Tax season is right around the corner which means it’s time to start preparing your finances. One of the most important people that you should be talking to during this process is your accountant. Your tax return will be a lot easier for them if they have all of your documents in order, and there are some questions that you need to ask before you file. In this blog post, we provide 10 questions that every business owner needs to ask their accountant before tax season begins.
What are the most important documents I need to prepare so that you can file my taxes?
What is the best way for me and my accountant to communicate before tax season begins?
How do I know when it’s time to talk with an accountant about filing my business taxes? How often should I expect a consultation from an accountant in preparation of filing taxes during tax season? Which types of transactions must be reported on federal income tax returns, but not state income tax returns?” Do all businesses have to report every type of transaction on their return or just certain ones. Why does receiving other people’s money (e.g., cash sales) require special consideration by taxpayers?” Can expenses related to starting a new business offset any income that the business is making?
Can I deduct interest paid on a loan for my personal expenses?” What are some of the most common scams people face when filing taxes? How can you avoid these scams and protect yourself from identity theft or tax fraud. Are there any special considerations about preparing your taxes if you’re self-employed, retired, unemployed or have received an inheritance during this year?
What should be done to ensure compliance with U.S. federal income tax laws as well as state income tax laws?” What do accountants advise their clients each year before they file their return(s) so that everything goes smoothly at tax time.”
The IRS recommends withholding 28% in federal taxes from employee paycheck withholdings because it’s the most common deduction. What are some of the most common scams people face when filing taxes?” When is a person considered self-employed and who might qualify for this status?” Is there any special consideration about preparing your taxes if you’re retired, unemployed or have received an inheritance during this year? “What are some of the benefits of working for yourself instead of someone else?”
There are many scams, such as phishing schemes and identity theft which can lead to someone else gaining access to your bank account or stealing your identity. The only way to protect yourself against these scams is by being aware of them and taking steps accordingly, like installing a firewall on your computer or creating strong passwords with numbers and symbols in addition to letters. Another scam that people face might be receiving an email from a company claiming that you have been selected out of thousands of applicants for some kind of scholarship opportunity – it may sound too good to be true, but just delete the email and you’ll stay clear of this scam.
which statement is correct?
A deduction from a paycheck can either be tax deductible or not depending on who receives said income. For example, if someone has two jobs – one as an employee at a company and another as a self-employed freelancer – they will have different deductions because only those with employees are eligible for deducting items such as retirement plans and 401ks. If all of your expenses exceed what’s left after taxes, then that person will probably need some help making their monthly payments in order to avoid debt ball traps like high interest credit cards and payday loans.
What should I do before hiring a tax consultant?
A good way to find the best accountants in your area, or for someone you plan on working with closely, is by asking around. Often times people are more than happy to recommend and share their experiences of different service providers they have dealt with recently. Some other ways to narrow down who might be a great fit are: reading online reviews; checking out what certifications they hold (accounting firms offer various levels of certification); considering how long a firm has been operating; and then deciding if it sounds like this would work well within your personal budget.
which statement is correct?
When choosing between multiple services that offer similar services, it is important to find the one which feels right.
when choosing between multiple service providers that offer a similar set of services, what should I do?
The following questions will help you get started:
What are your company’s hours of operation and availability for meeting in person or on the phone? – which statement is correct?
Do you offer personal assistance with tax preparation and filing business taxes if needed? – which statement is correct? Do I need an accountant to handle my finances during year end while preparing our annual taxes; this includes paying bills and balancing accounts from month to month as well as arranging deposits into checking account(s)? – which statement is correct?