Name: Tax Accountant
Brand: LBS Tax

We Are The Local Tax Accountant You Can Rely On

At LBS Tax, we provide a broad range of accounting services tailored to business owners, independent professionals, and companies of all sizes. Our expert tax preparers and accountants help you navigate financial planning, tax preparation, and business tax strategies to ensure your financial goals are met efficiently.

General Ledger Set Up and Reporting

Managing your business’s finances starts with a well-structured ledger. We assist in setting up and maintaining your general ledger, ensuring accurate tracking of assets, liabilities, credits, and accounts. A properly maintained ledger helps independent professionals and business owners make informed financial decisions.

Financial Statement Preparation

Understanding your financial position is essential for growth. Each year, our accounting firm compiles and prepares comprehensive financial statements, providing business owners with clear insights into their company’s financial health. These reports are invaluable for tax planning, tax returns, and long-term financial stability.

Accounting Systems and Support

A well-implemented accounting system simplifies financial management and ensures compliance with tax laws. We specialize in setting up and supporting accounting systems for businesses, allowing for seamless tax preparation and financial reporting. Our team offers helpful guidance in selecting and maintaining the best system for your business needs.

Cash Flow Statements

Analyzing cash flow is crucial for any business. Our CPA firm prepares detailed cash flow statements, helping you track money moving in and out of your business. This service is particularly beneficial for financial planning, ensuring you have the necessary funds to achieve both short-term and long-term business goals. We also provide payroll solutions in Chandler to streamline your financial operations.

Budgeting

Effective budgeting is key to financial stability. Whether you run a small business or a larger company, we help you establish a financial plan that aligns with your business goals. Our tax strategists work closely with business owners to develop sustainable budgets that support growth while optimizing tax strategies.

Training and Support of Clients’ Bookkeeping Staff

With constant changes in tax laws, accurate bookkeeping is more critical than ever. As a trusted accounting firm, we provide ongoing training and support to your bookkeeping staff, ensuring compliance with current tax regulations. Our expertise extends to handling tax resolution, collection appeals, and freedom of information act requests, helping businesses maintain financial health and regulatory compliance.

Common Tax Accountant Questions

What are the tax implications of starting a new business?

Starting a new business can have significant tax implications. You may be required to register for a tax ID number, file for various licenses and permits, and pay various taxes such as income tax, sales tax, and payroll taxes. It is important to work with a tax accountant to ensure you understand and comply with all applicable tax laws and regulations.

How can I minimize my tax liability as a small business owner?

There are many strategies that small business owners can use to minimize their tax liability, including taking advantage of deductions and credits, maximizing retirement contributions, and using tax-efficient business structures. It is important to work with a tax accountant who can help you identify opportunities to reduce your tax burden while staying compliant with all tax laws.

What deductions and credits am I eligible for as an individual taxpayer?

As an individual taxpayer, you may be eligible for a wide range of deductions and credits, such as the standard deduction, home mortgage interest deduction, and various education and child-related credits. Working with a tax accountant can help you identify all of the deductions and credits that you are eligible for and ensure that you claim them correctly on your tax return.

What are the tax implications of investing in stocks, real estate, or other assets?

Investing in stocks, real estate, or other assets can have significant tax implications, including capital gains taxes, dividend taxes, and property taxes. It is important to work with a tax accountant to understand the tax implications of your investments and develop a tax-efficient investment strategy.

What steps can I take to avoid an audit by the IRS?

While there is no guaranteed way to avoid an audit by the IRS, there are steps you can take to reduce your chances of being audited. This includes keeping accurate and complete records, reporting all income and deductions correctly, and avoiding red flags such as claiming excessive deductions or having income sources that are significantly different from prior years. Working with a tax accountant can help ensure that your tax return is accurate and complete, reducing your chances of being audited.

Navigating tax season and managing business taxes can be complex. At LBS Tax, we build strong client relationships by offering expert tax preparation and personalized financial guidance. Whether you need assistance with personal finance, tax returns, or tax planning, we are here to help.

Enjoy peace of mind when it comes to your financial health. Call us today at (480) 664-1249.

Monday - Friday	9:00am - 5:00pm
Saturday & Sunday	Closed

Tax Accountant Scottsdale AZ