Features – HMK CPA

Our Services

HMK CPA

Generally Accepted Accounting Principles (GAAP)

A common set of accounting principles, standards, and procedures issue by the the Accounting Standard Board (FASB)

#1 Business Start Up

Any related questions on business start-up, we are here to answer. From business and financial planning to Employer Tax Identification Number (ETIN).

Creating financial statement, balance sheet, budgeting report, and Profit & Loss report. Making it easy for managers to analyze data to implement the next strategies.

100% Business Tax
Perfection.

We specialized in business tax filing. For a business owner it’s important to understand federal, state, and labor tax requirement.

Tax Auditing

Partner up with us for Tax Planning. We help you plan efficiently and effectively to keep you from paying more taxes.

Tax Perfection

Bookkeeping & Payroll

Need an experience accountant for bookkeeping and payroll services? HMK CPA manage many Twin Cities businesses accounts, with our cloud base accounting software, it’s much easier for manager and business owners to generated reports.

Bookkeeping Service

Financial Analysis

Using financial data, we could forecast small business performances and implement strategies to improve your operation.

Financial Planning

What do you want your money to accomplish? Let us help you plan your short-term and long-term goals. Reviewing your cash flow, budget, debt management to have your retirement saving on track.

Financial Compilation

Converting financial data into financial statement and compilation report. Under a compilation, management take responsibility for the preparation and presentation of the financial statement and has a clear understanding of the work that has completed.

Business Tax

Sale and Use Tax

Sales tax is charged by seller and applied to retail sales of taxable services and tangible personal property sold.

Labor Tax

Withholding Tax is state income tax you as an employer take out of your employees’ wages.

Self Employed Tax

Self-employment tax is a tax consisting of Social Security and Medicare taxes primarily for individuals who work for themselves

Property Tax

Property tax rates in Minnesota are close to the national average. The state’s average effective property tax rate is 1.08%.

FICA

Is a federal payroll contribution direct towards both employees and employers to fund Social Security and Medicare.

Estimated Tax

Taxes must be paid as you earn or receive income during the year, either through withholding or estimated tax payments.

Energy Tax Incentives

Taxpayers who upgrade their business to make use of renewable energy may be eligible for a tax credit.

Tax Preparation

Tax preparation for business.

Excise Tax

Excise taxes are internal taxes that are levied on the sale of specific goods and services.

HMK CPA

Small Business Owner. Locally own and operated.

Generally Accepted Accounting Principles

Expense Recognition

The expense recognition principles states that expenses should be recognized in the same period as the revenue to which they relate.

Full Disclosure

The principle urges that full disclosure of information that can have material impact on a business financial report.

Conservatism Convention

A policy of anticipating possible future losses but not future gains. This policy tends to understate rather than overstate net assets and net income.

Going Concern Assumption

Is the assumption that an entity will remain in business for the foreseeable future.

Separate Entity Concept

States that one should always separately record the transaction of a business and its owner.

Revenue Recognition

Should only recorded revenue when it has been earned.