| Q. I'm starting a new business. What information should I have ready for doing bookkeeping and taxes? |
A. We suggest that you take the following steps:
- Apply for a Fictitious Business Name at the County Courthourse. Required to open a checking account in your business name.
- Apply for a Business License at City Hall.
- Open a Business Checking account to keep your business funds and expenses separate from your personal account.
- Keep good records of expenses such as business lunches*, automobile, office supplies, and advertising. *You should document who was at the lunch and the purpose of the meeting.
- Keep a mileage log. This is one of the first items requested in an audit.
- If you are running a home-based business, keep good records on maintenance expenses for the home.
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| Q. I would like to have my personal taxes done. What do I need to bring in? |
A. We give our customers organizers that outline all of the items we need, but the most common items are listed below:
Employee W-2's, and any 1099's received. Schedule A deductions, such as year end statements from interest and property taxes, DMV fees, and charitable contributions. In addition, student loan interest statements and education and child care expenses. |
| Q. What information would you need to do my business tax return? |
| A. Some of the information we would need is gross receipts, business expenses (auto, rent/lease costs, utilities, equipment, memberships, education), vehicle information, assets purchased this year (for depreciation), and employee or independent contractor information/expenses. |
| Q. How long should I keep my records? |
| A. For federal returns you should keep personal returns a minimum of four years and business returns a minimum of ten years. You should keep supporting documentation for the same amount of time. |
| Q. Do you handle rapid refund loans? |
| A. No, we don't offer this service. |
| Q. How much to you charge? |
| A. Each situation is different and requires different forms and information, so each tax preparation cost is based on the forms required and each bookkeeping service is based on the time required to accomplish the task. |
| Q. How often should I bring in my information for bookkeeping? |
| A. Waiting to bring in paperwork only delays the process and may cost you penalties for late filing of required tax documents. Making regular appointments to bring in your receipts and other paperwork makes it easier for you to plan and budget for upcoming tax expenses and to gauge how your business is doing. |
