The Firm was founded in 1955 by Wesley F. Suman in Alameda, California. Over the years, we have remained a local firm serving closely held business and individual clients in Alameda, San Ramon, the East Bay and beyond. Our main focus is the closely held business - proprietorships, corporations, partnerships, limited liability companies - and their tax and business planning needs.
These needs often include estate and trust tax planning. A closely held business is an entity owned by an individual, family, or small group of partners or shareholders. Clients include many service sector professionals such as doctors, lawyers, engineers, insurance, real estate, financial, accounting, printing, marketing, and recreation. We also have clients in other sectors such as technology, and manufacturing.
Our primary client contact person is a partner of the firm. We are sincere about providing a high level of timely, personal and customized service at competitive rates. We aim to provide timely high level service with understandable explanations for recommended strategies.
These needs often include estate and trust tax planning. A closely held business is an entity owned by an individual, family, or small group of partners or shareholders. Clients include many service sector professionals such as doctors, lawyers, engineers, insurance, real estate, financial, accounting, printing, marketing, and recreation. We also have clients in other sectors such as technology, and manufacturing.
Our primary client contact person is a partner of the firm. We are sincere about providing a high level of timely, personal and customized service at competitive rates. We aim to provide timely high level service with understandable explanations for recommended strategies.
Services
Our firm offers primarily tax compliance, tax planning and tax consulting services to our individual and business clients, including trusts and estates.
Because our firm is relatively small, our clients benefit by getting personalized, quality service.
Below we have listed the services that we offer to our clients along with a brief description.
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.
Because our firm is relatively small, our clients benefit by getting personalized, quality service.
Below we have listed the services that we offer to our clients along with a brief description.
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.
In addition to providing you with a profile of our firm and the services we provide, this Website has been designed to become a helpful resource tool to you, our valued clients and visitors.
The Tax Tools tab includes a Record Retention Guide and access to many tax forms.
The Financial Guides include helpful calculators for budgeting, cash flow planning, retirement planning and loan amortization, among other features.
Our secure Client Login is shown here and also on the separate tab, allows those clients who have registered for a Web Portal, to access their tax returns and upload documents to us in a safe and secure manner.
The Tax Tools tab includes a Record Retention Guide and access to many tax forms.
The Financial Guides include helpful calculators for budgeting, cash flow planning, retirement planning and loan amortization, among other features.
Our secure Client Login is shown here and also on the separate tab, allows those clients who have registered for a Web Portal, to access their tax returns and upload documents to us in a safe and secure manner.
Have you just started a new business?
Did you know expenses incurred before a business begins operations are not allowed as current deductions?
Generally, these start up costs must be amortized over a period of 180 months beginning in the month in which the business begins.
However, based on the current tax provisions, you may elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred.
The $5,000 deduction is reduced by any start-up or organizational costs which exceed $50,000.
Did you know expenses incurred before a business begins operations are not allowed as current deductions?
Generally, these start up costs must be amortized over a period of 180 months beginning in the month in which the business begins.
However, based on the current tax provisions, you may elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred.
The $5,000 deduction is reduced by any start-up or organizational costs which exceed $50,000.
Following are some generally recognized financial planning tools that may help you reduce your tax bill.
Charitable Giving - Instead of selling your appreciated long-term securities, donate the stock instead and avoid paying tax on the unrealized gain while still getting a charitable tax deduction for the full fair market value.
Health Savings Accounts (HSAs) - If you have a high deductible medical plan you can open an HSA and make tax deductible contributions to your account to pay for medical expenses.
Charitable Giving - Instead of selling your appreciated long-term securities, donate the stock instead and avoid paying tax on the unrealized gain while still getting a charitable tax deduction for the full fair market value.
Health Savings Accounts (HSAs) - If you have a high deductible medical plan you can open an HSA and make tax deductible contributions to your account to pay for medical expenses.
It's possible there could be additional extensions, so check with your tax advisor for the latest information.
Individuals must pay the third installment of 2021 estimated taxes, if not paying income tax through withholding (Form 1040-ES).
Calendar-year corporations need to pay the third installment of 2021 estimated income taxes.
Calendar-year S corporations must file a 2020 income tax return (Form 1120S) and pay any tax, interest and penalties due, if an automatic six-month extension was filed.
Individuals must pay the third installment of 2021 estimated taxes, if not paying income tax through withholding (Form 1040-ES).
Calendar-year corporations need to pay the third installment of 2021 estimated income taxes.
Calendar-year S corporations must file a 2020 income tax return (Form 1120S) and pay any tax, interest and penalties due, if an automatic six-month extension was filed.
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