If you are looking for a blend of personal service and expertise, you have come to the right place! We offer a broad range of services for business owners, executives and independent professionals. Our rates are affordable. We are experienced and friendly.
Tax Planning & Preparation
Matt had built a successful plumbing company over a four-year period when he realized that he was about to face one of the largest expenses of his career in the form of an individual tax liability stemming significant flow through business income.
The problem, he stated, was that his bank account clearly didn't reflect the amount of income shown on his income statement. Consequently, he didn't have enough cash available to cover the pending tax liability.
After review of his financial statements, we uncovered large, fixed asset purchases and corresponding notes that were not included in his balance sheet, giving rise to large first year depreciation deductions. These non-cash expenses significantly reduced his taxable income, turning a significant liability into a several thousand-dollar overpayment carried into the following year! This would also provide a frame-work for strategic fixed asset purchases as his business continues to grow.
As they say "It's not about what you make, it's what you keep." We now meet on a monthly basis to review professionally prepared financial statements and discuss incentivizing employees, marketing efforts, and personal financial planning.
Accounting & Bookkeeping
Bryan and Nate had built a mortgage company from the ground up. They had recruited a few talented loan officers, locked in several quality lead sources and were off to the races when they realized they were in over their heads keeping track of the monthly balance on agent's draws against commissions. It was also increasingly difficult to track their share of commissions and company profits, which were not always cut down the middle.
The month to month accounting was becoming overwhelming, stressful and confusing. What they really wanted was some perspective into how their business was operating, a way to evaluate the performance of key loan agents, what each owner's personal share of income was each month, and the ability to make informed decisions in a timely manner.
After a few conversations we created a working spreadsheet that tracks their key performance indicators on a monthly basis and provides insight into the profitability of the business and performance of employees. We now meet monthly to review financial statements, the active vs passive activities of the business, and the overall strategic direction and vision for the company. With the education they've received along the way they are confident as they review accurate records, reconciled accounts, up to date draw balances and can project income into the future. A real weight has been lifted and now they spend their mental focus and emotional energy on what matters most in both their business and personal lives.
Consulting & CFO Services
Anna and John were both small business owners in their own right, although not yet established as such. Each were self-employed, independent contractors who were facing significant tax liability in the form of both income and self-employment tax.
They were referred to Rich & Company because they were looking for some fresh insight on creative tax planning with hopes of growing their side hustle into a legitimate business but without plans of how or where to start.
Given a more thorough review of their annual income and expenses we were able to lower their individual tax bill 30% in the first year alone. We also reviewed which entity structure would provide the most tax benefit and flexibility in terms income and self-employment tax for the years ahead. By taking a look at income projections and developing a business plan they were confident in making the decision to move forward knowing they wouldn't be haunted by unnecessary tax burden.
I absolutely love working with Mike! He got my taxes handled quickly and reviews our financials with us monthly. He's become an indespensable part of our business.
I'm so relieved to have found Mike and now have the time and energy to focus on growing and marketing by business. I feel like I just met with an advisor, therapist and a friend.
So thankful I was introduced to Mike at Rich & Company to help with our business taxes and company accounting. He's cleaned up what was an accounting nightmare and helped uncover tax strategies that will save us thousands in years to come.
Mike was incredibly helpful and to the point. He took the time to really understand my complicated situation and restructured my taxes to avoid huge penalties. My previous tax preparer just never took the time.
Solutions We Provide
The most important aspect to each of my client's case is that I spend time throughout the year to really understand their circumstances, address their needs and concerns, and relieve them of the tax and accounting overwhelm so they can focus on what matters most.