Integrity, Agility, Innovation for Business Consulting

In a word: No. Taxes are best prepared by a separate accountant other than your bookkeeper, and one that specializes in tax preparation for your business. This way, you never run afoul of the law, and you don’t overpay your accountant for bookkeeping services. Instead, you take advantage of the unique expertise of each professional.

I process all payroll tax filings and all state tax filings, including State and City B&O (Business & Occupation) taxes. I file 1099s at the end of the year, as well. I prepare the financial statements, so your tax preparer can file the 1040, 1065, and 1120 forms. The tax preparer is also responsible for the K-1’s related to the Partnership and S-Corporation returns.

A fixed asset is a long-lasting tangible piece of physical property purchased and held for use by a company – like a piece of machinery or a vehicle. Capitalizing a fixed asset spreads the expense of that asset out over the years, maximizing its potential benefit to your business. You capitalize an asset when its benefit will last beyond the year in which it was purchased.