There are many kinds of accounting firms available for every tax situation under the sun. It may seem like they all offer the same services with the same quality, but not all firms are equal. If you’re looking for a reputable tax and accounting firm in the Vienna, VA area, here are the services you should expect:
Tax Preparation Services
When you need a professional to take a look at your state and federal tax returns, an accounting firm can help. Getting your taxes prepared by an experienced accountant gives you peace of mind and ensures that you’re not paying more than you should because of an oversight. Accountants can also find deductions and credits that you may have missed if you prepared your taxes yourself.
If you’ve ever received an IRS audit, then you understand how time-consuming, expensive, and challenging the auditing process can be. Tax preparation firms prevent audits from happening by ensuring your taxes are filed correctly and sent in on time. Alternatively, if you’ve already received an IRS audit, an accountant can help you sort it out with methodical precision.
If you’re the kind of person who dreads tax season, this service is particularly helpful. Tax preparation and planning also encompasses tax planning.
Tax planning is a smart way to legally reduce the amount of taxes you owe the state and federal government every April. When looking for a tax planning firm, make sure that the team of accountants is up to date on tax legislation, as their knowledge can significantly influence your final numbers. A good accounting team will develop a strong savings strategy that you can implement all year long.
An accountant who has your best interests at heart will help you:
- Defer your income
- Grow your asset portfolio
- Lower the amount of tax you spend on earnings, assets, gifts, property, and your retirement contribution
There are a few legal avenues professional accountants may take to accomplish this. They can:
- Split your income amongst family members
- Move your income into the next year to lower your tax rate
- Defer liabilities through your contributions
The term “accounting” encompasses many types of services, such as bookkeeping for your small business. You might need to dig a little deeper when you’re choosing the right accounting firm. Make sure the one you decide to work with is specialized in your industry. TPI Group assists:
Accounting firms can also shape up your business if you’ve been losing money. They will review your business model, records, and more, providing informed recommendations to improve the efficiency of your business’ inner workings.
Looking to hire an in-house accountant or one on retainer? Business accountants are responsible for juggling the finances—and often human resources—of a company, and should, therefore, be well versed and skilled in:
Often the backbone of any accounting department, payroll is in charge of processing and paying every employee’s paycheck. Accountants are also responsible for boarding new employees and preparing the right federal tax documents for payroll. Accountants should also be able to manage your QuickBooks account.
For day-to-day operations, accountants can maintain a balanced accounts receivable, issue checks to vendors, manage expenses, and handle expense accounts. A business accountant can help your company maintain accurate financial records that have been collected and organized by your bookkeeper.
On a corporate level, accountants are also responsible for handling large-scale transactions—such as business mergers and loans—and for preparing these documents. If your company is looking for investors or buyers, an accountant can provide valuation services to show its true worth.
Business accountants should also be able to set up your corporation, implement retirement and insurance plans for employees, and maintain government compliance at all times.
High-income individuals are liable to pay a lot in taxes every year. Intelligent tax planning can save individuals thousands of dollars and help them understand which expenses are and aren’t deductible, so they can avoid an IRS audit.
Personal tax law and corporate tax law are treated very differently. They’re liable to change at any time. It’s up to your personal or corporate accountant to stay abreast of these changes in order to provide you with the most accurate information. President Trump introduced a Reform Tax in 2019, throwing many people into a tizzy. It’s changes such as these that a good accountant will understand and explain.
Professionalism, Reliability, Experience
When you’re looking for the right accounting firm, you’re also looking for a person or company that provides high-quality customer service, quick turnaround, and a personal touch.
Don’t be fooled by gimmicks or sales pitches. A discount firm may offer you basic accounting services, but they may not have the experience to back them up.
A company’s professionalism should matter. How they do business is a strong reflection on how they will treat your finances. Accountants love numbers, but if they treat you like one, you need to change firm. A good accounting firm should know your finances and understand your needs, especially if you use them more than once a year.
TPI Group is Your Tax and Accounting Firm in Vienna, VA!
For over 25 years, TPI Group has been providing professional and reputable tax preparation and accounting services to companies and high-income individuals. Our team has a diverse background and a wide range of experiences. We also offer estate and trust tax planning, tax minimization strategies, DCAA, financial planning, and retirement planning. Contact us today to learn more about our services or get a FREE tax planning consultation now!