Shooting Stars List of Services -Wealth Management Planning- Taxes - Payroll
Cash and Debt Management
Identify where your cash is going each month and evaluate potential opportunities to improve your cash flow through proper debt management strategies like refinancing, debt consolidation, or changing your tax withholding
Family Risk Management
Evaluate every kind of insurance and recommend the right kinds & amounts of insurance ensuring that there are no “coverage gaps” which might endanger your financial independence goal, and see what, if anything, can be done to reduce premiums.
Financial Independence/ Retirement Planning
Create a plan considering the level of assets needed to achieve your vision of financial independence or retirement including
Determine how much money you need to send your children or grandchildren to college, how much you need to save, and how this dedicated planning fits with your overall management plan
Create a legacy plan that minimizes the estate taxes and maximizes the amount of money going to your family. We create a structure that will bring your heirs closer together, as opposed to many Estate Plans which create animosity and conflicts about the money after you’re gone
Special Situations Planning
Help you with situations that do not always fit nicely into the other wealth management issues, like assistance with major purchases, business and real estate ventures.
Investment and financial planning services are offered by Hyacinthia Roberts through her affiliation with Avantax.
Tax Planning and Preparation
During the last two months of each year we will do serious income tax planning for you with two objectives in mind:
- Seek ways to reduce taxes, and…
- Make sure there are no “surprises” come next April
Your returns may be selected for audit by a taxing authority. Any proposed adjustments are subject to appeal. In the event of a tax examination, we are available to represent you. Such representation will be a separate engagement for which an engagement letter will be provided to you. Fees and expenses for defending the returns will be invoiced in accordance with terms we agree on for that engagement, unless you opted for audit coverage when your return was prepared.
Corporate & Individual Tax preparation
During the first quarter of each year we will prepare your tax return for you. Our fee for preparation of your tax returns will be based on the amount of time required at standard billing rates plus out-of-pocket expenses. All invoices are due and payable upon presentation. To the extent permitted by state law, an interest charge may be added to all accounts not paid within thirty (30) days.
Clients can purchase audit coverage for the current tax year for their filing of Internal Revenue Form 1040, any state or local income tax forms and all related schedules of these forms. At the rate of 15% of tax preparation fee but not less than $50.00.
a. Under this agreement, Shooting Stars Business Mgt. (SSBM) Agrees to represent the taxpayer (s) within the Tri-State area in all matters of audit in the following manner.
- To execute a power of attorney to allow representation with or without the taxpayer (s).
- To plan and carry out and audit strategy in cooperation with the taxpayer(s) to maximize the best audit result.
- To carry out all audit functions in a timely manner, meeting all deadlines.
- To appeal such audit as far as the conference level of the appeal process without further fee, if such appeal shall be deemed prudent and possible by SSBM.
- But shall not be liable for any tax, penalty or interest.
b. Under this agreement, the taxpayer(s) agree(s) to cooperate in a timely manner with all efforts to conduct the audit including, but not limited to,
- Collecting all receipts, bills, bank statements and any other required information, AND
- Organizing such information into categories as they appear on the tax return, AND
- Cooperating with the audit process including attending an audit or appeal if SSBM deems such appearance necessary.
c. Without Audit Coverage, the client will be billed at the current hourly rate.
Shooting Stars Business Mgt. works with business owners to help their businesses succeed,
- We automate or establish your accounting system as necessary.
- Cash Flow: Track the money going in and out of your business.
- Manage Customers and Sales: Know and understand your customers through consolidated records.
- Compliance: Report your company’s incomes, expenses, and payroll accurately to the IRS.
- Insight and Decision Making: Make informed decisions – and price your product or service for profitability – with financial reports
- Funding: To be considered for a loan or investment, you’ll need complete financial statements
We help answer these questions:
- How much money am I bringing in?
- How much am I spending?
- Is my business making any money?
- What’s the value of what my business owns?
- How much does my business owe to others?
- What is my business worth?
We will prepare your payroll based on a frequency that is appropriate for your business.
The following persons are employees by Law even though the circumstances under which they work may not
meet the common law tests of an employer/employee relationship:
- An agent or commissioned driver engaged in distributing meat, vegetables, fruit or bakery products; beverages (other than milk); laundry or dry cleaning services.
- A traveling or city salesperson who works full-time soliciting orders for merchandise for resale or supplies for use in the purchaser's business operations. The salesperson must work in a continuing relationship with an employer and personally perform substantially all of the work. The salesperson must have no substantial investment in the facilities used in the performance of the services, except the facilities for transportation.
- Professional musicians or persons otherwise engaged in the performing arts, who perform services as such for a television or radio station or network, a film production, a theater, hotel, restaurant, night club or similar establishment unless, by written contract, such musicians or persons are stipulated to be employees of another employer. Engaged in the Performing Arts means performing services in connection with the production of, or performance in, any artistic endeavor that requires artistic or technical skill or expertise.
- Professional models who perform modeling services for, or who consent in writing to transfer use of their name or likeness for purposes of advertising or trade to, a person or entity that dictates assignments, hours of work or performance location and that compensates them, in return for a waiver of their privacy rights, unless the services are performed under a written contract that states the model is an employee of another covered employer.
Employers with any question concerning the status of individuals performing services for them should write to the Liability and Determination Section furnishing complete details of the relationship and request a determination. Failure to report the earnings and pay the tax due on the earnings of persons on the assumption that they are independent contractors may result in additional assessments and interest if they are later determined to be employees
We will prepare your 1099’s in January each year to meet the deadline. Generally you are required to file it by the end of February if you are sending the form by mail. If you prefer to file electronically, you have until the end of March to file the form.
Some of the factors the courts have found to be significant in establishing the existence of an
independent contractor relationship include:
- The individual is established in an independent business offering services to the public. An independent business is usually marked by such elements as media advertising, commercial telephone listing, business cards, business stationery and billheads, carrying business insurance, maintaining own establishment.
- The individual has a significant investment in facilities. Such items as hand tools and personal transportation are not considered significant.
- Assumption of the risk for profit or loss in providing services.
- Freedom to establish own hours of work and to schedule own activities.
- No required attendance at meetings or training sessions; no required oral or written reports.
- Freedom to provide services concurrently for other businesses, competitive or non>competitive.
- We will assess your income
- To determine your sales tax liability
- Make sure you receive all eligible discounts, and…
- That your returns are timely filed.
We are certified to offer Health Care through New York's Small Business & Individual Exchanges
- www.healthbenefitexchange.ny.gov/ OR (855) 355-5777