As the list below is by no means all-inclusive, please feel free to inquire about a service if you do not see it listed. If it is not a service we provide, we would be more than happy to refer you to a qualified professional.
Top Notch income tax preparation. If your business is well established or just beginning, we provide easy to read financial statements and accounting reports in an integrated accounting system to assure the highest accuracy at a reasonable cost. From the smallest tax return to the most intricate tax return, nothing is impossible for highly trained associates. Please click on "Services" to link to all our tax services available to you at this time.
Individuals - Analyst & Investment Consulting/Representation
Type your description for your custom service here.
Businesses - Sole Proprietorship
Establishment is easy and inexpensive Total control of your busines Sole entitlement to its capital and profits Assets & Liability are your personal assets & liabilities, No Separate tax return for your business Business income is included as part of your own income You will have to pay provisional tax calculated on the basis of taxable income from the previous year. Losses are allowed to be offset against the income. Risks of losses can be protected by insurance as well as some assets that are leased.
Personally responsible for every single debt, employees' errors, negligence or any losses. Extreme personal commitment for all aspects of running the business. Very little time for any type of vacations. Higher tax rate due to higher income bracket. Unlimited liability Limited commercial life
Businesses - Partnerships
Access to greater amounts of capital. Greater synergy
All the same as for "Sole Proprietorship" Disputes between partners over anything to do with the business.
Businesses - "C" Corporations
Considered a legal entity recognized as a separate being. Taxed on profits at corporate rates. Dividends are taxed to the shareholders. Subject to annual reports, board of directors. Enters into contracts, pay taxes, and is liable for debts and claims. Officers and directors shielded from personal liability.
Expensive start-up costs. Salary withdrawn from business is taxed personally Double taxation if dividends are paid. Corporation is taxed on income even if salaries and dividends are not paid. Meetings and annual reports concerning board of directors and shareholders.
Businesses - "S" Corporations
Have to have approval by IRS Are taxed at personal rates, Schedule C Subject to annual reports & board of directors but not as as rigid. A US Incorporation Profits & losses are passed-through directly to shareholders equal to their ownerships.
Income is taxable to shareholders whether it is distributed or not. Limited to 35 shareholders. Shareholders can't be a corporation or partnership. Shareholder has to be a US citizen.
Businesses - Complete Bookkeeping Services
Complete bookkeeping services provided for any size business. No business is too small or too big for our trained professionals to handle. You get nothing but "Excellence" here at Coastal Financial Group.
Coastal Financial Group is the parent company of Island Tax Associates and shares these same facilities. We have access to all national securities exchanges and a full-range of quality investment options. We find a solution for each client's needs