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Taking Care of You and Your Tax Needs!


Frequently Asked Questions

I’m just starting my business and don’t know which business type is best for me. I hear something different from everyone I talk to. Can you help me?

Yes, absolutely. It’s not uncommon to get conflicting recommendations because what’s right for one business may not be right for another. We can help guide you through making the right choice for your business.

I incorporated myself online to save money. It was really easy but now I find out from the bank and my accountant I don’t have a lot of paperwork I should have. Everything is a mess and I don’t even know what I’m missing. Can you help me sort things out?

Yes we can. Incorporation filings are very complex. There are many organizational requirements and additional corporate filings needed besides the Articles of Incorporation to set-up a corporation properly. Don’t panic, we can review your paperwork and determine what is still needed for the proper set-up and organization of your corporation and help you take care of it.

What is an LLC?

LLC stands for Limited Liability Company. LLC’s are one of the most flexible business entities available and are formed under state law. You can have single member LLC as well as multi-member. Tax consequences vary depending on state law and entity set-up.

What’s better Corporation or LLC?

Both are good depending on your situation and both may be wrong for you. It’s important to talk with a specialist in business formation to get all the right answers before making your final business entity selection. You may also need to get the recommendation of your attorney and accountant as well.

I heard operating as a sole proprietor was the simplest way to start a business. Is this true?

Yes, sole proprietorship is the simplest, easiest form of business to set-up and organize. However, depending on liability, income and partner issues a corporation or LLC may be a better choice.

Now that I’m self-employed should I use an Accountant instead of doing my own tax return?

Yes, using an accountant is a good idea for many reasons. An accountant will be able to maximize your tax savings and make sure you don’t miss out on any business deductions. They will also make sure your tax return does not have any red flags that will attract attention at the IRS. Professionally prepared returns are less likely to have errors and the preparation fee is always deductible.

Am I required to make Quarterly Estimated Tax Payments when you are self-employed or can you pay when you file your tax return?

If you owe income tax you are required to pay quarterly estimated tax payments. The IRS wants to receive payments on an installment basis throughout the year, scheduled due dates are 4/15, 6/15, 9/15 and 1/15. If you do not follow this schedule and you owe income taxes, you will be subject to underpayment penalties.

I just received an audit notice in the mail, what should I do?

Contact your accountant as soon as possible, so that he/she can either act as your representative and handle the audit for you or help you to prepare if you’re going to handle the audit yourself. We do not recommend handling an audit yourself. It is always advisable to have professional representation.

I have several years back taxes to file, can you help me?

Yes, if you haven’t filed taxes in years the first thing to do is get the tax returns prepared and then filed. If you owe more tax than you can pay, payment arrangements can be negotiated for reasonable monthly payments. The key to getting back on track is getting old taxes paid down while staying up-to-date on the current year taxes.

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