Throughout our time working with clients on tax compliance, we’ve been asked quite a few questions about the dos and don’ts of tax law. While we can’t answer every question here, we can provide the answers to some of the most common questions we get.
Of course, you can always reach out to the DLHC team for consultation, and take advantage of our selection of tax planning and preparation services.
An expert CPA or tax advisor can work closely with you to help you take advantage of credits and deductions that you didn’t know you were entitled to and that popular tax software can’t find. They can also help you boost your income and reduce tax liability by maximizing asset depreciation, uncovering tax-exempt investment opportunities, and optimizing your existing accounting and tax filing systems.
Our team of highly trained tax professionals and expert CPAs are here to assist you with any tax compliance questions you may have covering a diverse range of issues from audit defense and tax planning, to finding deductions, filing returns, and everything in between.
Of course, you can always get your information straight from the source by visiting the official IRS website, or by contacting an IRS agent.
To quickly assist you with your tax needs, we require that you provide us with a few documents and common financial information. This streamlines the process and allows for full transparency between you and your tax expert. For your convenience, files can be submitted in electronic or paper form.
Documents may include:
- Bank statements
- Credit card statements
- Sales systems (POS)
- Software (i.e. Quickbooks)
- Accounts payable
- Accounts receivable
- Choose an accounting method (cash or accrual)
- Track your expenses and accounts payable
- Keep accurate, up-to-date records
- Keep personal and business finances separate
- Balance your books each month
- Limit issues with accounts receivable
- Automate your processes
- Backup your financial records
- Get professional help from an expert CPA
The cost of payroll services depends largely on the complexity and size of your business. A few main factors to consider are:
- Your payroll frequency
- Number of employees
- Number of W-2s to file
If your current accounting firm isn’t able to grow with your business, or consistently identify new opportunities and improvements, it may be time to seek a new firm.
A few signs that you need a new CPA firm include:
- Your current firm can’t find you enough money-saving or borrowing opportunities
- Your current firm can’t help you expand or improve business systems
- Your current firm files incorrectly and makes mistakes often