Learn More About Leaf Specialty Tax Consultants

Foster your entrepreneurial growth, get advice on how R&D Tax Credits work in your favor, and find a way to get money coming back to your business – fast.

Company History

Adam Farnsworth started his career at a local credit union. For over two years, he observed something fascinating: some people with high incomes struggled to stay afloat, while others with modest means built real wealth. This experience sparked his passion for helping people make smarter financial decisions. That can only happen when you eliminate the stress and overwhelm caused by money.

Adam founded LEAF to help you tackle your finances with confidence. Accurate bookkeeping provides the foundation for an organized, compliant, and successful business. LEAF offers a wide range of services, from personal and business tax preparation to advanced strategies like cost segregation, to help you save money. He also serves as a fractional CFO, providing expert financial guidance and strategy. With his help, you can unravel the complex world of finance, making it more digestible and easy to understand. In the end, the team at LEAF isn’t just professional – they’re your trusted resource.

What LEAF Stands For

Our values guide everything we do. They provide the framework for how we help clients navigate their financial futures with trust.

Learning

Knowledge is power. We’re passionate about educating about taxes and financial strategy. We want you to be able to make informed decisions and capitalize on every possible opportunity.

Ethics

Trust starts with simply doing the right thing. We approach your financial plan with honesty, transparency and integrity. Your success should never come at the cost of fairness.

Attitude of Servitude

Our DNA consists of a need to help others. We go above and beyond to serve you, treating your goals like our own. We want the complex world of taxes to feel simple and doable.

Family Friendly

Finances can be stressful, but they don’t have to be. We create a welcoming, judgment-free environment where you feel supported and heard. Let us guide you and your family toward a stronger financial future.

Small Businesses Take Care of Their Communities

As a business owner, you should be able to improve your business and pay your employees reasonable wages and bonuses. LEAF focuses on giving back to our community through excellent educational opportunities and tax advice. We feel it is our responsibility to help minimize the amounts you pay to the government and keep more money in your pocket.

Trusted By The Industry’s Best

Proud member of the American Institute of Certified Public Accountants & the Utah Associations of CPAs.

Don't Just Take Our Word For It

Incredibly knowledgeable, promptly available for communication and questions, personable, and professional. Adam has gone above and beyond to meet my family's tax needs and financial services. Highly recommend!

They know their stuff. That is why I thoroughly trust them with my clients when special projects are needed, such as R&D or ERC. I highly recommend them!!

[LEAF] does very thorough R&D reports, is very helpful in explaining the intricacies of the process, and documents everything with the level of OCD you hope to see in specialty accountants

[LEAF was] very friendly, responsive, knowledgeable, efficient, and professional. We . . . couldn't be happier with the results of their work.

LEAF Consultants are professional, and easy to work with. We would highly recommend this team!

Frequently Asked Questions

Bookkeeping

+ - What is bookkeeping, and why is it important?

Bookkeeping is the process of recording and organizing financial transactions for a business. It’s important because it provides accurate financial records, helps with tax preparation, and supports better financial decision-making.

+ - What documents do I need to provide to my bookkeeper?

You’ll typically need to provide invoices, receipts, bank statements, credit card statements, payroll records, and any financial agreements.

+ - What software is best for bookkeeping?

Popular bookkeeping software includes QuickBooks, Xero, FreshBooks, and Wave. The best choice depends on your business needs and budget. Larger businesses have more enterprise options to choose from.

+ - Can I do my own bookkeeping, or should I hire a professional?

While you can do your own bookkeeping, hiring a professional ensures accuracy and allows you to focus on running your business.

Personal Taxes

+ - What documents do I need to gather before filing my personal taxes?

You should collect all necessary forms showing income (e.g., W-2s, 1099s), records of interest and dividend income (e.g., 1099-INT, 1099-DIV), documentation of deductible expenses (e.g., mortgage interest statements, property tax bills, charitable donation receipts), and any records of investment transactions or business income if applicable.

+ - Should I take the standard deduction or itemize my deductions?

This depends on which method results in a larger deduction. The standard deduction is a fixed amount based on your filing status. If your qualifying expenses—such as mortgage interest, state and local taxes, charitable contributions, and medical expenses—exceed the standard deduction, itemizing might be more advantageous. As your CPA firm, we can help you determine which option yields the greatest tax benefit.

+ - Will contributing to retirement accounts help reduce my tax liability?

Yes. Contributing to certain retirement accounts, like a Traditional IRA or 401(k), can help reduce your taxable income for the year. The specific tax benefits depend on factors such as your income level and participation in employer-sponsored plans. We can advise you on the best retirement strategies to maximize your tax savings.

+ - What records should I keep, and for how long?

Generally, keep your tax returns and supporting documentation for at least three years. This includes receipts, bank statements, and any other records that substantiate income, deductions, or credits reported on your return. Certain records—for example, those related to the purchase and sale of property—should be kept longer, as we can discuss in detail based on your circumstances.

Business Taxes

+ - What’s the difference between a Schedule C, 1065, and 1120-S tax return?

A Schedule C is used by sole proprietors and single-member LLCs to report business income and expenses on their personal tax returns (Form 1040).

A Form 1065 is filed by partnerships and multi-member LLCs to report business income, deductions, and other financial details, distributing profits/losses to partners via Schedule K-1.

A Form 1120-S is filed by S corporations to report income, deductions, and credits, with shareholders receiving their share of profits/losses on a Schedule K-1.

+ - What deductions can I take for my business?

Common deductions include rent, utilities, advertising, supplies, wages, professional fees, insurance, and depreciation. Additionally, sole proprietors and S corporations may qualify for the Qualified Business Income (QBI) deduction. We can help ensure you take full advantage of all deductions legally available to your business.

+ - What records should I keep for my business taxes?

Maintain records of all income, expenses, payroll, contracts, and receipts. For S corporations and partnerships, you’ll also need to track shareholder/partner distributions, equity contributions, and loans. Generally, records should be kept for at least three years, but longer in certain situations.

+ - How do tax deadlines differ for Schedule C, partnerships, and S corporations?

Schedule C businesses file with their personal tax return (Form 1040) by April 15.

Partnerships (Form 1065) and S corporations (Form 1120-S) must file by March 15.

Extensions are available, but taxes owed must still be paid by the original due date. We’ll help you meet all filing deadlines and plan for payments.

Cost Segregation

+ - What is cost segregation?

Cost segregation is a tax strategy that accelerates depreciation on certain components of a building by reclassifying them into shorter depreciation lives (5, 7, or 15 years) instead of the standard 27.5 or 39 years for residential and commercial properties. This allows property owners to increase cash flow by reducing tax liabilities in the early years of ownership.

+ - What types of properties qualify for a cost segregation study?

Any property used in a trade or business or held for investment can qualify. This includes office buildings, retail spaces, industrial facilities, apartments, and even residential rental properties. New construction, existing buildings, and renovations are all eligible.

+ - How does a cost segregation study work?

A cost segregation study analyzes the components of your building to identify items that can be depreciated over shorter recovery periods. Engineers and tax professionals work together to classify assets into categories such as personal property, land improvements, and real property.

R&D Tax Credits

+ - What is the R&D Tax Credit?

The Research & Development (R&D) Tax Credit is a federal and state tax incentive designed to encourage businesses to invest in innovation, improve processes, and develop new products or technologies. It allows eligible businesses to claim a credit for qualified research expenses (QREs).

+ - Who is eligible for the R&D Tax Credit?

Businesses in various industries, including manufacturing, software development, engineering, agriculture, and healthcare, may qualify. Eligibility isn’t limited to labs or scientists—it applies to any company engaged in improving products, processes, or software.

+ - What activities qualify for the R&D Tax Credit?

Qualifying activities must meet the following criteria:

Permitted Purpose: Developing or improving a product or process.
Technical Uncertainty: Addressing technological challenges or uncertainties.
Process of Experimentation: Using a systematic process like testing or prototyping.
Technological in Nature: Relying on principles of engineering, physics, biology, or computer science.

+ - What expenses qualify for the credit?

Qualified Research Expenses (QREs) include:

Wages for employees involved in R&D activities.
Supplies used in the research process.
Contract research expenses (up to 65% of the cost).
Costs associated with developing prototypes or software.

Fractional CFO

+ - What is a Fractional CFO?

A Fractional CFO is a financial expert who provides high-level financial strategy, planning, and guidance to businesses on a part-time or contract basis. They help businesses achieve their financial goals without the cost of hiring a full-time CFO.

+ - What services does a Fractional CFO typically provide?

Key services include:

Financial planning and analysis.
Budgeting and forecasting.
Cash flow management.
Strategic planning and business modeling.
Profitability analysis.
Financing and fundraising support.
Oversight of accounting and financial reporting processes.

+ - How do I know if my business needs a Fractional CFO?

Your business might need a Fractional CFO if you:

Struggle with cash flow management or budgeting.
Need better financial reporting and insights.
Are preparing for growth, fundraising, or major financial decisions.
Lack the expertise to create financial strategies or optimize profitability.

If you’re unsure, we can assess your business to determine whether Fractional CFO services are the right fit.

Take Advantage of Leaf Tax Consultants’ Exceptional Client Service

If you haven’t utilized your tax credit to maximize innovation and development, now is the time. Let LEAF get the R&D Tax Credit working for you today.