Faq’s

Frequently asked
question

Q. What documents do I need to provide for tax filing?

Typically, you must provide income statements, expense receipts, previous tax returns, and any relevant financial documents. Specific requirements may vary based on your business type and tax situation.

Q. How can I reduce my tax liability?

There are various strategies to reduce tax liability, such as taking advantage of deductions, credits, and tax-deferred retirement plans. Consulting with a tax professional can help identify the best options for your situation.

Q. What accounting software do you recommend for small businesses?

Popular accounting software options include QuickBooks, Xero, and FreshBooks. The best choice depends on your business needs, budget, and the features you require.

Q. How often should I review my financial statements?

It’s recommended to review your financial statements monthly to ensure accuracy and make informed business decisions. Regular reviews can help identify trends and address any issues promptly.

Q. What are the penalties for late tax filing?

Penalties for late tax filing can include fines and interest on unpaid taxes. The exact penalties depend on how late the filing is and the amount of tax owed. It’s important to file on time or request an extension if needed.

Q. Who Needs to Pay?

Individuals who are self-employed, freelancers, or small business owners typically need to pay estimated quarterly taxes. This is because they don’t have taxes automatically withheld from their income like regular employees do.

Q. How to Calculate?

To calculate your estimated taxes, you need to estimate your total tax liability for the year, including income tax, self-employment tax, and any other applicable taxes. Divide this total by four to determine your quarterly payments.

Q. When to Pay?

Estimated tax payments are due four times a year: April 15, June 15, September 15, and January 15 of the following year.

Q. What types of audits do you conduct?

We perform and manage financial, operational, and unannounced audits, and oversee special audits, surveys, reviews, and studies.

Q. What financial evaluations and internal auditing services do you provide?

We offer comprehensive financial evaluations and internal auditing services, including analysis of the Balance Sheet, Income Statement, General Ledger, Trial Balance, Cash Flows, Accounts Receivable and Payable, and more.

Q. How do you ensure compliance with accounting standards?

We adjust standard operating procedures in accordance with IRS, GAAP, and GAAS guidelines.

Q. What tax preparation services do you offer?

We prepare tax returns for forms 1040, 1041, 1065, 1120, 1120S, and 990.

Q. Do you handle payroll services?

Yes, we run payroll for clients and manage state and unemployment registration in all 50 states.

Q. Do you report foreign bank and financial accounts for clients?

Yes, we report Foreign Bank and Financial Accounts for clients with accounts that exceed $10,000 and $100,000 US dollars.

Q. What is your experience with the Employee Retention Tax Credit (ERTC)?

We calculate the Employee Retention Tax Credit (ERTC) and have prepared and submitted over 300 ERTC amended 941 forms to the IRS.

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Accounting & tax for personal and small businesses

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