Contact us today to find out how Prosperity Financial Services can help you achieve your goals.
Individual and Business Tax Planning and Preparation
Many set themselves up for failure by not doing proper tax planning. Here at Prosperity Financial Services, LLC, we take the time to sit down with all of our clients seeking tax advice, assistance with starting their own business, or wanting help growing their business while maximizing their after-tax income.
We assist with many types of tax problems, including non-filed tax returns, back taxes owed, IRS audit representation, offers in compromise, innocent spouse relief, IRS payment plan, and getting your IRS file and transcripts.
Starting a Business
We can help you determine which business structure is best for you.
This is the simplest type of business as it is a one-person, unincorporated business, and there is no differentiation between the owner and the business. All of your earnings, receivables, payables, and debts are your responsibility. The downside is when your profits are taxed on a Schedule C at a federal self-employment tax rate of 15.3% (known as self-employment tax) before you pay a cent of federal income taxes.
Limited Liability Companies or LLCs are set up mostly for legal protection but can be incredibly useful. The LLC is the most flexible and can choose to be taxed as a sole proprietorship (if there is only one owner), a partnership (if there are multiple owners), a C-Corporation, or an S-Corporation. Regardless of how the LLC is taxed, the entity provides legal protection for the business owner(s) and effectively separates the individual from their business.
Whether it be a limited partnership or a limited liability partnership, a partnership can be challenging and complex. Anytime you have multiple owners of a business, you have a partnership. A partnership's profits are generally also subjected to 15.3% federal self-employment tax on top of income taxes.
S-CORP or C-Corp
An S-Corporation also separates the business from its owner(s). Though S-Corporation owners also hold stock in their companies, taxation is completely different. The S-Corporations owners don't pay personal income taxes on the money drawn from the company, but those monies drawn from the business aren't deductible. The bottom line of an S-Corporation is taxed federally at personal income tax rates and is paid by the individual owner(s). The IRS estimates that there is over twice the number of S-Corporations as C-Corporations in existence.
Financial and Business Services
Reconciling and balancing your books and preparing financial statements can be time-consuming. We understand that your time is valuable. Prosperity Financial Services, LLC can prepare your business or non-profit financial statements and reports while allowing you to continue to focus on your client's needs.
As a new business, you have many financial needs. Keeping track of your expenses and determining the correct classification can be a challenge. Allow Prosperity Financial Services to help you today. We can also help you prepare your budget and show you how to record your receipts and expenses to help you track your money.
We understand the needs of our clients. Save time and money when you work with an accounting firm that cares about your future. We also offer the following additional services.
Financial Coach & Speaker
We understand the financial challenges facing many families in today's economy. Deciding whom to pay first and how to reduce your debt payments can be a challenge. Let Prosperity Financial Services, LLC help you establish a plan that fits both your wallet and your family's needs. We are skilled in developing a budget that balances your everyday expenses, credit card payments, car and house payments, savings needs, and unexpected costs.
Are you looking for a speaker or vendor for your next event? We can speak on a variety of topics including business planning, credit, debt management, investments, college expenses, and buying a home.
Our Clients Come First
We are known for how dedicated we are to our clients. We go with one thought in mind. That thought is, "Our clients business is our business, and our job is to make sure our clients finances are in order".
We can help you develop a checks and balances customized for your company and services that will help your staff avoid costly mistakes and will save you time and money.
Prosperity Financial Services, LLC is dedicated to seeing that each client is ready for whatever financial decisions lie ahead.