Do It Right Accounting
Get a Free ConsultationThe primary purpose of bookkeeping is to track and summarize the financial activities of a business, ensuring that all financial records are accurate, up-to-date, and compliant with relevant regulations.
We assist businesses, organizations, and individuals in improving their financial management practices, optimizing processes, and making informed strategic decisions.
We provide assistance in a wide range of tax services, from complex tax planning to basic income tax preparation for individuals and businesses.
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Bookkeeping
Do it right accounting firm has helped my business tax return and provide lots of advice.
– Robert Jonson
Accounting Bookkeeping
Accounting bookkeeping is a crucial aspect of financial management for businesses and organizations. It involves recording and maintaining accurate financial transactions and information in an organized manner. The primary purpose of bookkeeping is to track and summarize the financial activities of a business, ensuring that all financial records are accurate, up-to-date, and compliant with relevant regulations.
Recording Transactions
We record all financial transactions, such as sales, purchases, payments, and receipts. This involves posting monthly journals, maintaining ledgers, and accounting records to track these transactions.
Bank Reconciliation
We perform bank reconciliation monthly. This is an important internal control procedure that helps identify any discrepancies or errors and ensures that the recorded transactions match the bank’s records.
Financial Reporting
We prepare monthly financial statements, such as balance sheets and income statements. These reports provide an overview of the company’s financial position and performance.
Consulting
We assist businesses, organizations, and individuals in improving their financial management practices, optimizing processes, and making informed strategic decisions. We offer their expertise and insights to address specific accounting challenges, provide guidance on financial reporting, and help clients navigate complex accounting standards and regulations.
Here are key aspects of accounting consulting:
Financial Analysis and Reporting: We analyze financial data. We present financial statements to clients so that they can get a clear understanding of their financial performance and position. We offer insights into key financial indicators, identify areas for improvement, and assist in preparing accurate and reliable financial reports.
Process Improvement and Optimization: We can review and assess your accounting procedures and internal controls. We identify inefficiencies and recommend improvements.
Audit preparations: We help clients prepare information requested by financial and tax auditors.
Process Improvement and Optimization: We can review and assess your accounting procedures and internal controls. We identify inefficiencies and recommend improvements.
Tax
It’s important for individuals, corporations, and non-profit organizations to accurately complete and file their respective tax returns to comply with tax regulations and ensure they meet their tax obligations. Seeking the assistance of tax professionals or using tax software can help ensure that the returns are accurately prepared and submitted on time.
My tax return was prepared by Do It Right Accounting and their advice really help out a lot.
– Robert Jonson
Individual Tax Return
An individual tax return is a form filed by individual taxpayers with the tax authorities of their respective countries. In the United States, it is known as Form 1040 for federal taxes. This return is used to report an individual’s income, deductions, credits, and other relevant financial information for a specific tax year. The income can come from various sources, such as wages, self-employment income, rental income, investments, and more.
On the tax return, taxpayers calculate their tax liability and determine whether they owe additional taxes or are entitled to a tax refund. The tax return deadline typically falls on April 15th in the U.S., although it can be extended under certain circumstances.
Corporate Tax Return
A corporate tax return, also known as a business tax return, is a filing made by corporations and certain business entities with the tax authorities. The form and requirements may vary depending on the country and the legal structure of the business. In the United States, corporations generally file Form 1120 for federal taxes.
On the corporate tax return, the business reports its income, expenses, deductions, tax credits, and other financial information related to its operations for a specific tax year. The tax authorities use this information to assess the company’s tax liability. The corporate tax return deadline is often different from individual tax deadlines and can vary based on the country and the business’s fiscal year.
Non-Profit Tax Return
A non-profit tax return is filed by organizations that operate as tax-exempt entities under the tax laws of their respective countries. In the United States, tax-exempt organizations generally file Form 990 with the Internal Revenue Service (IRS). Non-profit organizations can include charities, religious organizations, educational institutions, and other qualifying entities.
The non-profit tax return provides information about the organization’s financial activities, including its revenue, expenses, assets, and program activities. This filing is crucial for maintaining the organization’s tax-exempt status. The deadline for filing the non-profit tax return can vary depending on the organization’s fiscal year and the type of Form 990 filed.