BAAP C.P.A. has helped hundreds of business owners reduce their taxes, manage their numbers, and maximize their profits. We provide indispensable business advisory services that go beyond basic business tax services in Clearwater.
One of these clients is a long-time friend of our managing partner. He had been doing his own taxes for years. When he came to us, he was having an amazing year. He had multiple closings and had earned hundreds of thousands of dollars in commissions.
As his income increased, he realized his tax bill was going to increase significantly as well, so he sought out our business advisory services.
To start, we set up an LCC for the realtor to protect him and his business. An LLC provides following benefits:
One significant benefit of being an LLC is tax flexibility. An LLC can opt to be taxed like a sole proprietorship, a partnership, a C corporation or an S corporation (if it qualifies).
Up until that point, as a sole proprietorship every dollar of income the realtor earned was subject to Social Security and Medicare taxes. When taxed as an S corporation, the realtor now has the option to pay himself a lower salary (still subject to Social Security and Medicare taxes) and a “distribution” of profits which is not subject to Social Security and Medicare taxes.
Keep in mind that sole proprietorships pay both the employer and employee shares of the Social Security and Medicare taxes, which totals 15.3%. Therefore, taking $100,000 as a distribution rather than paying it as salary can save an individual $15,300 in Social Security and Medicate taxes.
The IRS has guidelines for S corporation distributions. Taking a distribution that’s too high and a salary that’s too low, can get you in trouble with the IRS. On the other hand, taking a distribution that’s too low and a salary that’s too high will result in paying more taxes than necessary.
This is why we do not abandon our clients after establishing their LCC and setting up their tax options. We teach them how to manage things moving forward.
In this case, we taught our realtor-client the wages and distribution the IRS considers reasonable. And of course, we’re available to answer any questions the client as his business situation changes.
If you’ve been doing your own taxes or haven’t been getting the kind of forward-thinking guidance from your CPA, contact BAAP C.P.A. for a free business advisor services consultation.
Before bringing in an expert to provide business advisory services, one thing to consider is whether they have experience and expertise working with businesses like yours.
BAAP C.P.A. has helped many business owners manage their numbers and grow their company. Our business advisory services are geared toward all types of companies, of all sizes, from all industries.
No matter what size of business you have, whether you are a solopreneur or a run a multimillion-dollar company, we can help you. Our business advisory service reviews are tailored to help any business of all sizes.
1) We teach businesses to behave like businesses.
For a business to thrive, it must operate in a way that successful businesses operate. We analyze our clients’ numbers and develop sound business advisory plans that will help them manage their business operations. Our business recommendations not only help our clients reach their short-term goals but look towards long-term goals 5, 10 or 20 years down the road.
2) We teach our clients basic financial statement management principles.
Every business owner should understand basic concepts of financial analysis and management, but unfortunately many do not. These management principles translate to all kinds of businesses across all industries. Understanding these principles will help you organize your finances, minimize your expenses, and take advantage of your capital.
3) We function like a board member.
We are more than a CFO for hire. We serve similar to a member of your board of directors. We will review your company’s numbers on a regular basis and give you our business recommendations.
4) We provide guidance to increase profitability.
We help business owners understand their cash flow, business expenses and tax liabilities so they can make better decisions and become more profitable. We give sound recommendations that will better position the company. Through these recommendations, we can help you cut your operational expenses and increase your income.
BAAP C.P.A. has worked with businesses in just about every industry. Here are just a few types of businesses we have worked with in the past:
We have helped and guided small business owners, transforming how they operate and manage their businesses. We have helped professionals, such as lawyers, architects, doctors, and even YouTube vloggers reduce their taxes and manage their cash flow more efficiently.
If you are looking for tax, accounting or business advisory services in Clearwater, Largo, Dunedin, Oldsmar, Lutz or , call us now at 727-530-0036 or contact us online for a free consultation.
Business Advisory and Accounting Partners provides valuable business advisory services to help business owners achieve their goals. We give more than just the basic CPA services. We are more than your tax compliance firm. We provide our clients with counsel and business advisory plans to elevate their business to a whole new level.
What sets BAAP C.P.A. apart from other CPA firms is our four-point strategies. When you book us for our business advisory services, we will help you in these four key areas.
We provide compliance-based services such as tax and accounting services, bookkeeping services, and payroll services. You can trust BAAP C.P.A. to provide you with quality compliance-based services. This is where most Clearwater CPA firms stop, but this just the beginning of what we can do for your business.
We at BAAP C.P.A. help our clients build tax efficiency strategies that are aligned with their goals. We discover where you want to go as a company and develop a tax strategy to help you get there. Tax reduction is not always the best strategy. The tax efficiency plan we provide must be aligned with your vision and direction for your company.
A business owner must know his numbers. Unfortunately, many business owners don’t have the right data to make the best decisions. We teach our clients the importance of cash flow forecasting, budgeting, and proper expense management. Knowing your cash flow, how much goes in and out of your company, can help you become more profitable. It enables you to make sound and advantageous decisions, based on solid data and information.
Our team will review your financial statements. We will then organize them to reflect your company’s performance. Once you have a clear grasp of the numbers, it is easier to spot opportunities that will increase your company’s value and profitability.
We help our clients be more strategic with how they manage their business. We hold regular meetings with our clients to analyze the performance of the company and where we can do certain adjustments. In this way we act much like a member of your board of directors.
If you are looking for a CPA firm in Clearwater, Largo, Dunedin, Oldsmar, Lutz or that goes beyond compliance services to help you grow your business and maximize profits, call us at 727-530-0036 so we can schedule a free consultation to discuss our business advisory services can benefit you.
Most businesses, from start-ups to the bigger ones, expect only two things from their Clearwater CPA firms: bookkeeping and tax preparation. BAAP C.P.A. understands that running a business is more than keeping records and managing your tax payments. It also includes payroll processing, financial statement generation, and business planning among others.
We are more than a tax and accounting service provider.
Unlike other CPA firms in Clearwater, FL, we do more than bookkeeping, accounting services and ensuring that you do not pay more taxes than you should. We do not stop at maintaining and keeping your records. We at BAAP C.P.A. deeply care about the growth and business of our clients. We are, after all, your business partners.
We believe that you should be a proactive planner for your business’ future. Although books and records are important for all businesses, we also believe that you should focus on what lies ahead.
We provide our clients with business advisory services that go beyond the basic compliance tasks. We help businesses create wealth and ensure their growth and viability for the long run.
We will help you maximize your future.
As your CPA firm, we at BAAP C.P.A. will help you reach your business goals and maximize profits, whether you are just starting up, or are planning to exit the business, or anywhere in between.
We help our clients structure their businesses and align their tax strategy with their business goals.
As a business owner, you need to have good information to make good decisions. We review our clients' financial statements to make sure they are meaningful and reflect actual performance. We also analyze business expenses and look for opportunities to increase profitability and cash flow.
Most business owners have virtually no relationship with their Clearwater CPA firm. In contrast, we meet with our clients regularly to analyze their company performance and adjust where appropriate.
All of these elements of our business advisory services are forward-thinking, designed to help you maximize your future.
If you’ve been managing your accounting, taxes, financial reports, and financial planning yourself or your current Largo, Dunedin, Oldsmar or Clearwater CPA firm isn’t providing you with the level of service you would like, contact BAAP C.P.A or call us at 727-530-0036 so we can schedule a free consultation.
