Most firms only generate numbers. At Trinity Tax Associates, we interpret those numbers, and put them to work for you. We subject the dollar to a close examination under a magnifying glass. No dollar amount is too small; after all, we know it adds up. We are a multi-disciplined firm with solutions for accounting, tax, strategy and payroll; and bring them all together to help businesses and their owners operate more profitably. We will assist you in satisfying record-keeping and report-filing requirements, solving business problems and using financial and audit reports to make sound business decisions to achieve the maximum profit for your business venture. We can also help you plan your estate to reduce your tax liability or increase your pay-in.

Our goal as your strategic partner is to empower you to understand all of the factors impacting your financial situation, so that you can make better decisions in both your personal and business lives.

The non-exhaustive list of our range of services (as applicable to Individuals and Businesses) include:

  • Bookkeeping
  • Month-end Financial Reporting
  • Financial Statement Preparation
  • Budgets & Forecasting
  • Tax Planning, Analysis & Preparation
  • Financial and Estate Planning
  • Investment review
  • Family gifting and Trusts
  • Retirement planning
  • Family business transfers
  • Accounting Software Set up and Training
  • Review of Internal Controls
  • New Business Set Up
  • Closely held companies’ Review
  • Business sales and acquisitions
  • Lease-buy decisions
  • Business valuations
  • IRS Tax Challenges, Disputes, OICs and Settlements
  • Foreign Earned Income Exclusions
  • Below is a summary of a few of the services we provide


    We offer full bookkeeping services including general ledger, billing and accounts receivables, bill payment and accounts payable, cash receipts and bank reconciliations, fixed assets and depreciation, inventory and payroll facilitation.

    Month-end Financial Reporting

    In addition to our full bookkeeping services we can provide month-end financial analysis and reporting; for example which products are more profitable to your business and which products are not selling; as well as an analysis of your major revenue sources and customer base. These types of Product Margin and Cost and Revenue Analyses Reporting will assist you in making vital business decisions.
    Financial analysis is a critical component of operating a business to gain an understanding of how your business is doing and what you need to do to make it more profitable.
    You can choose to elect our full accounting services package or customize your own package to suit your business needs.

    Financial Statement Preparation

    When preparing your financial statements, the following four financial reports will also be prepared for you.
    -Profit and Loss Statement - This report is also known as an income statement. It summarizes your income and expenses for the month, quarter and year so you can determine whether you are operating at a profit or a loss.
    -Balance Sheet - This report provides a financial snapshot of your company as of a specific date. The report calculates how much your business is worth (your business' equity).
    -Statement of Cash Flows - This report shows how your cash position changed over a period of time. It shows the amount of cash earned from profit, your source of cash, and where your cash was spent.
    -Financial Statement Review – A thorough review of all your business components including summary of results and prior years' comparisons.

    Tax Services

    At Trinity Tax Associates, we take pride in our quality of work. We take a thorough approach when completing your tax returns to ensure that you get the maximum refund allowable. We keep up-to-date with IRS tax laws and regulations and ensure that all of our work is in full compliance.
    As a complimentary service, we will review your prior year's return for accuracy and possible missed deductions and credits which can result in a greater refund or a reduction of payment to the IRS.

    Trinity Tax Associates prepares all required tax returns to assure that you are paying no more taxes than necessary. Throughout the year, Trinity Tax Associates monitors tax law changes that will affect you, recommends tax saving strategies, and serves as your advocate in tax matters.

    All of our tax returns are prepared using up-to-date professional tax software. You can elect to electronically file your tax returns or choose to use paper returns.
    The following are just a few examples of various tax returns we prepare:

    • Business
    • S Corporations
    • Partnerships
    • Sales & Payroll Tax
    • Individual
    • Individual Income Tax Returns (1040)
    • Self Employed (Schedule C)
    • Rental Activities (Schedule E)
    • 1099's

    Ask us about our generous tax referral discount program. Contact us at 202-269-2121 for more details

    Other Services

    Budget Planning & Analysis
    The success of every business, whether big or small, depends on whether there is a budget plan and how realistic it is. As part of our services, we offer a budget plan review that's based on history as well as business strategy. By working together, we can create a realistic budget that would help you reach your business goals and maintain profitability.

    Business conditions can and do change, especially in today's soft economy. Are you prepared to deal with the financial implications? We offer monthly, quarterly or seasonal projections as a tool that will help you adjust to these economic changes and soften any negative headwinds that could impact your business.

    New Business Set-up
    Most businesses start out small. As a business owner you need to know your federal and state tax responsibilities and filing requirements. We can provide and assist you in preparing the basic federal tax forms that are required for starting a business and also assist in making basic business decisions. As you start a business, we can help you select the proper organizational structure and secure adequate financing. We can work with you and your banker, lawyer, insurance agent and other advisors to solve your business problems. You will receive assistance with loan applications, pricing, credit policies, cash flow, cost controls and your other business needs. If you have a problem we can't solve, you may be directed to a legal specialist for assistance.
    As business owners we know that setting up a new business can become overwhelming, Trinity Tax Associates can help you through the process by providing a step-by-step approach. As part of setting up a new business, you need to consider what type of recordkeeping system you will need as well as the accounting method that is best suited for your business. Our approach will ensure that all forms and filings are properly submitted and your recordkeeping system is accurately completed thus alleviating some of the burden and mitigating any non–compliance assertions from the States or service (IRS).

    Accounting Software Set-up and Training
    Whether you are an existing business or just starting a new business we can review and ensure your accounting system is accurately set up so that financial data is properly recorded. In addition to reviewing and setting up your accounting software, we provide training to ensure accounting principles are followed according to industry standards.

    Review of Internal Controls
    Internal Controls is one of the most overlooked areas in small businesses. However, it is an important aspect of running any business operation. The purpose of internal controls is to implement checks and balances to ensure a company runs smoothly and safeguard against improprieties. Particularly with small businesses where often there is one employee who is responsible for multiple functions (i.e. recording cash sales, making deposits); internal controls can be one of the best ways to safeguard against mistakes and save the company headaches, cost and time in the long run.

    Individual Budget & Planning
    Are you planning on buying a new home? Are you looking to get control of your monthly expenses but don't know where to start?
    We, at Trinity Tax Associates, can review your monthly income and expenses to determine your discretionary expenses versus necessary expenses. Together we can create a budget plan that will help you stay on track and assist you in your financial goals.

    IRS Tax Problems, Disputes, OICs & Settlements
    Are you experiencing an IRS tax lien or levy? Have they frozen your assets, seized your bank account, garnished your wages? Do you want to make an OIC or a payment plan? Have you failed to file your tax returns or have you fallen behind on your installment agreement?

    We can assist businesses and individuals that find themselves on the other good side of the IRS. We represent our clients and deal directly with the IRS through POA, and when appropriate, recommend an attorney to physically represent our clients in those situations where legal assistance may be prudent.

    Foreign Earned Income
    Foreign Earned Income Exclusions are available to certain U.S. taxpayers abroad as well as various deductions, exemptions, and credits. Our knowledgeable staff will assess your specific situation in order to take advantage of Foreign Earned Income Exclusions, Housing Exclusions, Housing Deductions, Moving Expense Deductions, Charitable Deductions and IRA Contributions, as well as a host of other deductions, exemptions, and credits allowed by the IRS.

    What Qualifies for Foreign Earned Income Exclusion?

    If you live and work abroad, you may qualify to exclude all or part of your foreign earned income. Foreign earned income is defined as pay - such as wages, salaries and professional fees, for personal services performed in a foreign country during the time your tax home is in a foreign country and you meet either a bona fide residence test or a physical presence test. The place where you perform the services is what defines your income as foreign, not where or how you are paid. For instance, income received for personal services performed in France is foreign earned income, even if the employer is American and your pay is deposited in an American bank. Wages paid by the U.S. government to its employees are not eligible for the exclusion; however, amounts paid to independent contractors by the U.S. government may be eligible.

    Usually, foreign earned income does not include such items as interest, dividends, pensions, annuities, or amounts attributable to certain employee trusts. If you are self-employed, and both capital investment and personal services are factors in producing your income, your earned income is the smaller of the value of your personal services or 30% of net profits. Additional rules are described in Publication 54, Tax Guide for U.S. Citizens and Resident Aliens Abroad.

    Your net self-employment income is generally subject to self-employment tax even if it is excluded for income tax purposes. However, if it was earned in a country that has a social security agreement with the United States, called a totalization agreement, it may be exempt from U.S. social security taxes, including the self-employment tax. If you violate U.S. restrictions that prohibit travel to certain countries, your foreign earned income from such a country does not qualify for exclusion. See Publication 54 for current travel restrictions. For more information, refer to Topics 853 and 854 and 855.

    For more tax saving tips, please visit our Resources and Tips Page