A Rhode Island based Parent Company grounded in tradition, quality, and integrity.
401-692-5270 - canthonycaramello@gmail.com
Personalized Accounting, Tax, and Advisory Services for Rhode Island and Beyond
​Whether you’re navigating a major life change, starting a business, or managing complex finances, we make the process simple and stress-free. We work flexibly to meet your needs — offering remote support, after-hours availability, and multiple ways to connect:
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Meet in person at our East Greenwich or North Providence location
Schedule an on-site visit at your home or business
Connect virtually via Zoom, email, or phone call
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No matter where you are or how you prefer to work, we make it easy to get the personalized guidance you need.
BUSINESS FORMATION, ACCOUNTING & ADVISORY SERVICES
Guiding Rhode Island businesses through growth, compliance, and strategic planning.
New Business & Formation Services
Starting or restructuring a business involves more than just filing paperwork online...
While services like LegalZoom and ZenBusiness promise quick setup, they often skip critical tax planning, Rhode Island-specific filings, and structural considerations that can cost you later.
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Business Incorporation & Formation — LLCs, S-Corps, Partnerships, and nonprofits
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Changing Business Structures — Transitioning from sole proprietor to LLC or S-Corp
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Payroll Setup & Strategy — Implementing payroll systems or optimizing existing processes
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Nonprofit Support — 501(c)(3) filings, board setup, and compliance coaching
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Start-Up Planning — Budgets, accounting systems, and tax-efficient foundations
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Why Skip LegalZoom and ZenBusiness?
Online platforms can get your business formed, but they leave you to figure out everything else — from choosing the right tax elections to setting up payroll to complying with Rhode Island’s reporting rules. At Terrace Financial, we handle everything start-to-finish — ensuring your structure, filings, and tax planning are done correctly the first time. Plus, we’re here when you need us — in person, at your business, over Zoom, or by phone.
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Business Tax Compliance
Staying compliant with federal, state, and local tax requirements is critical to running a successful business - we handle the details so you can focus on growth. From small start-ups to established companies, we make sure every filing is accurate, on time, and structured to avoid surprises.
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Comprehensive Tax Filing & Reporting
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Federal Business Tax Returns — LLCs, S-Corps, Partnerships, and C-Corps
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Rhode Island State Business Returns — Income tax, franchise filings, and annual reports
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Local Tax Compliance — Property taxes, local business licenses, and municipal filings
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Quarterly & Ongoing Tax Management
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Estimated Taxes — Ensuring accurate, on-time payments to avoid penalties
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Sales & Use Tax Filings — Monthly, quarterly, or annual reporting for retail and service businesses
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Payroll Tax Reporting — Submitting federal, state, and local payroll tax filings accurately and on schedule
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Food & Beverage Tax Filings — Specialized support for restaurants, cafés, caterers, and venues
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Support Designed for Your Business
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Flexible remote, in-person, or on-site support based on your needs
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Guidance on withholding requirements and tax classifications
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Proactive planning to stay ahead of deadlines and avoid unexpected liabilities
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Oversight of your in-house bookkeeper or payroll provider, if applicable
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We simplify business tax compliance by coordinating federal, Rhode Island state, and local obligations under one clear strategy — so you can stay focused on running your business.
Fractional CFO & Business Advisory Services
For businesses that need more than bookkeeping, we act as your strategic financial partner — providing hands-on management and high-level oversight without the cost of a full-time CFO. Our services are fully customizable to fit your business needs.
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Flexible Service Levels
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Daily or Weekly Management — Bookkeeping, reconciliations, and reporting in real time
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Monthly or Quarterly Check-Ins — Reviewing financials, spotting trends, and advising
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Oversight of Your In-House Team — Managing your bookkeeper, payroll specialist, or accounting staff for accuracy and compliance
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Payroll Management — Setting up payroll systems, processing payroll, or supervising your in-house processor
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Human Resources & Employee Support
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Coordinating with payroll providers and ensuring proper withholdings
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Assisting with employee insurance setup — health, dental, workers’ comp, and liability coverage
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Supporting benefits planning and required state reporting
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Guiding you through employee classification (W-2 vs. 1099) to stay compliant
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Compliance & Registered Agent Services
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Acting as your Registered Agent for Rhode Island and other states if needed
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Preparing and filing your Annual Business Reports with the state
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Monitoring filing deadlines for LLCs, S-Corps, and Partnerships
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Coordinating state and federal required notices for employee-related matters
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Strategic Financial Guidance
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Cash Flow Analysis — Protecting margins and optimizing working capital
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Budgeting & Forecasting — Building accurate, forward-looking roadmaps
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Profitability Reviews — Identifying cost savings and growth opportunities
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Business Expansion & Financing Support — Structuring growth while minimizing tax exposure
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Hands-On or Advisory — Your Choice: Whether you want us managing the books, overseeing your team, or simply advising during quarterly check-ins, our services are flexible, accessible, and built around your business model.
PERSONAL ACCOUNTING & TAX SERVICES
Helping individuals and families plan, prepare, and thrive financially.
Tax Compliance & Filing
We provide comprehensive support to ensure your filings are accurate, timely, and fully compliant with federal, state, and local requirements. Whether your situation is straightforward or complex, we manage the process from start to finish:
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Annual Tax Filing
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Preparing federal and state individual tax returns
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Maximizing deductions and credits to reduce liabilities
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Managing complex filings for investments, rental properties, and side businesses
Quarterly Estimated Taxes
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Calculating and submitting quarterly payments for self-employed individuals, freelancers, and gig workers
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Reducing the risk of underpayment penalties and unexpected tax bills
Multi-State Filing Support
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Handling tax obligations for commuters, remote workers, and those earning income across multiple states
Back Taxes & IRS Resolution
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Bringing past-due returns current quickly and efficiently
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Coordinating directly with the IRS to resolve outstanding balances and payment arrangements
Life Events
Life changes often bring new financial and tax considerations, and we ensure you are fully prepared to handle them. We provide personalized guidance to help you make informed decisions during every major milestone:
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Marriage or Divorce
Adjusting filing status, optimizing deductions, and planning for transitions
New Home Purchase or Sale
Mortgage deductions, property tax impacts, and capital gains strategies
Starting a Family
Maximizing child tax credits, dependent deductions, and education savings planning
Retirement & Social Security Planning
Structuring IRA and 401(k) withdrawals to minimize taxes
Inheritance & Estate Planning
Coordinating filings and advising on inherited assets
Career & Job Changes
Managing withholdings, relocation expenses, and retirement plan rollovers
Unexpected Life Changes
Power of attorney needs, medical deductions, and financial restructuring
2025 Client Success Story:
One client came to us after years of paying over $17,000 annually in quarterly taxes on income received from a family trust. She had been using a large “big box” tax preparation company, where the preparers overlooked important details and reported the wrong taxable amount. After carefully reviewing her returns, we discovered she had been overpaying significantly for several years. We corrected the filings, submitted the proper adjustments, and she received substantial refunds while reducing her quarterly payments moving forward.
Tax Planning
We deliver proactive, forward-looking strategies to help you minimize tax burdens, make confident financial decisions, and plan for the future:
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Side Work, Freelancing & Gig Income
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Advising on accurate reporting of side income and tracking deductible expenses
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Evaluating when it may be beneficial to form an LLC, S-Corp, or other business structure
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Assessing potential self-employment tax impacts versus savings through entity formation
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Creating a plan for quarterly estimated taxes to avoid surprises at filing time
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Client Success Story:
A client came to us frustrated after years of paying over 30% of their income in self-employment taxes from running a successful consulting side business. They had been filing as a sole proprietor and using a big-box tax preparer who never reviewed whether their structure made sense. After analyzing their returns and income, we recommended forming an S-Corp and set up their payroll correctly to balance reasonable wages with distributions. Within the first year, the client saved over $9,000 in unnecessary taxes and avoided future quarterly payment headaches.
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Year-Round Tax Strategies
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Designing personalized tax strategies to optimize deductions and credits
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Planning around significant life changes and tax law updates
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Incorporating retirement and investment strategies to maximize savings
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Future-Focused Projections
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Providing projections before major decisions such as changing jobs, purchasing property, or selling investments
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Helping you understand tax consequences in advance to make informed financial choices
C.A. Caramello & Company
​401-692-5270 | canthonycaramello@gmail.com
Office Address: 1 Redfern St. - North Providence, RI - 02911
Mailing Address: 55 Terrace Drive - East Greenwich, RI - 02818
© 2035 by Caramello & Company.