Ken Cone CPA

What is the difference between tax compliance and tax planning? Tax Compliance is the act of obeying the law with regard to reporting activities that are interesting to the government in the fields of tax revenues and other social goals such as fighting terrorism. A primary goal of tax compliance is funding government treasuries. Also referred to as "Tax return preparation it has two importance goals: 1. Financing government expenditures in a manner that treats classes of t...ax payers consistently and predictably. 2. Providing a compromise for taxpayers that avoid the punishments of jail and fines while providing limited opportunities to minimize taxes. Tax planning is preparing to arrange one’s affairs so as to minimize taxes and/or optimize wealth with respect to the tax aspects of wealth. Our responsibility during our working years is to survive first and to set aside as much surplus as possible against those years when we are no longer able to work and against those foreseen and unforeseen expenses that we cannot afford without setting aside a provision. I focus on your best interests for your happiness and your survival. It isn't good enough just to lower taxes. You must be happy with your choices and better off financially after saving taxes. 916-649-1040

So Many Questions, So Many Headaches! - What is the difference between an S Corporation, C Corporation., and LLC? - What type of legal structure should I choose for my business? - I haven't filed a tax return in 5 years. What do I do? - How can I better manage my business to increase profits? - My business has stagnated. Nothing seems to be working. -... - Every time we reach a certain point in growth, everything goes haywire. I understand the small and mid-size business owner's issues. I utilize my in-depth knowledge and experience to help you overcome business obstacles. I am passionate about helping you achieve your business goals. (916) 649-1040 See more

The biggest single expense in your annual costs is your income taxes. Taking a proactive approach to minimizing your income taxes can give you what you really want - Savings! Tax day is over but it's not too early to be thinking about future taxes. In fact it's a perfect time. Minimizing tax is important. Maximizing after tax wealth is even more important. Be sure you plan your life accordingly. I'm happy to answer questions you may have. Give me a call. (916) 649-1040

This is good basic information - Not all franchisors provide accounting support. I knows firsthand how complex the accounting relationship is in the world of franchisors and their franchisees. Good accounting systems are a key element to success. If you have any questions about franchise accounting, give me a call. 916-649-1040 https://www.entrepreneur.com/article/290308

CPA's can legally issue four types of Financial Statements - Part 1 - 1) Audited Financial Statements are financial statements that bear the report of independent auditors attesting to the financial statements' fairness and compliance with generally accepted accounting principles 2) Reviewed financial statements provide limited assurance. These are used under special situations. For example, bank loans that fall in a certain range may require reviewed financial statemen...ts. These are much more expensive than compiled financial statements and much less expensive than audits. I am required to be independent in order to issue a reviewed financial statement. 3) Compiled financial statements are the next most common type of financial statement. These may or may not be presented in conformity with general accepted accounting principles (GAAP). And, they may or may not be presented with full disclosures and all statements required in a full GAAP presentations. When prepared with only profit and loss and balance sheet statements they can be quite inexpensive. However, they do not provide any assurance to a reader who is not familiar with the company. I am not required to be independent to issue a compiled report. However, if he/she helps you with your bookkeeping or other inter-dependent activities, the lack of independence must be disclosed. 4) In my experience, the most common financial statements are management use only. When prepared formally, these include a written agreement with management that they will not be used for any other purpose. They have the added bonus that certain accounts can be valued in a manner that is meaningful to management. http://www.investopedia.com/terms/f/financial-statements.asp

Typical reasons to get a financial statement are: To better manage your business, to get a bank loan, to satisfy a loan covenant, to get investor funding or to keep investors informed. CPAs can legally issue four types of financial statements: Audited, Reviewed, Compiled, and Management Use Only. In my experience, the most common financial statements are management use only. When prepared formally, these include a written agreement with management that they will not be used for any other purpose. They have the added bonus that certain accounts can be valued in a manner that is meaningful to management. Call me to discuss your specific financial statement needs. 916-649-1040

Sometimes adversity is what you need to face in order to become successful. ~ Zig Ziglar

What is the difference between tax compliance and tax planning? Tax Compliance is the act of obeying the law with regard to reporting activities that are interesting to the government in the fields of tax revenues and other social goals such as fighting terrorism. A primary goal of tax compliance is funding government treasuries. Also referred to as "Tax return preparation it has two importance goals: 1. Financing government expenditures in a manner that treats classes of t...ax payers consistently and predictably. 2. Providing a compromise for taxpayers that avoid the punishments of jail and fines while providing limited opportunities to minimize taxes. Tax planning is preparing to arrange one’s affairs so as to minimize taxes and/or optimize wealth with respect to the tax aspects of wealth. Our responsibility during our working years is to survive first and to set aside as much surplus as possible against those years when we are no longer able to work and against those foreseen and unforeseen expenses that we cannot afford without setting aside a provision. I focus on your best interests for your happiness and your survival. It isn't good enough just to lower taxes. You must be happy with your choices and better off financially after saving taxes. 916-649-1040

If you are a contractor that is gearing up to obtain bonding for those bigger bids, here is food for thought: 1. Keep good records, your survival in business depends on it. 2. Your bidding process needs to be meticulously well executed. Nothing will drive up your bonding costs faster than sloppy bidding that leads to losses on projects. 3. As you grow, consider having a strategy for controlling your remaining backlog. Having a bonding capacity of $1,000,000 and a bonded b...Continue reading