Traditional accounting services involve assisting you, the taxpayer, in complying with the various tax requirements imposed on U.S. citizens. Essentially, your income is money that you earn and expenses are the costs incurred by you to earn the income. Furthermore, the government uses certain expenses to encourage behavior deemed to be in the best interests of society. For example, you can deduct expenses related to owning your home. Why, because home ownership encourages people to value neighborhoods, community and to think long term. Think of the other common deductions: retirement savings, education and child care. They all have one common feature. Longevity. Our society was built on believing in the future. If you work hard for the company and society, you will have more than any individual, retire, get a pension and live happily ever after.
Even businesses are encouraged to think long term. One of the advantages to the corporate form of ownership is perpetual life, meaning a business formed as a corporation can outlive its owners. Think Immortality.
As our society changes, more of us are forced to earn their living with no promise of a pension, gold watch or a government to take care of you. The U.S. Taxpayer has evolved back to eat what you kill and make your own future. The age of independence and self-reliance is in full force.
With this change in society certain ideologies will supersede the values we use to hold true. For many of us in certain industries these changes are nothing new. Tools and techniques that are considered tried and true just like mortgages, education and retirement savings are common place in industries that discourage employment and favor independent contractors and small specialized businesses. Not because the individual desired this new form of employment but because the business model evolved. Take the entertainment industry. In the past you worked for a studio and did movie after movie with the same group of costars, producers, directors, camera, studio heads and sound engineers. It took three to five years to get a movie from concept to screen in the low tech environment. Now the same movie can be produced in someone’s basement in a week with better sound and video.
Just like in the past the sooner you get comfortable in this metamorphosis the sooner you will enjoy the success such innovation can provide. Like anything else, holding on to what worked in the past is the only guaranteed failure. I have more power in my cell phone than the best supercomputers had 20 years ago and the greatest advances came in the last 5 years. Time is moving just as fast in tax management and planning.
At Fsharp we have been at the cutting edge for the past 25 years. We are using our experience and zest for change to develop new proven methods to utilize the current tools and trends to serve our clients. We respect the past, work in the current environment and live for the uncertain future. Mostly, we pride ourselves in being able to deliver solutions that are easy to understand and comfortable to live in day to day, as non-intrusive as possible.
We offer all the services necessary to comply with the burdensome tax system currently employed by the U.S. and the historical knowledge base to deliver similar results regardless of how the tax code changes. You make money, we will help you keep more of it.