Ehlers accounting & Tax Services

Ehlers Accounting & Tax Services PC is an accounting and tax practice in Lincoln, Nebraska. It serves small businesses and individuals with year-round accounting, payroll and tax work, and it describes its aim as giving clients the quality of service and advice that comes from an experienced tax professional. Its work is organized so that owners can focus on running their business rather than on their books and returns.

Month-to-month accounting

Accounting is offered on a month-to-month basis for small businesses. The firm sets up a chart of accounts to capture every financial transaction, keeps the books current, and provides the information a business needs to manage its operations. It also prepares federal, state and local tax returns. Periodic internal audits identify and resolve discrepancies such as double billing or unrecorded payments, so that the picture stays complete and accurate.

Bank reconciliation

Bank reconciliation matches each deposit and withdrawal on the bank statement with the entries in the accounting records. The firm says this exposes lost deposits and checks, unauthorized transactions and inappropriate bank fees. It can also trigger an investigation into suspicious activity, such as identity theft, forgery or embezzlement, and help speed restitution. The work gives the owner a clearer view of cash for planned spending and investment.

Financial statements for decisions

The firm prepares a full set of financial statements. These include a balance sheet at month, quarter or year end, an income statement showing revenue, expenses and net profit, a comparison of actual performance against budget, and a cash flow statement. The firm says the statements help owners frame expansion or acquisition plans, manage receivables and payables, and deal with creditors, banks and investors.

Payroll outsourcing

Payroll is described as far more than calculating pay and writing checks, because government reporting and record keeping must be right. The firm lists the reasons to outsource it: experts handle the task efficiently and accurately, penalties from payroll tax errors or missed filing deadlines are avoided, employee questions are handled, and comprehensive reporting is provided. It also adjusts payroll withholding so that each tax authority receives the correct amount, no more and no less.

Tax preparation and planning

Tax work covers preparing every form and calculation accurately, making sure a client receives each deduction and credit it is entitled to, and filing electronically to speed up refunds. Planning covers splitting income among family members or legal entities to use lower brackets, shifting income or expenses between years, deferring liability through tax-advantaged investment vehicles, tracking expenses eligible for itemized deduction, and taking advantage of tax credits. For sole proprietors, the firm prepares Schedule C as part of the personal return and then sets up a simple system to keep the books current from that point on.

Ehlers accounting & Tax Services is an accounting and tax firm in Lincoln, Nebraska. It serves small and medium-sized businesses, real estate, construction and industrial clients, and executives, according to its website. Its services run from year-round bookkeeping and payroll to tax preparation and tax planning.

What Ehlers accounting & Tax Services offers

• Year-round accounting: a chart of accounts kept current, with periodic internal audits and bank reconciliations.
• Payroll services: payroll withholding set so the right amount goes to each tax authority.
• Tax services: federal, state and local returns, filed electronically, with checks for deductions and credits.
• QuickBooks services: help setting up and keeping books in QuickBooks.
• Month-to-month finances: monthly accounting arrangements for small businesses.
• Sole proprietor support: preparing a Schedule C and setting up a simple system to keep books current.

Who it works with

Real estate, construction and industrial businesses, small and medium-sized businesses, and executives.

Key facts

• Based in: Lincoln, Nebraska.
• Software: QuickBooks.