SERVICES

Accounting Services

You can't get where you want to go unless you know where you are.

The same is true when planning for the growth and success of your business.

But how do you get a clear picture of where you are now?

The best way is to automate your accounting using QuickBooks. But setting up QuickBooks so it's optimized for your business can be extremely challenging and time-consuming.

So why not get help from an Accounting Team of QuickBooks Professionals?

We are Advanced Certified QuickBooks ProAdvisors (the highest level of QuickBooks certification)... that means we are experienced and extremely qualified to get you going quickly. Whether you are new to QuickBooks or have been using it for years, we'll be able to set it up to give you the information you need — quickly and painlessly.

Reports from your accounting system are the basis for current and future business decisions, so you need to be confident that that are providing you with the most accurate and timely information. You never want to let bad data or unclear reports influence your decision making.

Don't trust your financial future to flawed data! We'll show you a better way.

Financial Planning

Financial planning is the process of looking at your immediate and future financial goals and developing a strategy to help to achieve them.

That's the technical definition, but the reality is far greater. Financial planning is all about helping you fulfill your dreams. Whether it's planning for your retirement, paying for your children's education, buying a house, starting a business, or creating an endowment for your favorite charity... whatever you hope to accomplish in your life, we want to help you make it happen.

By its very nature, financial planning should be a very personalized process. At Frank Kapitza & Associates, we take the time to listen carefully to your goals and dreams, ask questions to clarify them, and work diligently to develop the plan that works best for you.

While many people claim to "do" financial planning, very few can match Frank Kapitza's qualifications. Frank has a Masters Degree in Financial Planning from Seton Hall University as well as a Series 7 License, Series 63, Series 65, and Life and Health Licenses.

As an example, many clients of ours have sat down with a Real Estate Agent or a Mortgage Broker who told them the maximum amount that they could qualify for a home mortgage. The problem with this is that the Real Estate Agent or the Mortgage Broker is not taking into consideration the other financial goals in your life such as planning for retirement or investing into your kids' college education. The point here is that sometimes it is much wiser to buy a smaller house instead of the largest you could afford, because buying the bigger house may leave you vulnerable toward the rest of your family's financial goals.

LLC or Corporate Formation

I usually recommend that clients form an LLC (Limited Liability Company) over a Corporation. LLC's have no limit on the number of Shareholders. The Shareholders of an LLC can be foreigners, corporations, as well as partnerships. Some states require an LLC to have at least two partners but New Jersey is not one of those states. In New Jersey you can be a single member LLC. New this year is that a husband and wife can also be treated as a Single member LLC. The advantage of this is that you can report all your Income and expenses on Schedule "C" which is an integral part of your personal tax return instead of having to file a separate Partnership Tax Return with the Income or Loss from it flowing thru to your personal tax return. This saves time and expense.

Also with an LLC you can make an "S" election which means that your partnership tax return will effectively be treated as a Corporation for Federal and New Jersey Income Tax purposes while remaining a LLC for everything else. Making the "S" election allows you to be an employee of your own LLC and will save you money in Self Employment Taxes in most cases. For example if your business makes $100,000 in profit you could pay yourself a reasonable salary of $50,000 dollars, that salary will be the basis of making tax deductible retirement plan contributions, and the other $50,000 dollars will be K-1 income which will be taxable but will not be subject to the Self Employment tax. Self Employment taxes on $50,000 dollars amounts to about $7,500 dollars and that is what your savings are.

If you already are a Corporation, I may or may not recommend that you dissolve the Corporation and form an LLC depending on my analysis of all pertinent facts pertaining to your situation. In most cases if you are a "C" Corporation, I would recommend just making an "S" election. This will save time and money.

Individual Income Tax Returns

I am experienced in preparing Individual Income Tax Returns in all areas of Taxation as well as preparing Multi State Income Tax Returns. I also offer a free 30 minute consultation that can save you thousands of dollars as well as a free review of your last 3 years tax returns. If you or your prior Accountant made any mistakes on your last 3 years tax returns, I can amend those returns and get you a refund.

We also specialize in finding overlooked deductions such as not taking full advantage of Mortgage Debt, finding ways of avoiding the AMT (Alternative Minimum Tax), reducing your taxable income via Retirement accounts, helping you choose tax friendly investments, gifting money to your children to reduce your taxes now and thereby creating future Estate Tax savings. If you're employed by a company you can save a substantial amount of taxes by starting our own small business, and once your business is established we can teach you the advantages of adding your children to the payroll.

IRS and NJ Tax Disputes

When you get an IRS or NJ Tax Notice don't always assume that they are right. The IRS and the state of New Jersey has made their fair share of mistakes. I get to the root of the problem and recommend the most efficient way to solve your tax dilemma. In addition, if you do have to pay substantial taxes, interest, and penalties this time around, I will give you specific advice so that it doesn't happen again.

I will listen carefully to you, you may be eligible for an Offer in Compromise on either the Federal or State level however Offer in Compromises are only for certain people with certain circumstances. I will not waste your money attempting to get you an Offer in Compromise when, in my professional opinion, you have no chance of getting it.

When dealing with the IRS or the State of New Jersey, I always maintain a "Human Element". By this I mean that the people who work for the IRS and the State of New Jersey are human beings with their jobs that they have to do. I maintain my professionalism and by doing so can usually resolve a problem amicably with both sides coming out ahead.