Frequently Asked Questions
Even successful business owners and managers rely on a team of advisors for answers to business and financial questions.
Even successful business owners and managers rely on a team of advisors for answers to business and financial questions.
“For unto whomsoever much is given, of him shall be much required: and to whom men have committed much, of him they will ask the more.” Luke 12:48
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YES! The IRS does provide payment plan options and typically will attempt to work with you if you are making efforts to get your Tax Debt paid. If you do not file your return you will be subject to Failure to File Penalties which can increase the amount you owe by up to 25% if you leave the issue unresolved!
No you do not. Generally, the same deductions are available for individuals operating as a sole proprietor as are available to LLC’s and Corporations. The value of an LLC or Corporate Structure is to separate your personal liability from the company’s liability. Please consult an attorney for additional info about entity types and liability.
The answer is it depends on your situation. However, we generally recommend the LLC structure as it provides more flexibility is selecting how you are taxed and does not require as much reporting to stay in compliance with the Secretary of State. Please consult with a tax professional before finalizing your decision to be sure you are selecting the appropriate structure for your business.
In its simplest form business is really just money coming in and money going out where we hope we have more in than going out. Therefore, if you are just starting your company or need to get your books caught up focus on making sure your checking account transactions are reviewed and appropriately coded. Everything else builds from there
As of right now we typically recommend QB Online (please note we are not being compensated by Intuit for this). QB Online is easy to use, is accessible anywhere you have access to a web browser and internet, and is very scalable. Please note though, the key to any accounting system’s success is how it is setup and is this setup designed around the company’s processes.
The Balance Sheet lets us know how many assets we have (like cash and equipment), what our liabilities are (how much do we owe other people) and our Equity (how much are we worth). Remember from FAQ 1 above, all business boils down to cash at the end of the day. If my Profit and Loss Statement shows I have $200,000 in sales but I have only collected $10,000, then you really only have $10,000 of assets you can use in your business. The Balance Sheet lets us see these trends and plan cash flows better when used in conjunction with the P&L.
