Lang & Lang Co.
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Accounting Services

Lang, Lang & Co. has been providing Southern California businesses with Accounting and Tax Services for nearly 50 years. We have demonstrated professional competence by meeting the high education and experience requirements of our profession.

Our goal is to maintain the highest possible service to our clients and our strength lies in our individualized attention to each and every client. We feel open communication is vital if any business relationship is to succeed and we encourage your questions, comments and concerns.

Our accounting, consulting, and tax services are geared to those companies and individuals located in the Southern California area. We offer full service accounting, consulting and tax preparation, and planning for partnerships, individuals, corporations, fiduciaries and estates.  Some of these services include:

General Accounting Services:

Lang, Lang & Co. offers a complete range of accounting services.  We prepare financial statements in accordance with Generally Accepted Accounting Principles (GAAP) for use by banks, investors, and other third parties. Our firm will also prepare custom financial reports for internal, managerial use.

Reviews and Compilations:
We offer full Review and Compilation services for small to medium sized firms.

Tax Services:
We offer a full range of tax planning and compliance services. We will work with you year-round if necessary in order to minimize your total tax burden. Our firm also prepares all federal, state and local tax returns for individuals and businesses at competitive, affordable rates.

Estate, Gift and Trust Tax Return Preparation:
We provide expert preparation of federal and state estate, gift, and trust tax returns.

Tax Planning:
We continuously monitor federal, state, and local tax law changes to allow our clients to minimize current and future tax liabilities, and we offer full tax preparation and filing services.

Estate Planning:
Lang, Lang & Co. is certified to help with your Estate Planning Goals.  We will work with you to develop an integrated financial plan that will consider issues of estate taxes, asset preservation, charitable and philanthropic pursuits, retirement and education funding, wealth transfer, and many other important topics that need to be considered when planning your estate. 

SOME TAX SAVING TIPS:

1. If eligible, contribute to a traditional IRA. Check-out our Pension learning Center to determine eligibility requirements.

2. As an alternative to a traditional IRA, consider a Roth IRA. You will not receive a current deduction for Roth IRA contributions; however, the earnings will not be taxed on distribution.

3. Increase your contributions to any available employer sponsored retirement plan, such as a 401K, 403(b) or a SIMPLE Plan. Visit our pension learning center for contribution limits.

4. Bunch up deductions - Certain deductions, such as medical and miscellaneous itemized deductions, are subject to limitations.  By bunching up these deductions in a particular year, you may be able to deduct more than you would otherwise be able to.

5. Timing of Income - Access your income tax bracket and either delay or accelerate income, if possible. You could possibly delay income by asking your employer to delay paying year-end bonuses or commissions until next year, or, if you're a cash basis sole proprietor, you may consider delay billing to insure you will not receive income until next year.

6. Accelerate Deductions - Consider pre-paying your April 2009 property tax bill, 4th qtr state income tax estimate or your January 2010 mortgage interest payment in December of 2009.

7. Charitable Contributions - consider donating appreciated property, as opposed to cash gifts. You may be able, subject to limitations, to deduct the full fair market value of the property donated and , at the same time, avoid paying capital gains.

8. Review your capital gains and losses for the year and determine whether it is beneficial to sell those securities which are currently in a loss position in order to offset capital gains. You can deduct capital losses to the extent of capital gains, plus $3,000.

9. Claim any available above-the-line deductions such as, alimony, 1/2 self-employment tax, health insurance for self-employed individuals

There are millions of dollars not deducted by Americans because of faulty record keeping. Organize your records and make sure you deduct all that you can possibly legally deduct.

 

  

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