FAQs when hiring a CPA
Accounting FAQs
QUESTIONS & ANSWERS
Frequently Asked Questions
Have questions about hiring an outsourced CFO or CPA for your business but unsure what questions you should be asking? Check out our FAQs to see if we can help answer some of your accounting or tax questions befor booking a consultation with us!
Could I could just hire an in house CFO/Controller/Bookkeeper.?
You absolutely could, but you will pay more for it in salary, training, and time. The current median salaries for hiring a CFO is $265,000, Controller $160,250, Accounting Managers $130,680, and bookkeepers $70,200. And then you still have to go out and pay a tax preparer who probably isn’t offering proactive tax strategy.
What makes you so different than other firms?
Our focus is giving our clients the best experience possible and providing proactive guidance. The biggest complaint we hear is “my CPA doesn’t call me back” or “my CPA doesn’t have availability for me.” Because of this we limit the number of clients we take on at any given time to ensure we can maximize the value we bring to each engagement. We serve a small number of clients and serve them with excellence, communication, and availability. We are also more efficient because we combine all of your typical services (bookkeeping, accounting, tax, risk management, process improvement, technology implementation, etc.) all in one place.
What is the difference between accounting and bookkeeping?
Bookkeeping involves the recording of financial transactions, while accounting encompasses the interpretation, analysis, and summarization of those transactions to provide insights for decision-making.
How can I minimize my tax liability?
Minimizing tax liability involves various strategies such as maximizing deductions, taking advantage of tax credits, contributing to retirement accounts, and engaging in tax planning throughout the year.
What expenses can I deduct as a small business owner?
Small business owners can typically deduct expenses such as rent, utilities, salaries, office supplies, marketing expenses, business travel, and certain equipment purchases. It’s essential to consult with a tax professional to ensure compliance with tax laws
Have a question? Ask Us!!
It's not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.
Robert Kiyosaki
BENEFITS & MISSION
Standard Tax and Accounting Questions
Find an answer to all of life’s frequent tax and accounting frequently asked questions!
Do I need to keep receipts for tax deductions?
Yes, it’s advisable to keep receipts and documentation for all deductible expenses. This helps substantiate your deductions in case of an audit by the IRS or other tax authorities.
What is the difference between a tax credit and a tax deduction?
A tax deduction reduces taxable income, thereby lowering the amount of tax owed, while a tax credit directly reduces the amount of tax owed dollar for dollar.
Should I hire an accountant to do my taxes?
Hiring an accountant or tax professional can be beneficial, especially if you have complex tax situations, own a business, or want to maximize deductions. They can help minimize errors, identify potential tax savings, and provide peace of mind.
How long should I keep my tax records?
The IRS generally recommends keeping tax records for at least three years from the date you filed your original return or two years from the date you paid the tax, whichever is later. However, certain documents, such as records related to property or investments, may need to be kept longer.
What is the difference between a W-2 and a 1099 form?
A W-2 form is issued by employers to employees and reports wages, tips, and other compensation paid, as well as taxes withheld. A 1099 form is typically issued by businesses to independent contractors, freelancers, or other non-employees to report payments made to them.
Can I deduct my home office expenses on my taxes?
If you use a portion of your home exclusively and regularly for business purposes, you may be eligible to deduct home office expenses, such as a portion of mortgage interest, property taxes, utilities, and maintenance costs
What are estimated tax payments, and who needs to make them?
Estimated tax payments are quarterly payments made to the IRS by individuals, business owners, and self-employed individuals who expect to owe a certain amount in taxes for the year. Generally, if you expect to owe $1,000 or more in taxes after subtracting withholding and refundable credits, you may need to make estimated tax payments.