA) is qualified to prepare and file a wide range of tax returns. Enrolled Agents are equipped to handle a comprehensive range of tax preparation services for individuals and businesses. Their expertise ensures that all types of tax returns are prepared accurately and in compliance with tax laws, providing valuable support for a variety of tax situations.

Here are the types of tax preparation services we offer:

  1. Individual Income Tax Returns:

• Form 1040: U.S. Individual Income Tax Return, including all associated schedules and forms (Schedules A, B, C, D, E, etc.).
• State and Local Tax Returns: Preparing and filing state and local income tax returns for individuals. Also includes Franchise Tax, County Property Tax Rendition Return.

2. Business Tax Returns:

• Form 1120: U.S. Corporation Income Tax Return.
• Form 1120S: U.S. Income Tax Return for an S Corporation.
• Form 1065: U.S. Return of Partnership Income.
• Schedule C: Profit or Loss from Business (Sole Proprietorship).
• Form 990: Return of Organization Exempt from Income Tax (for non-profit organizations).

3. Payroll and Employment Tax Returns:

• Form 941: Employer's Quarterly Federal Tax Return.
•  Form 940: Employer's Annual Federal Unemployment (FUTA) Tax Return.
• Form W-2 and W-3: Wage and Tax Statement and Transmittal of Wage and Tax Statements.
• Form 1099 and 1096: Information returns for various types of income and their transmittal forms.

4. Sales and Use Tax Returns:

• State and Local Sales Tax Returns: Filing state and local sales and use tax returns for businesses.

5. Amended Tax Returns:

•  Form 1040-X: Amended U.S. Individual Income Tax Return.
• Amended Business Returns: Amending previous business tax returns (e.g., Form 1120X, Form 1065X).

6. Others Tax Returns:

• Form 709: United States Gift (and Generation-Skipping Transfer) Tax Return.
•  FBAR (FinCEN Form 114): Report on Foreign Bank and Financial Accounts.

IRS TAX RESOLUTIONS:

An Enrolled Agent (EA) is best suited to handle your tax resolution issue due to their specialized expertise, comprehensive training, and full authorization to represent taxpayers before the IRS. EAs possess deep knowledge of tax laws and regulations, ensuring they can navigate complex tax matters effectively. Their unlimited practice rights allow them to handle audits, collections, appeals, and negotiations directly with the IRS. By leveraging their strategic insights and commitment to staying updated on tax laws, EAs can provide personalized solutions that maximize tax savings and minimize liabilities, making them an invaluable resource in resolving your tax issues.

Here are the types of tax resolution services we offer:

1. Installment Agreements: Form 433-D

• Allows taxpayers to pay their tax debt in monthly installments if they cannot pay the full amount immediately.

2. Currently Not Collectible (CNC) Status: Form 433-F

• Temporarily delays collection efforts if the taxpayer is unable to pay due to financial hardship. The IRS reviews the taxpayer's situation periodically.

3. Innocent Spouse Relief: Form 8857

• Provides relief to taxpayers who filed joint tax returns and are now facing tax liability due to errors or omissions by their spouse or former spouse.

4. Penalty Abatement: Form 843

• Requests to reduce or remove penalties charged due to failure to file, pay, or deposit taxes on time if there is a reasonable cause for the delay.

5. Audit Representation:

• Representation during an IRS audit to ensure the taxpayer's rights are protected and to help navigate the audit process.

6. Filing Back Taxes:

• Assistance in filing past-due tax returns to become compliant with IRS requirements and avoid further penalties and interest.

7. Payroll Tax Resolution:

• Help for businesses dealing with payroll tax issues, such as missed payroll tax deposits or filing errors.

8. Revenue Officer Assistance:

• Guidance and representation when dealing with IRS Revenue Officers assigned to collect overdue taxes or enforce compliance.

TAX PLANNING AND ADVICE SERVICE:

Tax planning and advice services are designed to help individuals and businesses strategically manage their tax obligations to maximize savings and minimize liabilities. These services involve an initiative-taking approach to financial planning, considering current and future tax implications of financial decisions. By engaging in comprehensive tax planning and advice services, individuals and businesses can make informed decisions that optimize their tax positions and contribute to their overall financial health.

Benefits of Tax Planning and Advice Services:

• Tax Savings: Strategic planning to reduce tax liabilities and increase after-tax income.
• Financial Clarity: A clear understanding of tax implications for various financial decisions.
• Proactive Approach: Addressing potential tax issues before they arise and taking      advantage of opportunities for savings.
• Peace of Mind: Professional guidance and expertise reduce the stress and uncertainty associated with tax planning.