Services
At Elevated Tax & Accounting, we are dedicated to being your reliable partner for all your accounting needs. With our team of experienced professionals, we provide top-notch payroll, bookkeeping, and tax services that you can trust.
payroll Services
As a payroll service provider (PSP), we can help employers administer payroll and employment tax obligations. Below are the services we provide.
- Prepare the paychecks or direct deposit for the employees of the employer.
- Prepare Forms 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return, and 941, Employer’s QUARTERLY Federal Tax Return using the employer’s EIN for signature by the employer.
- File Forms 940 and 941 using the employer’s EIN.
- Make federal tax deposits and federal tax payments for the taxes reported on the Forms 940 and 941 using the employer’s EIN.
- Prepare Form W-3, Transmittal of Wage and Tax Statements, and file and furnish Forms W-2, Wage and Tax Statement, for the employees of the employer using the employer’s EIN.
- An employer’s use of a PSP does not relieve the employer of its employment tax obligations or liability for employment taxes. We do not assume any of the employer’s employment tax liability.
Bookkeeping Services
Bookkeeping is the process of keeping track of a business’s financial transactions. It involves four basic steps:
1) analyzing financial transactions and assigning them to specific accounts;
2) writing original journal entries that credit and debit the appropriate accounts;
3) posting entries to ledger accounts; and
4) adjusting entries at the end of each accounting period. With proper bookkeeping, companies are able to track all information in its books to make key operating, investing, and financing decisions.
Below is a list of the bookkeeping services we provide.
- Record payroll transactions.
- Reconcile all bank and credit card accounts to monthly statements.
- Record depreciation and amortization, verifying additions and updating depreciation schedules throughout the year.
- Reconcile other assets, such as accounts receivable, inventory, and prepaid expenses, to the subledgers.
- Record and process payments to vendors.
- Reconcile accounts payable and accrued liabilities to subledger and outstanding vendor billings.
- Reconcile all tax liabilities, including payroll, sales, and commercial activity tax.
- Review of financial reports for reasonableness.
- Preparation of financial statements, including balance sheet, statement of income, and statement of cash flow for distribution to company management.
Tax SErvices
Tax preparation includes preparing, calculating, and filing federal, state, or local tax returns on behalf of individuals and businesses.
With a sufficient understanding of tax law, we can review all of a client’s personal information, including Social Security numbers, income statements, and personal and business expenses, to determine which expenses and circumstances may result in tax deductions or credits. Based on the results of calculating a return, we can also offer advice about the best steps to take to reduce their tax liability in the coming year. As tax preparers, our main goal is maximizing clients’ tax returns while adhering to applicable regulations.
Tax advisory service includes analyzing financial and tax problems, formulating solutions and making recommendations designed to provide advice on taxation for clients ranging from individuals to business.
Below are the services that we provide.
- File sales tax monthly.
- File commercial activity tax quarterly or annually, as required by established filing frequency.
- Prepare, calculate, sign, and file federal state, and local income tax returns.
- Review and respond to tax notices received by clients as necessary.
- Work with the IRS in the event that the client is selected for audit.
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