FREQUENTLY ASKED QUESTIONS

  • Many expenses could be tax deductible. The most common ones to look out for include business start-up costs, cost of supplies, office or business expenses, salaries, travel, rent, and more. However, there may be tax deductibles you’re unaware of and costing you your return. Our professional accountants will be able to clear up any further questions when they assess your documents.

  • The best thing you can do to maintain your accounting records is to find the right bookkeeping system or software for your business. Most software programs will let you track expenses, income, and taxes all in one place. Make sure you have a regular schedule for updating your books so that you never fall behind. If you need help picking an accounting software, reach out to us!

  • There are several steps to take to separate your business and personal finances, including:

    • Applying for an employer identification number

    • Establishing your business type

    • Opening a business bank account

    • Pay yourself a salary

    • Separate receipts

    • … and more!

    For more help with keeping personal and business finances separate, reach out to our hands-on accountants.

  • If you’re running a small business, there are several signs that you need to outsource your accounting functions. These can include:

    • Reaching more than $1 million in revenue

    • Growing in size as a company

    • Accepting investor capital

    • Accelerating your growth

    • Requiring sophisticated financial reports for decision making

    • Struggling to file your taxes on time and accurately

    If you’re feeling overwhelmed by managing the accounting needs of your business in-house, you should consider outsourcing to a professional firm regardless of the tips above.

  • There are likely many accounting firms in your area, which means you’ll need to choose between them. Look for an accounting firm that is in a convenient location, has the proper certifications, has successful industry experience, and charges low advisor fees. If you’re looking for these qualities, you’ll find them at Cf & Associates CPA Professional Corporation. We’re the top local choice because we bring all these elements to the table.

  • Accountants are experts at managing money, meaning they’ll be able to help you find ways to use your resources more effectively. This can include offering strategic advice, generating ideas to save money, and finding ways to boost revenue. We also allow you to focus on the core function of your business, letting you pour time and energy into what you do best.

  • You should keep the following records for at least six years:

    • Business expenses

    • Sales records

    • Accounts receivable

    • Accounts payable

    • Customer list

    • Vendors

    • Employee information

    • Tax documents

    Depending on your type of business, there may be more records to keep track of. We’ll be able to help you determine more specific guidelines after discussing your situation.

  • As a business, you can deduct many expenses, including:

    • Start-up costs

    • Supplies

    • Travel

    • Office expenses

    • Salaries

    • Rent

    Depending on the nature of your business, there may be other deductible expenses that are less common. With more specific information, we could identify other expenses eligible for deduction.

  • Ensure you gather all your documents, receipts, and personal information and take them to a certified tax preparation accountant. A professional will ensure you don’t miss anything that could result in tax issues or improper returns.

  • Hiring a better professional accountant can better monitor and control your finances, helping you make more informed decisions regarding purchases and expansions. We can help create and stick to a budget, track your financial efficiency, and find ways to better save your money.

  • There are many benefits to outsourcing your payroll to our team of professional accountants, such as:

    • Saving time

    • Minimizing expenses

    • Eliminating mistakes

    • Guaranteeing code compliance

    • Responding to concerns and questions

    We’ll give you confidence that your payroll has been completed properly and have the expertise to help address any questions or problems you might have.