Frequently Asked Questions
01 What type of entity should I use for my new business?
There are many types of business entity types. Which one is best for you and your business? Should you form an LLC, C-Corporation, S-Corporation, or Partnership? I have the experience and expertise to help you develop the best plan.
02 I own a small business…what type of expenses are deductible?
If something is ordinary and necessary for your business, it is deductible! It is still a good idea to consult an accounting professional about your deductions. I specialize in small business and have years of experience helping local small business getting the most out of their deductions every year.
03 How do I pay less in taxes?
The simple answer to paying fewer taxes is to work with a financial professional to ensure you are taking advantage of every tax law possible.
04 What kind of records do I need to keep and for how long?
Records Retention Guideline # 1: Some items should never be thrown out
This is because these items would be hard to replace and you may be asked to provide them later in life. I suggest storing these “permanent records” in an expanding file or wallet – preferably in a fire safe or safe deposit box.
Records Retention Guideline #2: Business records need a permanent file
Businesses are held accountable to a much stricter set of rules than individuals. To complicate matters further, many industries (healthcare, insurance, law, etc.) set their own legal standards, so be sure to ask your professional association for their policies. All companies should create permanent files.
Records Retention Guideline #3: Keep tax records for 6 years
The IRS may go back 6 years to audit your tax returns for errors or incorrectly claimed deductions – so it’s important that you keep all tax-related documents for that length of time.
05 Why should I use a CPA?
It is my job to make sure that you or your business are getting the most out of the money you earn. Tax laws are always evolving, and as a CPA, I stay up to date on all current tax laws and continue to learn about upcoming changes. The bottom line, a CPA can save you time and money when preparing your finances.