Tax Preparation & Bookkeeping from Lloyd Cazes
Individuals and small businesses have vastly different needs but one thing they have in common is a need to preserve their assets. At Lloyd Cazes TFS this is our main concern. Whether you need us for accounting help, setting up Quickbooks for your small business or for annal tax preparation our focus is your bottom line. And we'll do it all within your budget.
The CPA and accounting team at Lloyd Cazes Tax and Financial Solutions (TFS) specializes in developing strategies for businesses and individuals to maximize retention of income and value of appreciated assets. We identity opportunities to avoid tax and increase earning opportunities and model tax structures in order to defer and minimize taxes on investments.
Below are some recent examples of tax and financial solutions that were a result of CPA diligence in accounting services from Lloyd Cazes, CPA.
- Discovered the deduction for depreciation could be increased and amended this deduction to materially reduce the net profits.
- Review of corp balance sheet showed excess retained earnings, income over $ 250,000 were being accumulated, which would be subject to an excise tax of 15% and trigger an IRS audit.
- Payroll tax review and compliance with regulations lowered final tax liability.
- Restaurant operation analysis discovered employees were being paid for early arrival and break time. We reduced payroll by 1 hour per employee per day.
- Controls were initiated in restaurant for wine cellar inventory, receiving food deliveries and verifying quantities. This resulted in increased assets and revenue.
- Established revenue controls for complimentary Food and drink and customer payments for services. These saved over 15% of the gross sales.
- Review of tax deferral opportunities like kind exchanges and involuntary conversion property.
- Reconcile bank accounts to insure balance on books is the same as the checkbook. We found $ 8,000 for one client.
- Identified excess bank charges for bank services.
- Negotiated abatement of tax penalties. Saved client $ 6,000 in one instance $ 7,200 in another.
