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Our clients know, we are well-informed and continually adapt to the ever-changing world of tax law and accounting. We’re here with answers to your financial questions. No matter how large or small, we provide personalized attention to everyone.
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Answers to Commonly Asked Questions
Q: When should I start planning my taxes?
A: Twice a year is best. Mid-year and the beginning or the end of the year. This allows you to plan and discover any implications. September and October are also a great time to review for your end of the year return.
Q: Should I separate my business from personal expenses?
A: Always get a separate bank account and credit card for your business and run only business expenses through those accounts.
Q: How can I manage inflation?
A: Raising prices slightly can help although you must look at your customer base. Are they able to afford a cost increase? We can help with financial analysis, just let us know.
Q: Can I deduct my vehicle expenses for taxes?
A: Generally, you can claim deductions for vehicle expenses as a self-employed taxpayer, but there are a few twists and turns along the way. Tax law includes several “speed limits” that can affect your write-offs.
Q: Should I purchase accounting software?
A: Yes. Keeping thorough and accurate records throughout the year will ensure your tax return is correct, alleviate missing important deductions, and help you reduce the risk of audit.
Q: What’s the difference between S Corp and LLC?
A: There are many differences however a lot of it has to do with how the business owners are taxed and the extent of their liability. Be sure to consult with a professional to establish what classification is right for you.
Q: Where can I find IRS and business tax information?
Below are the common IRS links for businesses. If you have questions about a form or need to know what to file, contact us (727) 827.2132.
