FAQ’s

I want to start a business but I am not sure how. Can you help?

Yes, we help you choose the right business entity to fit your needs.

How much tax will I have to pay?

As little as legally possible.

What is the best way to keep my books and records?

Usually in QuickBooks and we will help you set them up to meet your needs.

What forms do I have to file for my business and if I have employees?

You have to file quarterly payroll tax forms and W-2s.

I want to buy or sell an asset, what are tax implications?

These will vary with the assets bought and sold. Planning will help you pay the lowest tax.

Should I sell my business asset or exchange it?

Usually an exchange will be beneficial, but every sale has to be looked at and planned for.

What is regular income and what are capital gains?

Usually the sale of a capital asset will result in a capital gain or loss, you have to look at the transaction to determine what kind of income you have.

How big will my refund be or how much do I have to pay?

That really depends on your income and deductions. Planning will help you pay the lowest tax.

Who can I claim as a dependent?

That is defined by the tax law, usually your spouse and kids, but others also may qualify including your parents.

Can I deduct my alimony?

Yes and your ex will have to claim it as income.

What type of entity should I put my business in?

There are several choices  and we will help you decide which best fits your needs.

How should I set up my books and records?

In such a way that you have financial information to use in running your and business and filing your tax returns.

What tax benefits are available for me or my business?

There are many tax benefits available and having a CPA will help you take advantage of them.

I’m thinking of buying or selling a business or business asset, what is the best way to do it?

That will vary with the type of business or asset you are buying or selling. Planning will help you maximize your profit and minimize your taxes.

I may get divorced, what is the best way to handle the taxes and business issues?

Planning, we work hand in hand with your attorney to structure the settlement to your advantage.

I want to add employees, what’s involved in that process?

Generally you must have complete an I-9 form and have them supply proof that they can legally  work for you.

I need financing, how do I prepare my financial statements?

You will need a CPA with experience in  financial statement preparation. We can help you with this.

How can I use the information in my financials?

We provide you the understanding to make sense of you financials using ratios and plain English to help you make business and financial decisions for your business.

Would you be a member of my team in helping me succeed?

We become a key part of your team working with your attorney and other members to provide insight and advice on helping you reach your goals.

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