Lorraine Millington, Master Tax Advisor & Enrolled Agent“We monitor financials through our bookkeeping and tax preparation services so clients can reduce their liability, resolve audit inquiries, and identify eligible expenses and deductions,” says Lorraine Millington, an Enrolled Agent at Melanin Tax Solutions.
The firm is built on the idea of representation, especially in financial literacy. Ms. Millington believes that everybody should have a strong understanding of their finances, both on an individual and business level. Incorporating "Melanin" into the company's name illustrates its goal to help people from all walks of life better understand their financial situation.
A Broad Range of Services for a Diverse Clientele
Melanin Tax Solutions provides a comprehensive range of financial services to its diverse clientele, including individuals, sole proprietors, partnerships, small business owners, and corporations. The firm’s seasoned professionals have over 15 years of combined experience and specialize in managing complex tax issues such as self-employment, rental property, and small business taxes.
The tax preparation services include client portal setup, prior year tax returns review, and monthly or quarterly strategy sessions. These tax preparation and planning services inform clients about the latest laws and strategies to reduce tax obligations and liabilities. It offers detailed financial analysis and reports to determine if business owners are eligible for loans. If they are not, this information helps them understand where they stand financially and where they can improve.
Melanin emphasizes personalized attention to each client, recognizing that each business has unique financial needs. To this end, it provides an interactive platform to cater to specific client requirements. By investing the time to get to know each customer, assess their financial situation, and understand their goals, the firm's tax planning team develops comprehensive plans that are most advantageous for them.
Promoting Financial Literacy Among New Entrepreneurs
Businesses are aided in staying af loat during their first three to five years of operation. Clients stay informed about the latest tax laws and strategies with services like bookkeeping, tax preparation, payroll, business formation, and notary. They can focus on growing their businesses and generating profits. Keeping finances organized is essential to securing funding for future initiatives. Exceptional, year round services allow individuals and small business owners to legally reduce their tax burden and invest in future projects.
Comprehensive Bookkeeping Services for Business Growth
Apart from tax planning, Melanin offers personalized bookkeeping services to ensure uniformity in tracking, paying, and reporting, which protects client businesses from unforeseen risks. Clients have easy access to financial statements and a clear understanding of their financial position, enabling them to make informed decisions. They can use these services to focus on advancing their businesses and realizing their goals.
"Keeping finances organized is essential to securing funding for future initiatives"
Onboarding of bookkeeping services is provided, which includes a thorough review of client books, and monthly or quarterly strategy sessions to assess their financial status and objectives. This approach ensures their financial information is secure and they receive personalized support to make informed financial decisions.
If you don’t get serious about your money, you will never have serious money
The firm maintains a safe and seamless process in its secure portal. Users can exchange information and receive documents through an encrypted server or platform.
In addition to establishing reliable systems and processes within companies, Melanin’s services extend beyond essential transaction documentation and report filing. Its team is always available to provide strategic advice and answer client questions, ensuring they are confident and knowledgeable about their financial standing.
“By monitoring financials through our bookkeeping and tax preparation services, clients can reduce their liability, resolve any audit inquiries, and get credit for all eligible business expenses and deductions,” states Ms. Millington.
Melanin Tax Solutions is a onestop shop for all accounting needs of its clients, engaging them with personalized, one-on-one strategy sessions. Failing to plan and implement necessary systems or processes can put clients at a disadvantage when it comes time to filing tax returns. The team at Melanin Tax Solutions facilitates strategy and planning sessions, enabling business owners to stay ahead of the curve and maximize tax benefits while minimizing liabilities.
Over the years, Melanin Tax Solutions has encountered various instances where clients, uneducated on the intricacies of tax laws and business structures, were overpaying on taxes. One example involved a client that established business as an LLC, accounted for all its expenses, but needed clarification on the taxes they had to pay. After a thorough review, Melanin Tax Solutions discovered that structuring the business as an S corporation, for the business owner to be able to better pay themselves and eliminate additional self-employment taxes could significantly reduce their tax burden. While this conversion required more paperwork and documentation, it benefited the client in the long run. This demonstrates how the firm's knowledge and experience can be applied to a client's unique situation, helping them explore options they may not have previously known about which can ultimately minimize their tax liabilities.
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By monitoring financials through our bookkeeping and tax preparation services, clients can reduce their liability, resolve any audit inquiries, and get credit for all eligible business expenses and deductions
A Beacon of Hope for Financial Empowerment
Melanin Tax Solutions positively impacts finance with its visionary approach and dedication to supporting clients nationwide. It operates solely in a virtual environment and provides its services while educating the community on more effective financial management. Its commitment to personalized attention, expertise, and education has made Melanin Tax Solutions a trusted partner for clients seeking to navigate the complex world of accounting and taxation.
With a name that celebrates human diversity, Melanin Tax Solutions is a beacon of hope, empowering individuals with the confidence and knowledge to take charge of their financial futures.
