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Hassan Abbas highlights key advice to Startups and Entrepreneurs about their Taxes and Finances

As the leader of HQ Tax & Financial Inc, Hassan Abbas has been engaged with the provision of efficient and reliable income tax services for over eight years. Consisting of a team of experienced CPAs, Professional Tax Practitioners, and IRS Enrolled Agents, HQ Tax & Financial Inc provides the best solutions to your financial woes. The team delivers a wide range of key services to their clients, including payroll services, tax preparation, strategic planning, business consulting, company formation, and many more.

Hassan answered a few questions we had about his business and how business and individuals can meet their income tax deadlines.

Hi Hassan, when did you start HQ Tax & Financial Inc, and what was the primary motivation?

HQ Tax & Financial consists of a team of highly enthusiastic professionals who have diversified experiences in different fields of Banking, Corporate Tax Planning, Tax Preparation, Financial Accounting, IRS Audit Representation, and Real Estate.

“All these financial services must be in reach when needed, despite distances and timings.” This was the thought that brought us into existence eight years ago. We wanted these services to be affordable for anyone to be able to manage. All our partners used to work in large public accounting firms where clients were charged with mind-blowing service charges and needed to schedule appointments weeks beforehand. They also had to wait for a longer period of time in order for their urgent tasks and key-decision making processes to be attended to. Then, at one point, we started providing freelancing services remotely to all 50 states and even internationally. Once we started, we had gotten a very positive overwhelming response from our clients due to our affordable rates and informal customer relationship round-the-clock. In only a few months of freelancing, we got built over 600 clients who have rendered our taxation & accounting services, not only in the USA, but from all over the world, including Brazil, China, Canada, Germany, India, Mexico, Netherlands, Pakistan, and the UK.

In your experience, what are the three biggest financial mistakes made by businesses?

The first is a lack of initial consultation with the Business Advisor. Startups often are tight on budget and so they avoid spending higher amounts to look for professional advice. Most of the time they  these startups end up choosing the wrong business structure.

The second is a lack of communication with the business’s financial planner or tax accountant on an ongoing basis.

Third is not spending enough time on resource allocation & budgeting.

When you provide “strategic planning” assistance, what does this involve?

We have a thorough discussion with the clients and ask them about their short-term and long-term objectives. We also do comprehensive planning based on their capital, budgeting, allocation of resources, and conduct periodic reviews of the business performance. This is also referred to as the SWOT analysis. We analyze the internal and external environment of the business.

Why are passion, prestige and perseverance so critical to your business’ ethos?

We love and talk numbers. We live to explore and discuss new tax laws. We are a team of business enthusiasts who enjoy reading fintech and business news all day long. We have a strong urge to help people in the business community and we take pride in that. We know how what it feels like when someone takes your discussion seriously and gives you honest advice that can change your life. We give equal importance to every new client and treat them the same way throughout the years of engagement with us. We put ourselves in clients’ shoes and see what type of guidance is needed. Whether it’s a Christmas holiday or a New-Year’s Eve, our team is there to provide guidance and help our clients in the time of need because we believe that we ONLY grow if our CLIENTS grow.

We strive to fulfill each client’s specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment. Our core objective is to satisfy prestigious clients and guide them through to the path to success, whether it is an individual, self-employed client or a corporation because we have firm belief, “Our Clients – Our Strength.” Our vision is that we will be nationally recognized as a professional service organization that accomplished the ultimate balance between outstanding client service and the financial success of the firm. This will be accomplished by creating a culture of pride and passion that will enable us to continue attracting and retaining the best and brightest professionals – who will be rewarded, recognized, and respected for their contributions to a firm that is founded on shared core values.

What are the significant differences between your payroll services and tax preparation?

In every country, individuals and businesses need to file their annual income tax returns based on their tax years. It is mandatory and required by law to report yearly income and expenses and pay the tax liability within a certain timeframe. In the USA, normally, people start filing their tax returns from January 15th and the deadline is April 15th. We are licensed to practice in all 50 states.

Businesses run payroll for their employees and file payroll tax returns with both federal and the  state every month or quarter. At the end of the year, businesses issue W2s to their regular employees and 1099s to their subcontractors in which all of their incomes have been reported.

How has your business handled the coronavirus pandemic? Have you needed to make significant changes to your business model?

We know the importance of technology in our daily lives as well as in our business. Hence, we have deployed the latest tools and resources in order to provide efficient and smooth services. This approach, since inception, enabled us to sustain in this 2020 pandemic. All of our services are easily able to be provided virtually. We have clients from all 50 states, as well as worldwide. Our goal is for people to feel secure and comfortable. This is why we had created a business model where our clients are able to get the services they need from the comfort of their own home or office. HQ’s servers are fully encrypted and highly secure.

What are your goals for the business going forward?

We do not want us to be labeled a “boutique local firm.” We want to help new startup owners and entrepreneurs from all over the USA. As our services can be availed through a single click from emails remotely, we aim to have a team of hundreds of tax professionals helping people around the globe who want to do business in the USA.

Thank you Hassan for your time!
You can follow up with Hassan Abbas at
https://www.hqtax.com