64 Gleneida Avenue Suite 205 Carmel, New York 10512     Phone: (845) 225-7980  Fax: (845) 228-0052  e-mail: sal@saltripi.com

PERSONAL TAXES

 From the simplest to the most complicated return I can prepare it with the latest tax law changes and tax preparation software at my fingertips. This service includes preparing estimated tax payment vouchers based on projected income for the following year. Electronic filing is available upon request.

Delinquent returns

Do not be afraid to set your account straight with the Internal Revenue Service should you have one or more years of personal tax returns not filed. I can prepare back returns and represent you before the Internal Revenue Service regarding review of the returns and payment options. You will be surprised at the how responsive the IRS has become to these situations.

Large amounts due the IRS

If you have a filed return with the IRS showing a large balance or you are aware that your unfiled returns will yield large balances due, perhaps you qualify to make an Offer in Compromise a proposal of a lump sum payment you can afford to fully satisfy those large balances due.

CORPORATE TAXES & RECORD KEEPING

 Whether you are a single person operation or a small to medium-sized corporation I can handle your corporate tax returns. I am flexible in my approach. You may have a complete set of books prepared in-house that need the attention of a tax professional to prepare your returns. In addition to tax return preparation you may need those books prepared as well. I can take care of those needs and meet with you to monitor your company’s progress as the fiscal year moves along – meeting on a monthly, quarterly, semi-annual or annual basis – whichever meets your needs. If necessary I will customize reports for your business to analyze more effectively how your company is doing.

I will always be considering your company’s "big picture" as well – alerting you to latest accounting and tax developments. You can also rely on me to recommend steps you should take with your company. For example, if you have a partner you may want to consider a "buy/sell agreement" which can allow for planned business succession in the case of sudden death or retirement.

If you are just starting a business please see the "Business Start-Up Consulting" section below.

PERSONAL FINANCIAL PLANNING

 No matter what your financial situation is you can benefit by a personal financial plan. It is common for people to have a number of questions in this area, but you need the best answers. These questions should only be approached with the help of a professional who will evaluate alternatives based on your "financial big picture". Higher education financing plans, insurance needs, retirement and estate tax planning and investment strategies are some of the things we can discuss together in a personal financial plan. Some of these issues are addressed below.

FINANCIAL STATEMENT PREPARATION

 Your company may need compiled, reviewed or audited financial statements for a variety of reasons – to obtain financing, as a requirement to secure bonding or pursuant to a leasing arrangement. I have the experience to prepare your company’s financial statements at reasonable fees in a timely fashion.

RETIREMENT PLANNING

 Retirement planning is one of the most important financial considerations for anyone – especially business owners because of the flexibility of the different pension plans and the valuable income tax deductions those plans generate. I can assist you in evaluating how much you can or should save pursuant to your retirement plans. With the assisitance of pension professionals I can quarterback a financial team that works with the business owner in customizing a pension plan that the company can afford and that reflects the benefits the shareholders want to confer to all concerned.

ESTATE TAX PLANNING 

This is a financial consideration of utmost importance as you accumulate assets through your life. Many people are surprised at just how much their net worth is when considering the value of their home (especially in today’s strong real estate market!), appreciated securities and retirement accounts. They are even more surprised at how much their estate is reduced by federal and state estate taxes – thereby leaving much less than anticipated to their heirs.

Estate tax planning is often ignored because it requires people to consider their own mortality and the disposition of their assets at death. This should NOT be considered morbid – it should be viewed as smart. This is a highly specialized area that has many opportunities to customize individual estate plans. It requires that all your professional advisors work as a team – accountant, lawyer, insurance agent and investment broker. No doubt you have heard of some of the following:

Uniform Transfers to Minors Act
Revocable and irrevocable trusts
Living wills
Limited family partnerships
Second-to-die life insurance
Tax-free gift giving
Unlimited marital deducton

But what can they mean to your personal financial situation? Consult with me and find out.

BUSINESS START-UP CONSULTING

If you are just starting a business I can assist you in a number of ways. Choice of business entity (sole proprietor, corporation, partnership, limited liability company) will be one of the first issues to deal with. There are substantial differences between these entities and I will explain the accounting and tax ramifications of each.

There are initial communications with the various taxing authorities – obtaining a federal identification number, registering with your state’s sales tax authority and possibly electing subchapter ‘s’ status for your corporation are among the more common requirements.

As part of your financial team I can help you with cost and overhead analysis of your business, cash flow and income projections, and loan applications. We will figure out the most efficient way to manage the required bookkeeping and payroll administration tasks. Insurance needs are a large part of the business picture. I can review the common coverages required (workers compensation, disability, liability) and, with the help of a professional agent, tailor other insurance packages you may need (eg. Medical & hospitalization, professional liability, business interruption, etc.).

 If your business needs payroll administration there are a number of ways to accomplish it. There are numerous outside processing services (ADP, Paychex) that do a very good job especially for large payrolls that are also complicated and vary each pay period. For the very small or larger, but simpler payrolls I can provide a comprehensive service at a very reasonable rate. This would include year-to-date figures for employees, quarterly payroll tax returns and reports and year-end W-2s.

Should your business require sales tax return filing I can prepare them accurately and in a timely fashion.

REVIEW OF INSURANCE NEEDS

 I work with an experienced local agent to identify all the required coverages and all coverages that may be unique to your business – at the best rates available. In today’s economy medical and hospitalization coverage is a necessity and very complicated. For the business owner I can assist in structuring this coverage in a tax-advantaged manner.

INVESTMENT STRATEGIES

 Investing your money wisely is a key component of your financial growth and security. There are investment vehicles that can work better than others for your different groups of money – retirement funds, general savings or children’s accounts, etc. An accountant working closely with your investment broker is essential to insure you are investing wisely. I have long, successful relationships with several reputable brokers should you need a referral.