Services
What makes us different from other firms
Bookkeeping Services
In Lugo Consulting, bookkeeping consists of meticulously documenting every financial transaction a business performs in order for them to be ready for tax preparation. This service will help your company to have complete transactional records so it will make it easier to make informed decisions regarding the company’s future. The benefit of these services is that your company can closely track its financial performance and progress toward increased revenues, significant expansion, and well-earned success with properly managed bookkeeping.
Bank Reconciliation
A bank reconciliation statement compares the cash balance on the balance sheet of a business with the corresponding amount on the bank statement. The two accounts can be reconciled to see if any accounting adjustments are required. To maintain the accuracy of the company’s cash records, bank reconciliations are carried out on a regular basis. They also aid in the detection of cash manipulation and fraud.
Income Statement ( Profit & Loss) Reports
An income statement,examines your revenues against your expenses to provide you with a financial profit or loss statement. This report’s significance lies in its ability to direct corporate accountability with regard to financial operating performance. Finding out where your company is spending more or less than expected, determining unforeseen costs, income tax obligations, and other variables that affect the revenue in a negative way.
Balance Sheet Reports
The balance sheet shows the state of your company. This financial report may be used to inform potential lenders about investing in your business, to assess if your company is poised for growth, and to make other judgments about its financial stability.
Budgeting
The capital budget serves as a strategy for growing the company. We at Lugo Consulting give our clients the crucial information they need to make decisions. This information can include a review of the available resources, current cost statistics, and marketing data.
Payroll Filings, Payroll Reports
Lugo Consulting can help create a payroll system and swiftly complete all required payroll tax returns. Payroll services can be as extensive as gathering wage and hourly data for a company’s list of employees, making direct deposits, and generating W-2 and 1099 forms depending on your business necessities.
Tax Services
We offer comprehensive tax preparation services to all of our clients, including assistance with filing income tax returns. We ensure that all tax services are delivered to you in a professional way and that we are in accordance with all applicable federal and state tax regulations.
Federal 1040 Tax Filing
Individuals file their federal income tax returns with the IRS using Form 1040. It’s used to report your yearly earnings as well as the portion of your income that is subject to taxation after deductions and credits. It determines how much tax you owe or how much you will get back in a refund. The Form Schedule C must typically be completed by independent contractors, freelancers, and business owners with form 1040.
Estimated Payments
If you’re employed by someone else, taxes are already withheld from your paychecks. But if you’re self-employed or an independent contractor (think Form 1099-NEC), you may owe estimated taxes. If you received unemployment benefits, self-employment income, or a COVID payout from a retirement account without having income taxes withheld, you might want to submit an estimated payment. This will prevent any underpayment penalties and interest in the future.
ITIN Certifications
The Internal Revenue Service issues tax processing numbers called Individual Taxpayer Identification Numbers (ITINs, or Individual Tax Ids). It is a nine-digit number with a 7 or 8 in the fourth digit, such as 9XX-7X-XXXX, and it always starts with the number 9. People who need a U.S. taxpayer identification number but are unable to receive a Social Security Number (SSN) from the Social Security Administration are given ITINs by the IRS (SSA). ITINs (Individual Tax IDs) are solely used for submitting federal taxes.
We at Lugo Consulting We may validate your claim of identification and foreign status as Certified Acceptance Agents (CAAs) and submit Form W-7 on your behalf. We are permitted to utilize Form W-7 (COA) as proof that we evaluated and validated your original documentation through in-person or video interviews, or a certified copy from the issuing agency of those documents.
During the interview, we must have your original identification documents on hand in order to examine the security features and validate the documents. This means that instead of mailing your paperwork to the IRS, you must do so. Following the interview, we will send your documents back to you by the reputable private carrier of your choosing. We must submit copies of the paperwork we examine along with the Form W-7 (COA). We are permitted to certify the birth certificate and passport for dependents.
Corporation Taxes
– Federal 1120 , 1120S, 1065 Partnerships, 990 Non Profit Organizations
– State Filing of corporate Returns
– Sales Tax Filing
– Audit Representation
– Corporate Dissolution
Incorporations
– Consultations on what type of business is right for you
– Formations of C-Corporations, S-Corporations, Limited Liability Companies (LLC’s)
Limited Partnerships, Non Profits
– Business Name Search Availability, Business Name Reservations
– EIN Registrations
– Annual Reports
– Shareholders Agreements
– Business Licenses