Generally, people would seek tax service during tax season. It appears to be a very logical thing to do. But wise people especially seasoned entrepreneurs would rather seek the help of a professional tax consultant to form their tax returns and create the supporting documents even as early as the beginning of the fiscal year. For the prudent residents of Sylmar, CA, they would seek the help of Mifra Financial. They would greatly rely on our services to streamline their tax filing responsibilities because they know that we can create accurate financial statements that will be the basis of your tax returns.
As what was mentioned in the first paragraph, our tax preparation services are sought during the tax season. This means that there is already an existing financial statement. In situations like this, the best thing that we could do is to review them so that they are completely accurate. In effect, this would guarantee that you will not be penalized for submitting erroneous tax returns which are brought about by supporting documents that have substantial flaws.
In this scenario, we would initiate the tax service by reviewing your journal entries. This step has to be done painstakingly because this is the basis of your financial statements. But if you have asked us to create the financial statements from scratch, we would start it by reviewing your daily transactions that need to be journalized. It has to be done with extreme care because erroneously journalizing it would likely cause your assets to be understated or your liabilities to be overstated. This might be an honest mistake, but the government might not see it as such.
Once we are done reviewing or creating the journal entries, we can move forward to the general ledger. Each entry on your books has to be posted. If such process has already been completed, we must make sure that the debit and credit side are balanced. If they are, we can create financial statements.
So next fiscal year, you ought to call on Mifra Financial. We will be more than happy to create your financial statements from scratch. Not only that, we will make sure that they follow the requirements set by the Generally Accepted Accounting Principles and other accounting standards. So what are you waiting for? Call us now at (818) 361-8600 for top-notch tax service!