Personal and Business Income Taxes
how much will it cost to prepare my taxes?
We are very competitively priced especially compared to the big chain tax preparation firms. Those firms market themselves as low cost tax preparer's, but in reality their fees can be as much as 50% more than ours. We pride ourselves with being very efficient which helps keep our prices down.
what if i have questions or receive a notice from the IRS after tax season?
Our business is open year round and we have regular business hours 5 days a week, 52 weeks a year. You can either call or just stop by and we will work with you to help resolve the issue. Most of the time their is no additional fee.
what training do your preparers go through?
All of our preparers go through at least 20 hours of training each year, in addition to the average of 4 to 10 years of experience each preparer has. We are all registered with the IRS. The training is related primarily to changes in the tax laws from the prior year, ethics of tax preparation, and reviews of prior tax laws that are significant in the upcoming tax season.
what should i bring to my first tax appointment?
- Copies of the previous 2 years tax returns
- Your drivers license and a copy of your spouses
- All W2's from all employers
- All 1099's issues to you for the year
- A summary of all medical expenses
- A summary of all Charitable contributions
- If you own your home, a copy of the 1098 showing the interest paid
- Any other tax documents sent to you during that tax year
How do I make an appointment?
You can make an appointment with us several different ways.
- You can call us @ 608-362-8112
- You can email us @ dkralicek@fredrickacctg.com
- You can make an Appointment with our Online Calendar
Starting a New Business
how do I start a new business?
Starting a new business is not as complicated as most people think. In fact, you may already be in business and just don't have the proper entity status of state filings to be legally classified as a business. We can help you not only select the proper entity status for your business but we can also complete the requirements to register your business with the state and obtain the required identification number from the state and the IRS. This can be done in our office and usually takes about an hour. The cost of registering with the state starts at $130 for an LLC and our fee is only $75, which includes applying for all the required IRS and state filing numbers. We will also help you to decided if you want to select a special tax status for your company and will explain in plain English the purpose for these elections.
what type of entity should i be?
There are several different entity types that can be used for operating a business. They all have positives and negatives and to select the one that is right for you will take time to understand your specific situation.
The entity types available are:
Call us for a free consultation on selecting the correct entity type for your new Business!
The entity types available are:
- Sole Proprietor
- LLC ( Limited Liability Corp)
- Corporation and Partnerships
Call us for a free consultation on selecting the correct entity type for your new Business!
Financial Statements
why do i need financial statements?
It is critical to know how your business is going on a regular basis to determine if you need to change course or have other opportunities out there that can be to your advantage. Financial Statements can be relatively sophisticated if prepared correctly and doing them yourself could be misleading. The cost involved in preparing the financial statements is relatively small in comparison to the benefits that you will realize.
Secondly, having a competent and knowledgeable firm like us preparing your financial statements will give you a trusted adviser that can help you with tough business decisions when you need it. No one knows your business better than you do, but when we know the numbers we may be able to pick up some relationships or trends that you may not see on your own.
Not only do we prepare your financial statements, but we take the time to learn your business and will sit down with you and your financial statements to go over them line by line to be sure you understand them and we in fact do have a solid understanding of your business.
Secondly, having a competent and knowledgeable firm like us preparing your financial statements will give you a trusted adviser that can help you with tough business decisions when you need it. No one knows your business better than you do, but when we know the numbers we may be able to pick up some relationships or trends that you may not see on your own.
Not only do we prepare your financial statements, but we take the time to learn your business and will sit down with you and your financial statements to go over them line by line to be sure you understand them and we in fact do have a solid understanding of your business.
can you prepare my financial statements for me?
Yes, we prepare monthly financial statements for approximately 15-20 companies monthly and another 10 companies quarterly. We prepare them from information that you provide to us, such as bank statements, check registers, billing reports, cash receipt journals and payroll records. We collect the information from you as soon as it is available and enter all the required information into our software. Usually within a week, we will have the financial statements done and ready to meet with you to review them in detail.
what are financial statements?
The financial Statements are actually 3 different statements which measure 3 different aspects of a company at a specific date in time.
They are the following:
The first statement - "Balance Sheet", is a snapshot of all the assets, liabilities and your investment in the company at a specific point in time, such as the end of a month, quarter, or year.
The second statement - "Income Statement", is a record of all the revenue (sales) and expenses, resulting in the net profit or loss for the company during a specific period of time. Such as a month, a quarter or the year.
The third statement - "Cash Flow Statement", will show how your cash balance has changed during a specific period of time, such as a month, quarter, or a year.
Each Statement will usually also show the information for the current period with a comparison to the same period from the prior year.
Due to the complexity of financial statements, after we have completed the statements, we will sit down with our clients and go over the statements line by line. Also, since we are familiar with the financial statements and our clients business, we are able to pick out many significant ratios and relationships that may need addressing or show positive signs for the business.
They are the following:
- Balance Sheet
- Income Statements
- Cash Flow Statements.
The first statement - "Balance Sheet", is a snapshot of all the assets, liabilities and your investment in the company at a specific point in time, such as the end of a month, quarter, or year.
The second statement - "Income Statement", is a record of all the revenue (sales) and expenses, resulting in the net profit or loss for the company during a specific period of time. Such as a month, a quarter or the year.
The third statement - "Cash Flow Statement", will show how your cash balance has changed during a specific period of time, such as a month, quarter, or a year.
Each Statement will usually also show the information for the current period with a comparison to the same period from the prior year.
Due to the complexity of financial statements, after we have completed the statements, we will sit down with our clients and go over the statements line by line. Also, since we are familiar with the financial statements and our clients business, we are able to pick out many significant ratios and relationships that may need addressing or show positive signs for the business.
what is a flash report?
Flash Report is a weekly measurement tool (called a leading indicator) we can develop specifically for your business to help monitor the important activities in your business on a weekly basis. Every industry has different "driver" leading indicators that are critical to the success or profitability of companies in that industry.
Together we will identify these specific drivers and develop a weekly reporting system that will assess the status of these drivers on that basis for you. This will allow you to see where the business is going each week to determine if and when some additional action may be needed to change the course of the business.
Together we will identify these specific drivers and develop a weekly reporting system that will assess the status of these drivers on that basis for you. This will allow you to see where the business is going each week to determine if and when some additional action may be needed to change the course of the business.
why do i need financial statements if i have a flash report?
The Flash Report is based on identifying the significant leading indicators of your business. However, they need to be compared to actual results on a regular basis to verify their effectiveness and reliability as leading indicators. The monthly financial statements are based on actual results which are used to verify the effectiveness and reliability of the leading incidators and the flash report.
why do I need flash report if i have monthly financial statements?
The purpose of the Flash Report is to give you information in real time to be able to make business decisions currently. If you wait to get the actual results, which is typically the middle of the following month, you have effectively lost 2 to 6 weeks of time before you know you may need to change course or implement new strategies to improve or change the result. For example, if you get your financial statements for April on May 15th and find out that results were much less than expected, you can not do anything to change that for the month of April, or for that matter the first two weeks of May. If you have a flash report that alerts you to these problems you can make changes, often the first week of April, to improve your results, not only for April, but also for the first two weeks of May.
