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Questions to Ask an Account 12 Basic Questions to Get Started

tax questions

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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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.

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”.

Advanced user tips

They can help you walk through your options and the advantages and disadvantages of each. They may be able to look at what you have in place and recommend new software or best practices that will keep your business and its data more secure. Hello, I’m reaching out to see if keeper tax is interested in holding a panel discussion about taxes for freelancers and keeper tax. We are a non-profit organization located in new york city and .


That means that if you buy a piece of equipment and place it into service, 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.

Small Business Bookkeeping & Technology

This means working with an https://bookkeeping-reviews.com/ 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.

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Select the bulleted list icon to see your income, expense, and gross profit breakdowns. Select points in the graph to see the income and expense details for the month. Match transactions to your bank statement and check them off one by one. Click on the drop-down menu under “Accounts” and select the account you want to reconcile. Click Open Bills to make payments on any of your outstanding bills. We’ve put together a list of basic user tips as well as advanced tips for QBO users at various stages of their journey with the software.

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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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So you might want to ask whether they’ve worked with them personally or know someone who’s had a positive experience. If you aren’t managing your cash flow, a great business model and healthy revenues might not be enough. They may suggest new key performance indicators or receivables collection practices. They may also help you create a cash flow projection so you can predict and plan for any temporary cash shortages. As a small business owner, it’s important to ask your accountant if one person in the firm will handle the business or if you’ll be dealing with several different people. This is important because you need to know who you can trust with your financial information.

Ask the Right Tax Questions to Get the Most out of Your Accountant

First, find out how much notice the accountant requires before cancellation. Some charge a cancellation fee, so be sure to determine how much it would be before hiring them. Some offer a full refund if you cancel within a certain timeframe, so be sure to ask about this before hiring an accountant.


Small business owners in all industries can benefit from the experience and knowledge of an accountant. For example, a retail business owner may need help with inventory management, while a business owner in the food industry may need assistance with food cost analysis. No matter what business structure or size of business you have, an accountant can provide valuable insights and advice. If you’re thinking about hiring an accountant, one of the best ways to get a sense of their work is to ask for client references.

The most common accounting software: email settings in xero structures that they work with are sole proprietorships, partnerships, limited companies, and trusts. Some will charge by the hour, while others may charge a flat fee. Be sure to ask about any additional fees, such as travel or expenses. You will also want to know how often the accountant expects to be paid. Once you have a clear understanding of the payment policy, you can decide whether or not the accountant is a good fit for your business.

personal finance

Having the right accountant isn’t just about crunching numbers; they’re one of your most important collaborators. In this final question, the accountant can fill in any gaps you might have missed. You will be able to round off your conversation while getting some more valuable advice from your accountant. They will be able to help you make many business decisions, such as whether to buy or rent office space, hire a full-time employee or a contractor, or lease or rent equipment. You need to consult with your accountant more often than just once a year in order to develop a valuable relationship with them.

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.

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Your accountant should be able to help you put together financial forecasts for the upcoming year. You may also want to ask them to help you create a budget so you can make informed decisions about where and how to spend your money, and invest in your business throughout the year. Equity financing tends to be better for cash flow because you don’t have to worry about loan payments or interest.

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.

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.