Services
If you’re looking for a firm that will focus on your individual needs, and always treat you like a client who matters, look no further. Our firm is large enough to offer a full range of professional services, but small enough to give you the individual attention that you deserve.
We will thoroughly and conscientiously study your personal situation, and tailor our advice to your specific needs.
Business Management
We will provide you with highly specialized and personal service, thereby freeing you to concentrate on your work and career. Whether you are just looking to ease the daily hassle of budgeting and bill paying, trying to ensure preparation of a retirement life style, we offer you all the financial services to fit your specific needs.
We fully understand the complexities of business and personal issues involved in the Corporate and Entertainment Industry, and work in every way to simplify and remove these issues from your life.
We have the ability to serve clients in every sector of the Corporate and Entertainment Industry including executives, producers, musicians, songwriters, record producers, composers, actors, writers, directors, athletes, models, and major companies. We invariably build long-term relationships with our clients, as a result of our ongoing interaction on a client’s behalf.
As Business Managers we are responsible for handling all of your personal and business affairs in conjunction with your agents or attorneys. This includes complete cash flow management, receiving income for all sources, paying all bills, personally and corporately. We manage all personal and business insurance matters, as well as assisting our clients in setting and meeting their investment and retirement goals.
Our financial services include, but are not limited to:
* Banking
* Bill Paying and Cash Management
* Budgeting
* Insurance
* Retirement Planning
* Real Estate
* Tax Planning
* Tax Preparing
Bookkeeping
Bookkeeping
We offer a range of bookkeeping services for your business, ranging from monthly, quarterly and yearly financial reports, to the complete bookkeeping of all your accounts receivable, accounts payables, and payroll records. The complete bookkeeping service includes the recording of your accounts receivable invoices, recording your cash receipts, recording accounts payable invoices, writing cash disbursements and payroll checks. We offer sales tax reporting, federal and state payroll reporting as well as year end employee W2’s, sub contractors 1099’s and filing your reports with the Social Security Administration. Please see our payroll section for a complete listing of our payroll services.
We meet with each client and prepare the balance sheet, profit and loss statement and any supporting statements so each client can review their operations and adjust to the changing market quickly. The results of having this informational tool available will insure profitability through quicker response
* Posting of disbursement checks
* Financial Statements
* Monthly Accounts Receivable statements including calculating finance charges
* Recording Accounts payable invoices and preparation of disbursement checks
* Calculation of employee payroll, including preparation of all federal and state reports
* Prepare employee payroll checks and deliver by mail or in person to your business
* Assist in establishing of Federal and State Identification numbers as well as sales tax accounts
* Checking account bank statement reconciliation
Payroll
Garelick Busienss Management Inc. offers a number of payroll services for those clients who wish to have only a payroll service on a weekly, monthly, quarterly or yearly basis.
We offer a complete payroll service including calculating and writing of employee checks to the quarterly or yearly client who does not like to deal with the Internal Revenue Service or State reports.
We are proud of our accurate and timely service for all of our clients. Our payroll service will help eliminate those correction letters from the various taxing authorities. We also can help in establishing your payroll account with the Internal Revenue Service as well as the Department of Employment and Training and State Withholding Authority.
Payroll Services
* Calculation of employee payroll
* Printing of employee payroll checks
* Monthly federal withholding coupons
* Quarterly state withholding report
* Quarterly federal withholding reconciliation reports
* Quarterly calculation and reporting of federal unemployment tax
* Quarterly state unemployment calculation and report
* Year end employee W2’s
* Year end W3 report for Social Security
* Year end federal unemployment report
* Year end state W2 reconciliation report
Quickbooks Professional Advisor
As a QuickBooks® Professional Advisor, we will meet with new or current users of QuickBooks® and provide a free assessment of their accounting system needs and a demonstration of the QuickBooks program. After the assessment/demonstration, we will provide the client with a written proposal for services including the price of the software, installation, set up, training, and support.
QuickBooks® accounting software is the most user friendly and economical accounting system on the market today. This software is ideal for small businesses with under 50 employees and annual revenues of less than five million dollars. You do the majority of your bookkeeping as you write checks and record receipts on a daily basis. With QuickBooks® you know if you’re making or losing money instantly. There’s no need to understand accounting jargon like debits, credits or postings. Leave that to us!
Tax Preparation
We specialize in preparing the following types of federal, California, and Multi-State income tax returns:
Individual
Business Tax Returns:
* C Corporation including consolidated returns
* S Corporation including consolidated S Corporation returns
* Partnership and LLC returns
* Employee Benefit plan returns
* Sales, Business license, Payroll, and Personal Property Tax Statements
Trust and Estate Tax Returns:
We specialize in Estate and Trust tax return preparation and assist in the creation, administration, and funding of living and testamentary grantor and irrevocable trusts. We provide complete assistance to families as a result of the loss of a loved one including the planning and preparation of the estate tax return through the establishment and funding of the trusts required to minimize tax as prescribed by the family trust document. We work with and recommend estate-planning lawyers to prepare trust documents and will to assist in the administration of estate and trust matters.
* Fiduciary – Form 1041
* Gift Tax Returns – Form 709
* Estate Tax Returns – Form 70
As with all financial matters, planning is key. Do not wait too long to schedule and appointment, call our office now. Also, start organizing your files, after all, we can only work with the information you provided. A few minutes a week spent on tax paperwork preparations could be worth a great deal of tax savings to you! Call our office and we will be happy to advise you of the needed and necessary paperwork.
We stand behind every return we prepare. Should you receive notice of an audit/inquiry involving any item we prepared we stand ready to represent you before the IRS, EDD, BOE, or FTB. Our office is a full service office, open 12 months a year. We stand behind our work 100% period. And remember, Enrolled Agents are the only tax professionals licensed by Congress to represent individual taxpayers before the IRS.
Financial Services
Estate Planning
Effective estate planning is neither a simple one-time event, nor an onerous, endless task. Nor is it restricted to individuals of a specific age, profession, income or asset base.
We view estate planning as an ongoing process that comes into play at natural stages of professional and personal life. We work with clients to clarify their own unique circumstances, goals and requirements, and help set a financial and legal course that enables individuals and families to more effectively direct their own futures.
Lifestyle Planning
Planning to support the lifestyle you have today and the one you envision for the future requires a comprehensive understanding of your goals, asset and liability structure, and potential cash flow. It also requires a strategic appreciation of the tax implications your decisions may have.
*Evaluate your employer-provided compensation as well as any retirement benefit plans.
*Recommend strategies that best suit your income tax, investment, estate and cash flow planning situation.
*Provide you with our retirement lifestyle analysis that will incorporate your sources of income, required spending needs, potential retirement dates, various economic scenarios and tax considerations into a long-term cash flow analysis.
*Determine elections for your retirement plans, including lump sum payouts vs. annuities, and joint survivor vs. single-life distribution arrangements.
*Coordinate your beneficiary designations with your estate planning documents.
Tax Planning
When it comes to taxes, it’s not what you make, it’s what you take home that matters. With federal, state and local taxes adding up to as much as 50% of your income, it is critical to plan your affairs in the most tax-efficient way possible
Most importantly, we take the time to understand our clients’ needs and long-range goals. Tax planning involves a complete understanding of each client’s personal and business interests. By thoroughly understanding our clients, we are able to help them plan at the individual, business, and fiduciary levels.
To assure that you minimize your tax expense and maximize your after-tax income, our professionals stay abreast of the ever-changing tax laws by attending at least 40 hours a year in continuing professional education and attend tax seminars. We also have dedicated specialists in all areas of taxation. All of our tax professionals are up-to-date on the tax law, and many have over a decade of experience and/or an advanced educational degree in taxation.