Laguna Hills Tax
Gordon Frasier CPA & Company Inc.
Laguna Hills CPA | California
Gordon Frasier CPA are a company based in Laguna Hills. If you are searching for tax preparation near me or CPA firms in Laguna Hills or Tax preparer Laguna Hills then look no further. When dealing with us you are contracting directly with a qualified, registered, and professional CPA (Certified Public Accountant) company. We go a lot further than just your basic personal and company tax returns. Gordon Frasier CPA and Company Inc, deal with complicated tax issues. Whatever your position we will guide you with the right, qualified advice.
Our certified CPAs based in Laguna Hills, Orange County, Florida are standing by to assist you with all your Federal and State Tax Returns. Gordon Frasier CPA and Company Inc. have been in business for over 16 years servicing the greater Orange County, California region. Our services cover tax preparation, accounting, and business advisory. If you run a small, medium, or large business we will take care of all your company books to ensure they are in tip-top condition. Are your tax returns behind? Do you need to maximize your personal or business claims? Are your books not balancing correctly? Give us a call today and we will get you sorted out.
For Complicated Tax Codes.
Schedule A deductions that may require filing :
- Mortgage interest deduction.
- Deduction for state and local income taxes paid.
- Medical expense deduction.
- Charitable donations deduction.
- Casualty and theft losses in a federally declared disaster area.
- Gambling losses.
- Casualty and theft losses of certain income-producing property.
- Losses from Schedule K-1
- Federal estate taxes on income.
- Amortizable bond premiums.
- Ordinary loss is attributable to certain bond investments.
- Certain repayments of Social Security or other income.
- Certain unrecovered investments in a pension.
- Impairment-related work expenses for the disabled.
View Example Schedule A Form for Irs
- Use Schedule C to report income or (loss) from a business you operated or a profession you practiced as a sole proprietor.
- A single-member LLC is a business entity owned by just one person.
- It is not for C corporations or S corporations.
- If you’re doing a day job and freelance on the side and pursue it frequently, you may have to add a schedule C.
- If you have more than one freelance job you may have to fill out a second schedule C.
View Example Schedule C Form for Irs
Schedule D is used to report income or losses from capital assets that are owned by you.
- Home, car, boat, furniture, and stocks to name a few.
- To figure the overall gain or loss from transactions reported on Form 8949;
- To report certain transactions you don’t have to report on Form 8949;
- To report a gain from Form 2439 or 6252 or Part I of Form 4797;
- To report a gain or loss from Form 4684, 6781, or 8824;
- To report a gain or loss from a partnership, S corporation, estate, or trust;
- To report capital gain distributions not reported directly on Form 1040 or
1040-SR, line 6 (or effectively connected capital gain distributions not reported directly on Form 1040-NR, line 14); and
- To report a capital loss carryover from 2018 to 2019.
View Example Schedule D Form for Irs
Schedule K-1 is to report each partner’s share of the partnership’s earnings, losses, deductions, and credits.
K1 for business Partners
- It is the partners who are responsible for paying taxes not the business.
- If taxable income is split pro-rata amongst the partners then each partner should receive a K1 with the stipulated income.
K1 for S Corps
K1 for estates and beneficiaries
- Should trusts and estates pay income tax on their earnings?
View Example Schedule K-1 Form for Irs
- 1120 Corporate
- 1120s Corporate
- 1065 Partnership
- 1041 Estates & Trust
- 1120X Corporate Amended Taxes
- 990 Exempt Organization
- 709 Gift
- If your business is incorporated, you may need to use the form to file income taxes for the year.
- Form 1120 is the tax form C corporations (and LLCs filing as corporations) use to file their income taxes.
- It is used to report income, gains, losses, deductions, credits determining their income tax liability.
- A corporation is separate from its owners or shareholders in terms of paying income taxes.
- A corporation pays income tax on Form 1120 which is paid at the corporate income tax rate and not the personal tax rate.
View Example Form
- 1065 Partnership includes a two-step filing process
- As an entity, it must report income, gains and losses, credits, and deductions.
- As partnerships, you don’t pay taxes on income, rather partners pay taxes on their share of the partnership of income they paid.
- As partners are not employees they don’t receive a W-2 but rather supply each partner copies of a Schedule K-1 (Form 1065)
- 1065 Partnership form is to report the share of income, credits, and deductions.
View Example Form
- An Estate or Trust that generates an income must be reported on a Schedule K-1 Form 1041.
- In the case of the trusts and estates beneficiaries receiving an income, deductions, and credits then they are entitled to pay tax rather than the trust and the estate.
- Any distributions made to the beneficiaries must be reported annually on a Schedule K-1 Form 1041.
- Each Beneficiary must file a schedule K-1 Form 1041
- A fiduciary, who holds a legal or ethical relationship of trust is responsible for preparing the schedule K-1 Form 1041
View Example Form
- 1120-X Form is used to correct the 1120 Form as originally filed or later adjusted by an amended return, claim refund, examination or make certain elections after prescribed deadlines.
- Generally, the 1120-x Form should be filed 3 years after the date the corporation filed Tax and 2 years after they paid Tax that is if filing a claim for a refund whichever is the later.
- A Form 1120X based on an NOL carryback, a capital loss carryback, or general business credit carryback generally must be filed within 3 years after the due date (including extensions) of the return for the tax year of the NOL, capital loss, or unused credit.
- A Form 1120X based on a bad debt or worthless security must be filed within 7 years after the due date of the return for the tax year in which the debt or security became worthless. See section 6511 for more details and other special rules.
View Example Form
- If your organization has more than &50 000 or more in gross receipts and is required to file for exempt organization information then you must complete a Form 990, Form 990-EZ with gross receipts of $ 200 000 & total assets of $ 500 000, or return of organization exempt Form income Tax.
- The 990 Exempt Form has information on public charities, finances, and activities that are open to public scrutiny.
- It provides the public with financial information about a nonprofit organization.
- Public charities would file for a Form 990 and 990-PF whereas Private Foundations(PF) file Form 990-PF.
View Example Form
- IRS Form 709 is used to report taxable gifts.
- Generation-Skipping Transfer Tax takes place when money is transferred to the third generation-skipping the first generation where GST is applicable to the Third Generation.
- Gifts or transfers made to distant family members should be a least 371/2 years younger than family member gifting.
- The GST Rate remains 40 percent.
View Example Form
If you’re wanting to improve profits and cash flow or want to apply for credit then keeping your books clean and up to date is important. Your books are the backbone of your mainstream accounting and business. Ensuring you have a stable cash flow, sufficient budget on a weekly, monthly, and annual basis will give you the peace of mind you deserve when running your business. Book with us now.
Whether your running a small, medium, or a large business, knowing what the health of your financial position is, is critical and central to your success.
Our certified team of CPA’s, CFA’s at Gordon Frasier CPA are ready to assist you to make sense of your business by helping you balance your books ensuring you receive clear management reports that you understand. If your opening or forming a new company or an organization, a startup business, or a running concern and need technical advice, financial planning, understand legislative accounting requirements then we are here to assist you. Our accounting best practice is governed by of code of ethics and bound by the affiliate organizations that represent us. Book now for help on:
- General Accounting.
- Financial Reporting – Includes Balance Sheets, Income Statement, Trial Balance.
- Financial Reporting.
- Tax Preparation.
- Tax Ready Finacial Statements.
- Tailored Finacial Planning.
Book Now to Start Review.
Is your Business struggling Financially? Do you feel overloaded with Debt?
Well here is the Good News? Through our many years of experience, we have always seen that the “devil is in the detail” and more often than not you feel so stressed that you cannot see the tree from the forest. That’s where we come in. We asses your business from top to bottom and come up with a solid plan of action on how to restructure things. They may be big changes or small depending on each situation. For instance, are you struggling to refinance your business and why? One small change could be a game-changer. Book our service today. We are here to Help.
What accounting solutions do you have in place? Are you running these as effectively as you could? For technical accounting advice to create a smoother workflow that’s more understandable and less problematic helping you focus on what really benefits your business. Book our services today, we are here to assist.
At Gordon Frasier CPA we strive to resolve your financial issues that are impacted by the day to day running of your business.
We look at problem-solving from many different angles to create great solutions and outcomes for your company through thorough consultation.
Our many years of business audits and forensic, as well as client-facing, have given us the tools to identify weaknesses and find gaps in your business structure.
Our Services Include:
- Technical Observation
- Problem Solving
- Change Management
- Staffing Requirements
- Implementation of services
- Assessment of the business plan
- Strategic Goals
- Projects and actions
- Accounting and Financial position
Submitting your TAX has never been easier.
Certified Tax Preparation
Certified Business Advisory
Secure File Management
Simplifying, Complicated IRS tax Forms and Accounting Services
Tax Laguna Hills | CPA Firm – Gordon Frasier
Gordon Frasier CPA and Company Inc., is a Laguna Hills based business advisory and accounting firm. Are you searching online for, tax preparation near me, tax near me, accounting, CPA, CFA, bookkeeping, QuickBooks, and many other tax and accounting services? Book a meeting today or contact us for all your personal bookkeeping, company bookkeeping, strategic budget, and cash flow services We also give Quick Books training. We can help you with the estate tax and trust services. As we are bound by a code of ethics and membership affiliations our certified accountants, bookkeeping, and business advisory experts will endeavor to ensure you get maximum returns and accounting professionalism where necessary.
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Affiliations & Memberships
The Internal Revenue Service is a code enacted by Internal Revenue services, which acts as a conduit for the nation’s TAX investigating collection and admin process and procedures. Criminal Investigation serves the American people by potentially illegal activities of the Internal Revenue Code and related financial crimes in a manner that fosters confidence in the tax system and compliance with the law supported by the IRS’s Mission.
California Society of CPA's
California Society of CPA’s strive to improve the value and promote integrity as a professional organization. CalCPA contributes to the success of its members; and strengthen client, employer, public, and government trust through qualified and relevant advice to its CalCPA members.
Over 46 years of experience, the Financial Accounting Standards Board (FASB) is a not-for-profit organization based in Norwalk, Connecticut. Moreover, serving the private sector and is absolutely independent. Its core function is to establish financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting
In a world where technology has increased the pace of innovation, speed to market and heightened customer expectations, partnerships play an integral role in driving more substantial customer benefits, and accelerated growth with speed and agility. Working with Intuit using QuickBooks allows Gordon Frasier CPA and Company Inc to give you online help and training anywhere in Irvine, Orange County, California, and the USA.
National Association of Tax Professionals (NATP)
Through resources, connections, and a loud industry voice, NATP helps tax professionals serve their clients with the highest level of excellence. Their members benefit from unmatched tax education and timely information and updates and are equipped to serve the taxpaying public honestly, expertly and professionally.
California Government Information
For all the latest information on the California state government.
U.S. DEPARTMENT OF LABOR
Having greater knowledge of the U.S. DEPARTMENT OF LABOR’s practice and policies allows us to have an in-depth understanding of your needs.