Accounting for Architects

TAX PLANNING AND COMPLIANCE 

At Presti & Naegele, we understand the unique tax implications for architecture firms.  We can help you plan for estimated taxes, manage deductions, and minimize your tax liability. Architects may qualify for tax credits related to sustainable design, research and development, or historic preservation.  P&N can help you identify and maximize these credits.   

• Corporate, Partnership and Individual Tax Planning and Compliance



• Multi-State Taxation

• Maximization of Tax Credits and Incentives

• Choosing The Right Business Entity

CHOOSING THE RIGHT BUSINESS ENTITY

Architects can operate as sole proprietors, partnerships, LLCs, or corporations. Each structure has distinct tax implications. P&N can assist you in choosing the right business entity. Choosing the right structure for your business is crucial, as it affects legal liability, taxation and operational flexibility. Each business type has its own trade-offs. We can walk you through the process identifying the advantages and drawbacks of one entity vs the other.

Legal Structure: How architects pay taxes depends on the structure of their business.  At P&N, we can evaluate your situation and recommend the right entity for your business.

Sole Proprietorship – A sole proprietorship is the simplest form of business, where the owner and the business are one.

Limited Liability Company (LLC) – An LLC combines the liability protection of a corporation with the flexibility of a partnership.

Partnership – A partnership involves two or more individuals or entities sharing ownership and responsibilities.

S-Corporation – An S-Corporation is a pass-through entity that combines features of

corporations and partnerships.

FINANCIAL STATEMENTS, BUDGETING AND FORECASTING, AND PROJECT PROFITABILITY ANAYLSIS 

P&N can assist in the preparation of Financial Statements providing insights into your firm’s health.  For architects, budgeting, forecasting, and project profitability are crucial.  P&N can help forecast revenue, expenses, and cash flow to ensure stability for your architectural projects.  By assessing the profitability of each project, our clients can better understand which projects yield the highest returns and allocate resources accordingly. 

BOOKKEEPING

P&N helps architects maintain accurate financial records.  Proper bookkeeping and financial management are crucial for the success and stability of any architectural practice.  We handle tasks like tracking income, expenses, and project costs. Architects often have project-based expenses.  Proper expense tracking ensures you stay within budget. 

Many architects use bookkeeping software to streamline financial management.  We are experts in all things QuickBooks and can assist in software selection, implementation, integrations, and individual or group QuickBooks training.   

accounting and Advisory services architects can count on throughout the full life cycle of their business.