21 Must Know Questions To Ask An Accountant

tax deductions

Keep in mind that you need to keep each type of record for a certain period of time. The IRS has a time frame for certain records while the Fair Labor Standards Act sets the duration for other records. Check with your accountant to find out how long you need to keep each type of record for. When you first work with your accountant, it is always better to do your due diligence on what they will expect from you.

That means that if you buy a piece of equipment and place it into online payroll submission, you can write off 100% of the cost that first year. You don’t necessarily have to act on it—after all, it’s your business—but knowing what they’d do can give you some good food for thought. They can help you figure out where you might have economic nexus and point you to resources for getting compliant if needed.

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Ask your accountant what information you need to gather ahead of time so that filing your taxes will be easier for both of you. You can also ask them how you can better organize your records to make tax filing easier. It will take your accountant less time to prepare your tax forms if your records are organized. The Tax Cuts and Jobs Act brought about many new changes for business owners. The qualified business income deduction allows some sole proprietors, S corporations, partnerships, and trusts and estates to deduct up to 20% of their qualified business income. Keep in mind that some accountants have referral relationships with other business professionals but haven’t actually utilized their services.

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You can also deduct home office expenses if you use part of your home for business purposes. In addition, you can deduct charitable contributions made by your business. So, if you’ve been wondering what business expenses you can deduct, the answer is quite a lot! Be sure to talk to your accountant to get the full details on what you can and cannot deduct. However, there is more than an accountant can do to improve a business’s bottom line.

When you choose an accountant, it is important to make sure that they can complete the types of tax returns you need. For example, if you are a self-employed sole trader, you must complete a self-assessment tax return. And if you are a company, you will need to complete a corporation tax return.

Do you need an accountant?

Cash receipt journals help you quickly review the money you have received for a set period of time. QuickBooks Online for Dummies Cheat Sheetteaches you keyboard shortcuts access various windows and pages without touching a mouse. The various icons at the top of the QBO page help you quickly search for items, create new items, or display transactions. Click on the Accounting tab on the left hand side of the page and create an account called “Ask my accountant”.


We are not your typical local accounting firm looking to take over your books for a price or meet you once a year to perform your taxes. Although we do provide comprehensive accounting and book keeping services as well as taxes, we strongly believe in working closely with our clients and being in communication year round. Because no one wants to drag out the process of filing taxes when really, you just want your tax return, being organized is the best first step to prepare for tax season. Ask your accountant what they need from you and get prepared as early as possible. Your business structure impacts everything from the type of business tax return you file to the taxes you pay and your personal liability if someone sues your business. By asking these questions up front, you can help ensure a smooth and efficient relationship with your accountant.

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This means working with an accountant to track income and expenses, balance the books, and prepare financial documents for many small businesses. You should ask your accountant how they communicate with clients and how they expect to get paperwork like bank statements and invoices. They may have a system for doing this electronically or prefer to receive paper copies. In either case, be sure to ask about any preferred format or turnaround time for documentation to provide what is needed on time. The ask my accountant account may seem like a minor detail or function of QuickBooks.

For an example as a Life & Wellness Coach to making and selling homemade candles, soap and oils. Finally, our self-employment tax rate calculator will tell you what percentage of your 1099 income you should set aside for taxes. When you are a bookkeeper, you cant expect to know how to categorize every transaction. These accounts come in handy to keep track of questions needing to be answered. Our business account is empty and it’s all I can do not to cry when asked for donations.


Depending on your situation, they can explain to you the https://bookkeeping-reviews.com/ rules you need to follow. As an example, the effect of joint ownership on a home office claim. Your organization and handling of your finances will improve as you schedule regular meetings with your accountant. It’s a great step towards a healthier business for any small business owner. “Been with him for over 10 years, would never change my accountant, very professional and accurate, would recommend to anyone that needs his services..” However, some of my bills are showing up in the Ask My Accountant account.

What are Accounting Records?

An accountant can encourage clients to promptly pay their invoices by offering an early payment discount. This type of discount typically ranges from 2-5%, and it is typically offered for payments made within ten days of the invoice date. Offering this type of discount can improve their cash flow and reduce the amount of time spent chasing unpaid invoices. Palmore says that investing is often the last thing people are thinking about at tax season. “Investing in retirement accounts is not only a great tax saving, but you get to watch your money grow.”

If your business has you on the road, you can take an income tax deduction for travel expenses that take you away from home. Keeping an organized list of itemized deductions or using accounting software to track expenses can really save time at tax time. As a business owner, you’re able to deduct certain expenses from your federal income taxes.

And, discuss the process of filing and remitting your taxes (e.g., when they are due, what forms to use, etc.). To grow your business, you may need additional funds to take on larger projects. Your accountant can help you sort out the best small business financing options. There are major differences between W-2 employees and independent contractors. With an employee, you are responsible for withholding and remitting payroll taxes. But with an independent contractor, you don’t withhold or pay any payroll taxes for them.

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I was curious if there are any apps or QBO features that would allow my staff member to quickly see this specific report from all clients in one location. Analyze your business regularly with the help of your accountant. By doing so, they can see where improvements can be made and what changes you can make to make your business more successful. When it comes to your small business, your accountant may not have all of the answers. They can give you some good advice and steer you in the right direction. With over 10 years of corporate accounting experience we are your in house accountant you can rely on.

Meeting with your accountant gives you an opportunity to pause and take that step back. As a small business owner, you might think that increasing revenue is the only way to grow your business. Accountants have to protect a vast amount of sensitive client data, so they need good internal data security practices. Ask your accountant how they recommend protecting your business’s financial, personnel, and client data from cyber theft. Your accountant should have a good understanding of your operations and team members, so they may be able to suggest where you can fill any gaps. No business owner, no matter how driven or talented, can do it all on their own, so find out where you need the most help.