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These Real Examples Illustrate Some Of The Ways How TAX-SAVERS Has Helped New Jersey Small Business Owners
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Case
#1. Landscaping company – Monmouth County, NJ
"You've Got Questions?
We've Got Answers!"
Problem:
This company had been in business for 8 years. Revenues
had grown steadily but net profits remained stagnant
for the past 3 years. Employee turnover and client attrition
was high. The day to day running of the business was
becoming a big headache. The business owner was wearing
many hats and that was leading to burnout.
Solution:
It was time to get the house in order. The business
had added many different services and had hired a number
of new employees to perform the services but without
the right systems in place. The business was operating
very inconsistently. The owner of the business had become
the most senior employee rather then the visionary,
the driving force of the business. Salim Omar, CPA met
with the owner to bring back clarity on the “big
picture” of this business. The big picture was
crystallized to a one page document, the vision statement
for this business. Through on-going coaching, the vision
statement was broken down into an action plan.
Results:
Becoming crystal clear about the “big picture”
idea brought the spirit of the business alive again.
The breakdown of this vision into an action plan, led
to measurable growth of the business. Through the on
going coaching, systems were designed and implemented
that led to consistent performance of services. The
business saw a drastic reduction in employee turnover
and client attrition. Most importantly, the business
owner was able to free up one day a week for personal
stuff!!!! |
Case #2. Small
Construction Company – Ocean, NJ
"Paperwork everywhere – no adequate reporting
system"
Problem:
The revenues of this company had grown significantly
over the last 5 years. There was no real system to record
the financial information and make it understandable
for decision making. The accountant the owner had retained
at the time would come in to pick the information and
return the next month with the required government filings
At the year end, the owner would receive business tax
returns. Despite the increase in revenues, the company
was having severe cash flow problems.
Solution:
Accounting should not be done merely
because the government tells us to keep book and prepare
the tax reports. TAX-SAVERS’ monthly financial
consults & timely financial information was able
to give this business owner a hundred times more benefits
without the cost. The constant monitoring of key financial
indicators & receiving an understandable
report in layman’s term gave
this owner a better gauge of the financial health of
his business.
Results:
The monthly financial accounts with easy to understand
explanation gave this business owner an instant advantage
over his competitors. With ONE GLIMPSE, the owner was
able to get an accurate picture of the business to make
decisions with more confidence. Cash flow improved drastically
and the owner was better able to catch on to opportunities
earlier in his business. |
Case
#3. Retail Florist Company – Middlesex County, NJ
"Its not as bad as it may sometime seem"
Problem:
This owner needed help in filing their business tax
returns for the last 8 years. Day to day procrastination
had become a nightmare. The challenge to organize all
the paperwork into an understandable format seemed impossible.
The fear of the Federal and state tax authorities knocking
at the door, demanding back taxes had become the overriding
thought during the course of the day leading to reduced
productivity & loss of focus to grow the business.
Solution:
TAX-SAVERS worked with the business owner to break this
“big elephant” of a project into smaller
more manageable tasks. All the relevant financial information
was pulled in one place and organized to create financial
statements and business tax returns.
Results:
At the end of this engagement, the business owner was
surprised at how “painless” this had been.
All the past tax returns had been prepared and filed
and no more worrying about the tax authorities. The
business saw a 20% increase in sales, primarily due
to better focus on the customers, instead of the IRS. |
Case
#4. Self Employed Home Based Business. – Somerset County, NJ
"Please, lets not give your money away to Uncle
Sam on a gold platter"
Problem:
This self employed individual operated a small home
based business while her husband worked as a professional
engineer. This couple had prepared their own personal
tax returns for the last 5 years. A friend of theirs
had insisted they come to see us to have a professional
set of eyes review their taxes. With great reluctance,
this couple set an appointment to come in.
Solution:
Upon review of their 2001 personal tax returns, $3,121
of overlooked business deductions were uncovered resulting
in federal and state tax savings of $1,953. A review
of the 1999 and 2000 tax returns led to additional tax
savings of $2,138. Total tax savings from this visit
$4,091. We advised the couple to invest these savings
in a tax deferred retirement account to fund an early
retirement.
Results: Money was being handed to
the tax authorities that was legitimately theirs. Significant
tax deductions had been overlooked that resulted in
huge tax savings. Funneling the tax savings to a retirement
account would make an early retirement possible. Result,
a very happy couple! |
Salim Omar, CPA. MBA
The Omar Group, CPA
49 Cliffwood Avenue, Suite 200
Cliffwood, NJ 07721
Telephone: (732) 566-3660
Fax: (732) 566-3565
CONTACT FORM
E-mail: info@TAX-SAVERS.com
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