Get more than just a tax return
Frequently Asked Questions
How do I find a qualified CPA?
They should contact the local Better Business Bureau, local Chamber of Commerce, or ask people they know who they use.
What is the difference between a CPA and an accountant?
Anyone can be an accountant, hang out a shingle and say they do tax and accounting work. A CPA has to pass one of the hardest exams given in the country, be licensed by the state in which they reside, maintain that license with continuing education requirements.
How long should I keep my financial records?
Tax returns and the immediate supporting documentation should be kept permanently. All other documents – bank statements, cc statements, bills, invoices, we recommend they be kept for 7 years.
What do I do if I can’t pay the taxes that I owe?
If you do not have the funds to pay a balance due, you call always contact the taxing authority and work out an installment plan. Be advised that if you are in an installment plan that (1) at any time you can contact the taxing authority to find the balance due and pay it off, and (2) you must keep all future filings current and up to date while in the installment plan.
Why outsource my accounting department?
If you have a competent bookkeeper, you should still have the work they do periodically reviewed to make certain that everything is correct and accurate.
How do I create tax forms for my employees and contractors?
What tax forms are you referring to? The IRS has the necessary forms for employees (W4, I9) and independent contractors (W9) to fill out before they start working for you.
How can you help me better manage my cash flow?
We can review your activity with you to see where your monies are Going.
Are there any industry-specific tax regulations that I should know about?
This depends on what your business is.
What are my estimated taxes?
When you work, taxes are withheld from your salary. If you are not working, living off investment income or retirement funds, you still need to make periodic payments to the IRS (and State where you live) to cover your potential income tax liability.
What are the individual tax deadlines I need to know?
The personal income tax return, or extension is due April 15. The due date for the extension is October 15.
What is the qualified business income deduction?
Qualified Business Income deduction is from the Tax Cuts and Jobs Act of 2017. It gives a business owner an additional deduction in determining their personal taxable income. There are certain criteria that must be met to qualify for this.
Do I need a bookkeeper or an accountant?
Asking this question is the first step in determining the answer to it. You should meet with a CPA to discuss your situation and what you need to do.
7.31.33 – 4.22.22
Manuel Fishman, founder of the firm, passed away on April 22, 2022. He will be missed. “