WE MANAGE YOUR FINANCIAL LIFE

SO YOU CAN LIVE YOURS
FILE ONLINESECUREFILE

TAX RETURNS

Fang & Associates can assist with your personal and your business tax matters, in a responsive and accurate manner.

BOOKKEEPING

Fang & Associates offers comprehensive bookkeeping and accounting services to guarantee your business operates at maximum potential.

PAYROLL

Fang & Associates can help you pay your employees quickly and easily with our Payroll Services. Our plans are designed to swiftly create paychecks and calculate payroll taxes.

Committed to Helping You

Our firm provides outstanding service to our clients because of our dedication to the three underlying principles of professionalism, responsiveness and quality.

Professionalism

Our firm is one of the leading firms in the area. By combining our expertise, experience and the energy of our staff, each client receives close personal and professional attention.

Our high standards, service and specialized staff spell the difference between our outstanding performance, and other firms. We make sure that every client is served by the expertise of our whole firm.

Responsiveness

Our firm is responsive. Companies who choose our firm rely on competent advice and fast, accurate personnel. We provide total financial services to individuals, large and small businesses and other agencies.

To see a listing of our services, please take a moment and look at our services page. Because we get new business from the people who know us best, client referrals have fueled our growth in the recent years.

Through hard work, we have earned the respect of the business and financial communities. This respect illustrates our diverse talents, dedication and ability to respond quickly.

Quality

An accounting firm is known for the quality of its service. Our firm’s reputation reflects the high standards we demand of ourselves.

Our primary goal as a trusted advisor is to be available and to provide insightful advice to enable our clients to make informed financial decisions. We do not accept anything less from ourselves and this is what we deliver to you.

We feel it is extremely important to continually professionally educate ourselves to improve our technical expertise, financial knowledge and service to our clients.

Our high service quality and “raving fan” clients are the result of our commitment to excellence.

We will answer all of your questions, as they impact both your tax and financial situations. We welcome you to contact us anytime.

Tax Preparation – Individual & Business

Preparing your own income tax return can be a task that leaves you with more questions than answers. According to a study released by the US Government’s General Accounting Office, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer.

Whether we like it or not, today’s tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there’s no substitute for the assistance of an experienced tax professional.

Here’s what you get…

  • Your tax return will be checked and rechecked by our computer software identifying potential problems the IRS may look at more closely and reviewing the math to limit IRS contacts.
  • Your tax return can be filed electronically so you will get a refund back quicker.
  • Our staff will show you how to adjust your payroll withholding to get more money back each week. Why give the IRS an interest free loan for up to 16 months.
  • We will show you potential deductions to limit your tax liability for next year. In addition, we will give you a sheet of commonly overlooked deductions to limit the following year’s tax liability.
  • Our firm is located in California but we are not limited to preparing only California income tax returns; no matter which state or territory of the U.S. we can prepare the return.

Business Tax Return Preparation
We prepare tax returns for business entities of all sizes, types and industries, these include:

  • Sole-Proprietors, Self-Employed and Schedule C
  • Home Based Businesses
  • Small Business Corporations (S Corporations)
  • C Corporations (Conventional Corporations)
  • Partnerships
  • Limited Liability Companies (LLC)
  • Not-For-Profit and Religious Organizations
  • Farmers (Schedule F)
  • Information Returns – we can help prepare your Forms 1099/1096 and W-2/W-3.

 

Books a Mess: No Problem!
If you own a small business and haven’t kept up your bookkeeping, don’t worry. We can help you. We’ll prepare your bookkeeping for the year to then prepare accurate business income tax returns, as well as your personal income tax return. We have a full charge bookkeeping division that can provide you with monthly or quarterly bookkeeping services at a very reasonable cost or we can train you and/or your staff in QuickBooks to keep your books in tip-top shape next year.

 

Document Translation & Preparation

Chinese & English Language Translation – We translate all types of documents, such as:

  • Affiant Statement or Certification
  • Power of Attorney
  • Birth Certificates
  • Death Certificates
  • Marriage Certificates
  • Divorce Decrees
  • Identification Documents
  • High School and University Transcripts
  • Diplomas
  • Medical Certificates
  • Instruction Manuals
  • Letters, Complaints, etc

We prepare and can notarize:

  • Power of Attorney in English and Chinese
  • Travel Authorization for Minors
  • Employment Verification
  • Certifications and Affidavits
  • Affidavit of Single Status
  • Prenuptial Agreement
  • Business Purchase Contract
  • Grant Deed

We fill out forms:

  • Passport Application Form
  • Application for Birth Certificate
  • Immigration Forms
  • School Forms
  • Any other forms that you may need

We are not a law firm and do not offer legal services or advice.

Business Bookkeeping

As a small business owner you have more important things to do than to keep your own books. We take care of your books for you, so you can get back to the job of running your business and generating profits.

Each month or quarter we’ll do the following things for you…

  • Reconcile your bank account
  • Generate an income statement
  • Generate a balance sheet
  • Clean up your general ledger
  • Provide unlimited consultations

These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.

Bank Reconciliation
Reconciling your business checking account each month allow us to keep your bank account, accounting, and taxes up-to-date.

Having us reconcile your account each month allows you to…

  • Identify lost checks, lost deposits and unauthorized wire transactions.
  • Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank.
  • Detect and prevent embezzlement of funds from within your company.
  • Know how your business is doing? You can’t really know unless all accounts are reconciled and properly accounted for on your financial statement.
  • Manage your cash more effectively.Proper management of funds not only saves money, it makes money for you.
  • Protect yourself. By timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged checks presented to your bank and paid by that bank, you can relieve your agency of responsibility for the shortfall and transfer the risk to the bank. This reason to reconcile alone should be enough. Crime exists.
  • Sleep Better. You will sleep more peacefully at night knowing your bank accounts are reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds are properly accounted for.
Income Statement
An income statement, otherwise known as a profit and loss statement,basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period.An income statement allows you to…

  • Track revenues and expenses so that you can determine the operating performance of your business.
  • Determine what areas of your business are over-budget or under-budget.
  • Identify specific items that are causing unexpected expenditures. Like phone, fax, mail, or supply expenses.
  • Track dramatic increases in product returns or cost of goods sold as a percentage of sales.
  • Determine your income tax liability.

Balance Sheet
A balance sheet gives you a snapshot of your business’ financial condition at a specific moment in time. A balance sheet helps you…

  • Quickly get a handle on the financial strength and capabilities of your business.
  • Identify and analyze trends, particularly in the area of receivables and payables. For example, if your receivables cycle is lengthening,maybe you can collect your receivables more aggressively.
  • Determine if your business is in a position to expand.
  • Determine if your business can easily handle the normal financial ebbs and flows of revenues and expenses?
  • Determine if you need to take immediate steps to bolster cash reserves?
  • Determine if your business has been slowing down payables to forestall an inevitable cash shortage?

Balance sheets, along with income statements, are the most basic elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you.

Maintaining a Clean General Ledger
The general ledger is the core of your company’s financial records. These records constitute the central “books” of your system. Since every transaction flows through the general ledger, a problem with your general ledger throws off all your books.

Having us review your general ledger system each month allows us to hunt down any discrepancies such as double billings or any unrecorded payments. Then we’ll fix the discrepancies so your books are always accurate and kept in tip top shape.

Unlimited Consultations
We are always available to spend time with you so you fully understand how to interpret and utilize the financial information we provide. Our consultations are already included in our price, so please feel free to call us whenever you have a question or concern.

If you’d like to receive a Free Consultation on our Small Business Accounting Service, please contact us.

Personal Financial Planning

Creating Financial Freedom!

Building and preserving your personal wealth requires specialized attention. You get one-on-one guidance and a comprehensive financial plan that helps manage risk, improve performance, and ensure the growth and longevity of your wealth.

We help you…

  • Save enough for a comfortable retirement by identifying your retirement needs, analyzing your assets and sources of retirement income, reviewing estimated shortfalls, and identifying the best ways to save for retirement given your financial situation and risk tolerance.
  • Pay for your child’s college education by accurately estimating the amount of money you’ll need, analyzing your assets, reviewing estimated shortfalls and considering general alternatives and strategies to help address these potential shortfalls, and developing an optimal savings plan given your financial situation and risk tolerance.
  • Protect your family in case of you become disabled by ensuring you have enough money in your emergency fund and analyzing your life, disability, health, home, and auto insurance coverage. We also review your will and various powers of attorney designed to take care of your affairs in the event you are incapacitated and can’t manage them yourself.
  • Achieve your investment goals by identifying the steps needed to maximize your investment returns as well as the steps needed to help minimize your risk while building increased predictability of your investment returns.
  • Leave a legacy for your heirs by maximizing the value of your estate by saving tax dollars, professional fees, and court costs. As well as minimizing the costs of probate, creditors, lawyers, and estate taxes, which can negatively impact the value of your estate. We also help you stay in control of your affairs by providing a road map for passing your estate on to your heirs.

A financial plan’s true value comes with its implementation. Let us help you attain financial freedom by requesting a Free Consultation.

PROFESSIONAL SERVICE

Fang & Associates can offer a full range of accounting services, while giving you the individual attention that you need.

SERVING YOUR BUSINESS

Fang & Associates provides support in all areas of business consulting. Let our team guide you with a financial strategy that leads to business growth and success.

YEARS OF EXPERIENCE

Fang & Associates has volumes of experience working through IRS audit strategies and financial issues. We guarantee that your business is in good hands at all times.

New Business Formation

Thinking of owning your own business?Opening your own business is exciting and thrilling. It’s everything that comes after the excitement and thrill has worn off that dictates whether a small business will make it or not. It’s up to you to maintain and stretch out the “thrill and excitement” period forever.A methodical plan of action is needed to fulfill your dream or goal of being your own boss and running a successful business. Success lies in the approach you choose to take. We help you avoid the common pitfalls that many new small business owners make when starting their new venture.

We help you…

  1. Prepare an initial business plan to clarify your marketing, management, and financial plans.
  2. Determine your start-up capital needs.
  3. Identify sources of start-up capital and backup sources if needed.
  4. Evaluate and quantify your borrowing power so you know how much money you can get your hands on if needed.
  5. Select a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation and portability should you need to relocate.
  6. Select the right accounting software by evaluating your budget, needs and hardware.
  7. Prepare a Cash Flow Budget so you know exactly how much money you need to keep the business alive each month for the first few years. Unplanned cash requirements are always emotionally painful.
  8. Establish billing and collection procedures to maximize your cash flow.
  9. Establish procedures to monitor and control costs.
  10. Setup a home office so you can maximize your tax deductions.
  11. Prepare and file all required state and local licenses and permits.
  12. Prepare and file your application for your Federal Employer Identification Number.
  13. Provide payroll and payroll tax filing when you bring on your first employee.
  14. Comply with employment laws so you don’t get hit with fines and unhappy employees.
  15. Identify your business insurance needs.
  16. Develop a solid Partnership Agreement. This is an extremely important document for all new partnerships and will help prevent a tremendous amount of financial and emotional problems down the road.

Let us help you succeed by getting your new business off to a good strong start. Please contact us to learn more about our New Business Formation Services.

PLEASE DOWNLOAD THE FOLLOWING FORMS TO HELP YOU COLLECT ALL YOUR TAX INFORMATION FOR INCOME TAX FILING:

FOR YOUR INFORMATION: (We will have more tax information for you and please stay tuned while we are updating our database and website)

  • 2015 Tax Deductions & Tax Credits  {English} or {Chinese}
  • ITIN Application Info  {English} or {Chinese}

DO YOU HAVE FOLLOWING SITUATIONS:

  • Do you or your spouse have foreign bank accounts, foreign Trust or business?
  • Do you or your spouse have foreign bank & financial accounts with an aggregate value exceeds $10,000 at any time during the calendar year?
  • Do you or your spouse have foreign financial assets with an aggregate value exceeding $50,000?
  • Did you or your spouse receive any gifts or estate in excess of $100,000 from any foreign aliens?
  • Did you or your spouse make any gifts in excess of $14,000 to any one donee?

If you answered yes to any one of the above questions, you will be required to file additional forms for reporting to the IRS. You might not have to pay any taxes on the above transactions, but you are required for reporting.

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how to find us

Fang & Associates
5929 Mission St
San Francisco, CA 94112

12 + 8 =

call us

PH: 415-812-1849

FAX: 415-334-0976

EMAIL: FangAssociates@Gmail.com