We assist small to medium sized businesses in preparing and compiling end of year reports in FL and CA. Even for businesses that have not recorded transactions throughout the year, and have no electronic accounting system, we can use your business records to prepare a year end income statement and balance sheet.

For those businesses that want full charge accounting, we can post all of your transactions on a monthly basis and produce monthly financial reports, to include bank reconcilliations, aging reports, and cash flow statements.

Our Services:

  • Monthly Business Accounting
  • Payroll Services
  • Payroll and Sales Tax Reports and Preparation
  • Business & Individual Tax Returns
  • Unlimited Phone Consultations

Lower Your Taxes By Converting Your Hobby To A Business!

Consider converting a hobby to a business for potential tax savings. For example, if you love gardening, and do it currently as a hobby, but want to make a business out of it by selling the excess at a local farmer’s market, your “ordinary and necessary” business expenses should qualify as deductions on Schedule C of your 1040. Call us ASAP to let us review your tax situation to see how we can legally minimize your tax liability this year. We can also assist you with planning to incorporate recent changes into a tax strateg that will help you save on tax liability for years to come.

Sales Tax is Deductible on your Personal Return!

If you purchased a few high ticket items this year, a car, boat, or airplance, for example, you may be able to deduct that from your personal tax return. The IRS allows all taxpayers to deduct local/state income taxes, or state sales taxes. Since in FL, we are blessed with not having to pay state income taxes, many tax payers miss out on this tax deduction. Under the recently passed laws, starting with 2018, the sales tax deduction is capped at $10,000. We can help analyze your potential tax savings with this, and many other types of allowable personal deductions such as charitable contributions, moving expenses, and more. Call us today at (954) 864 -1117

Tricky Business Deductions

As a business owner, you probably know that most ordinary and necessary business expenses are fully deductible, such as advertising, accounting and legal fees, salaries/wages and contract labor. However, some expenses are not fully deductible, such as meals and entertainment (up to 50%), capital expenses such as vehicles and equipment (normally must be depreciated, unless using a section 179 deduction and bonus depreciation), and qualifying startup costs (amortized). At Master and Company P.A., we can quickly size up your situation and advise you how you can legally minimize your taxable business income.

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