Tax Accounting

Tax Accounting

About MP Group, Inc

MP Group is a full-service CPA firm, that partners with their clients to deliver solutions that help solve their most complicated needs. MP Group’s assistance is designed to help business owners of any industry. Utilizing decades of operational experience, MP Group goes beyond the norm to develop new insights, drive results and help business owners achieve the business of their dreams.

Frequently Asked Questions

1Why does accounting matter?
Accounting information helps you strategically manage your company (or your personal finances). And the ability to think strategically about where your money is going will help you more productively use your resources. With assistance provided by a good CPA, you’ll be able to make better decisions, take corrective actions when you’re off-course, and make sure you’re getting maximum value from every dollar you spend.
2How does accounting aid in decision making?

By taking care of the details in your daily accounting, your CPA/accountant can provide you with high-level information that’s easier to understand and act on. With the right reports, you’ll know not only how to keep your business running, but also whether or not you’re doing a good job of running it.

Here are just a few examples of how we can help you achieve success:

  • Analyze the relevant costs of, for example, producing or selling different products, so you can truly know which one is most profitable.
  • Determine what is my breakeven point.
  • Help you decide whether to make or buy or lease a piece of equipment necessary to your production process or hire or outsource workers as just few examples in assisting our clients.
3I am starting a business and what type of entity should I create?
The quick response is a Limited Liability Company (LLC). The LLC is a good starting point and due to the flexibility of IRS and State regulations, it can offer protection from outsider getting access to your personal assets. In addition, from the LLC platform, you can become a Corporation, an S Corporation or remain a limited liability company without having to create a new entity. Each of these types entities have advantages and disadvantages, so call to discuss how the tax election can best meet your needs
4Will the 2018 tax laws help me save taxes?
It depends, the Tax Jobs and Cuts Act of 2017 made significant changes to the tax regulations on both the business and personal side. To determine what effect it could have on you taxes, we would have to set up an appointment and go through your information as the new laws made estimating your taxes more complicated than in previous years.
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