Bookkeeping, Virtual Accounting


This will allow you to meet with the accountant, ask them some questions, and see if they are a good fit for your business. Most offer a free consultation, but it’s always a good idea to ask. This way, you won’t be out any money if you decide that the accountant isn’t a good fit. It’s also a good idea to find out how the accountant prefers to be paid – this will help you budget for their services.

  • wellness coach Dawnette Palmore says that high-net-worth individuals might find that giving is the best way to receive. There are lots of other deductions for mortgage interest, childcare, and even healthcare costs. Seek advice now to learn which ones are worth the hassle of tracking and deducting. Personal finance experts share the top frequently asked questions you must ask your tax accountant. Click on the paperclip, select the desired file from the list of saved documents, and double click it to attach it. QuickBooksis still dominating the game when it comes to providing accounting solutions to small and medium sized businesses across the globe.


Even after the transition from ask my accountant to uncategorized, our team of bookkeepers use AMA for short in describing the uncategorized activity internally here. The truth is that the idea of a sick person coming to see a doctor, being diagnosed and treated, and later leaving cured and satisfied is somewhat quaint. These days, patients often arrive with chronic problems that we might be able to patch up, but we cannot cure.

income tax

By looking at the big picture, they can identify areas where the business is overspending or could be more efficient. They can also offer advice on financial planning and risk management. In short, an accountant can be a valuable ally in helping a business achieve its financial goals.

What can I do to manage my cash flow better?

Talk to your accountant about what other options are available to you. One of the most common ways to reduce your tax liability after the tax year is over is to contribute money to an individual retirement account or Simplified Employee Pension IRA. Small business owners have to juggle a lot of shifting priorities. For example, you may have to deal with managing employees and contractors, marketing your products and services, serving clients, hiring, and more.


We need and end to for-profit medicine that treats patients like bureaucratic boxes needing to be checked off, and we universal healthcare that simply puts patients first once more. “Medical Degree” would mostly win—but that was little reassurance. That it was a close competition at all was somewhat disturbing. On the Chart of Accounts screen, click the New button to open the Account form menu. From the Home Screen click the + Menu and select Expense to add a new expense. Emily Peterson is an experienced fact-checker and editor with Bachelor’s degrees in English Literature and French.

In addition to the main expectations for their clients, accountants and firms often have supplemental expectations that, if left unsaid, can lead to unsatisfactory returns or clients. You can also ask your accountant for a calculator or template to easily record and keep track of your business expenses. It is much easier to stay on top of this throughout the year than to scramble to find receipts as the tax deadline approaches. It’s easy to get so caught up in day-to-day operations as a small business owner that you don’t take the time to plan for the long term.

Firm of the Future

Your how to create a business plan can likely help you analyze your cash flow issues and suggest tax tips and improvements so you don’t feel the crunch each month. Talk to your accountant to see if this is a strategy you can use and how much you can contribute to your retirement account. There are contribution limits based on your business income and age, but it’s a great way to improve your tax return. Organize your receipts, financial statements, tax return forms, and any additional forms you might need, then get up to date with your bookkeeping. These steps won’t necessarily lower your tax bill, but they will help to reduce the back-and-forth with your accountant. Any business, large or small, needs to keep a close eye on its bottom line.


That way, they can see where you can make improvements and what changes you can make to help your business. Sure, your accountant isn’t going to have all of the answers when it comes to your small business. But, they can help steer you in the right direction and give you some good advice.

Cash flow statements track the inflow and outflow of cash, providing valuable insights into a company’s financial health. However, preparing cash flow statements can be challenging, particularly for small businesses with limited resources. Every business has to deal with taxes, and one of the most important aspects of tax management is payroll.

You can continue to deduct 50% of eligible meal expenses, but businesses are no longer able to take a deduction for entertainment expenses. We provide a dedicated bookkeeper supported by a team of knowledgeable small business experts. It’s easy to get so busy dealing with the day-to-day responsibilities of running a business that you don’t take a step back and plan for the big picture.

It is best to ask your accountant early which ones automatically apply to you and which ones could apply to you if only you kept track of your receipts. Small Business Stories Celebrating the stories and successes of real small business owners. Each structure has its own set of rules when it comes to taxes and legal liability. An accountant can discuss the legal structures in depth to help you determine which one is best for your business. Your accountant can also assist you with filling out the correct documents for the legal structure you select. As a business owner, one of your main goals is to maintain a healthy cash flow.

Look within yourself –

Look within yourself.

Posted: Wed, 15 Mar 2023 15:33:02 GMT [source]

The accounting software an accountant uses is important because it can give you an idea of the level of experience. If they use several different accounting software packages, they will know which software fits your business. When hiring a professional accountant, there are a few questions a small business owner should ask them to make sure they are the right fit for your business. Some of these questions will not be relevant to your business, so choose the best ones. Donating appreciated stock or giving donated goods to a beloved 5013 tax-exempt organization is often on our minds during the holiday season anyway. Don’t be shy to ask your accountant how a contribution will affect your taxes.

Anything Else I Can Do to Reduce My Tax Bill and Improve My Tax Return?

Using this question will allow you to determine which issues in your business come up regularly that you can address with them. It doesn’t matter if you’ve worked with your accountant for years or this is your first meeting, make sure you know what questions to ask. I have inventory items that are set up with the correct Expense and Income account. Make use of this relationship to ask the most pertinent tax preparation questions you have. On items where bonus depreciation is allowed , the bonus depreciation amount was increased from 50% to 100%.

Some of the most popular packages include FreshBooks and QuickBooks. I was told in order to get my stimulus check I have to file a tax return. When I try to file my taxes with keeper tax, I have no option to elect that I have already been claimed and now my taxes have been kicked back. I’ve been setting aside the taxes but don’t know where to go from there. The schedule says quarterly so would I just pay for July and August? If you think you should be paying quarterly taxes, use our quarterly tax calculator to figure out how much your payments should be .

A good accountant can offer tax advice and help you strategically plan for a healthy business in the years to come. Ask your accountant if they offer advisory financial services to help you assess and grow your business. Talking to an accountant during tax time isn’t just a meeting to get through so you can get on with the rest of your year. And of course, help you get the best tax refund possible on your tax return. Some key questions to ask include whether the accountant outsources any work, what expenses can be deducted, and whether they can help with payroll. By asking the right questions, small business owners can find an accountant to help them grow their business and save money on taxes.

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