FAQs

How can a CPA help my small business?

A CPA can help with many aspects of your business, including tax planning, financial statement preparation, bookkeeping, budgeting, and compliance. We can provide strategic advice on managing cash flow, optimizing your tax situation, and planning for business growth, helping you navigate the complexities of running a small business.

What are the benefits of hiring a CPA versus an accountant?

A CPA has advanced credentials and expertise, which can be especially valuable for small businesses that need specialized advice. While an accountant can handle basic bookkeeping and tax filing, a CPA can provide tax planning, auditing, and strategic advice, and is also authorized to represent you before the IRS if needed.

Do I need to hire a CPA for my small business taxes?

While it's not mandatory, working with a CPA can help ensure that your business taxes are filed correctly, that you're taking advantage of every available deduction, and that you're in compliance with federal and state tax laws. A CPA can also help you with year-round tax planning to minimize liabilities and avoid costly mistakes.

What is the difference between a sole proprietorship, LLC, and corporation, and which is best for my business?

The structure of your business has significant tax and legal implications. A CPA can help you understand the differences between sole proprietorships, LLCs, corporations, and other structures, and help you choose the one that will provide the most tax benefits and protect your personal assets.

How can I reduce my small business tax liability?

There are various strategies that can help reduce your tax burden, such as maximizing business expenses, utilizing tax credits, and contributing to retirement plans. A CPA will analyze your financials and recommend the best strategies to lower your taxes and maximize savings.

How often should I meet with my CPA?

We recommend regular meetings to ensure your business stays on track with its financial goals. Whether it's quarterly for financial reviews or annually for tax planning, staying proactive with your CPA will help you avoid surprises and keep your business on a path to success.

What kind of financial reports do I need for my business?

As a small business owner, you should maintain key financial reports such as the balance sheet, income statement (profit & loss), and cash flow statement. These reports provide insights into your business's financial health and help you make informed decisions.

What happens if I’m audited?

If your business is audited, a CPA can represent you before the IRS, help gather the necessary documentation, and guide you through the process. We'll ensure that all your financial records are in order and assist in resolving any issues that may arise.

Can you help me with bookkeeping and payroll services?

Yes, we offer bookkeeping and payroll services to help you manage your day-to-day financial tasks. From handling employee wages to keeping accurate financial records, our team ensures that your business runs smoothly and stays compliant with tax regulations.

What should I do if I’m behind on my taxes or payments?

If you're behind on taxes or owe back payments, we can help you create a plan to get back on track. We can negotiate with the IRS, help set up payment plans, or explore options like offers in compromise to reduce your liability and get your business back in good standing.

How can I improve my cash flow management?

Effective cash flow management is critical for small businesses. A CPA can help you analyze your cash flow, recommend improvements, and provide strategies to manage receivables, payables, and expenses to keep your business solvent and growing.

Do I need a business plan, and can you help me create one?

Yes! A well-crafted business plan is essential for guiding your business toward success. We can help you develop a comprehensive plan that includes financial projections, budgeting, and strategies for growth, as well as making your business more attractive to investors and lenders.

What tax deductions are available for small businesses?

Small businesses can take advantage of numerous deductions, including business expenses such as office supplies, equipment, travel costs, vehicle expenses, and employee wages. A CPA can help ensure that you're aware of all possible deductions, so you don't leave money on the table.

How do I set up retirement plans for my employees?

Setting up a retirement plan for your employees can help attract and retain talent. We can guide you through options such as 401(k) plans, SIMPLE IRAs, and SEP IRAs, helping you select the best plan for your business while maximizing tax benefits.

What’s the best way to prepare for year-end taxes?

Proper preparation throughout the year can make tax season much smoother. A CPA can help you organize your financial records, review potential deductions, and ensure that you're ready for year-end tax filing. We can also help you make tax-saving moves before the end of the year, such as deferring income or accelerating expenses.

How can I grow my small business while managing my finances?

Growing a business requires careful financial planning. A CPA can help you develop strategies for scaling your operations, securing financing, optimizing your budget, and managing risks, so you can focus on growth without financial concerns holding you back.