FREQUENTLY ASKED QUESTIONS

Questions:
Where can I find a tax form?
Should I incorporate my business?
Why should I hire a CPA to prepare my tax return?
Why does my business need an accountant?
How much should I budget for accounting services?
When are taxes due?

Answers:
Where can I find a tax form?
Tax forms can be found at your local IRS office and at the public libraries. You can also retrieve the more popular forms from the IRS website. Most tax forms are in PDF format. You can download the Adobe Acrobat Reader if you do not have a PDF reader. It is located at www.adobe.com




Should I incorporate my business?
In many instances, you can save tax dollars by incorporating. Each situation is different. You should make an appointment so that we may evaluate your particular situation to determine what is best for you.




Why should I hire a CPA to prepare my tax return?
A CPA is not only trained and experienced in the complicated world of taxation, but license requirements demand continuing education in the field. When you have assets, investments, life changes, a relocation, income fluctuations, a business or outside sources of income, the tax deduction and credit options available to you are numerous and, many times, very confusing.




Why does my business need an accountant?
If you are like most business owners, you have knowledge and drive and a strong affinity for your industry. But every business is in existence to make money, and every business requires money to keep it alive. Keeping track of the money that you are earning, spending and saving is crucial to your success. Even if you have an in-house bookkeeper or your own computer software to take care of daily transactions, do you know what the numbers actually mean in terms of true profit? Are you up-to-date on the sales and payroll tax regulations and due dates? Do you understand the different advantages and disadvantages of operating as a sole proprietorship, a C Corporation, or an S Corporation? They don't have to be a burden to you or a distraction from what you enjoy most - building your business.




How much should I budget for accounting services?
This depends on the size and complexity of your operations. It is our opinion that your accounting firm should deliver enough value in exchange for the fees charged you actually feel like your accountant makes you money.




When are taxes due?
Personal Tax(form 1040) is due April 15th with an extension date of Oct 15th; Corporate Tax(form 1120) is due March 15th with an extension date of Sep 15th; Partnership Tax(form 1065) is due April 15th with an extension date of Oct 15th; Form 941 - Last day of the month following the quarter end; Form 940 - Jan 31st; W2's - Jan 31st to the employees, Feb 28th to the IRS; 1099's - Jan 31st to the payee, Feb 28th to the IRS