Whether you own your business or are just tired of doing your taxes yourself, getting an accountant or bookkeeper can be very beneficial. An accountant can assist in budget management, tracking your expenses and profits, and keeping all records updated. You do not have to wait until tax season to have regular meetings with your accountant. They can provide helpful advice, answer your tax questions, and educate you on any changes you should know about to help you make the best decisions for your business all year. Here are some key questions to ask your accountant.
How Can I Help You?
No matter how skilled and experienced your accountant is, they are only as good as the information you give them. Your accountant will let you know exactly what documents and information you should gather before meeting with them. Keeping your records organized is the best first step to get ready for tax season. Your accountant will tell you what they need from you and get prepared as early as possible. Organize your receipts, financial statements, and keep your books up to date. This will help to reduce any confusion with your accountant.
What Records Should I Keep?
Business owners can be overwhelmed with receipts, invoices, and spreadsheets to keep track of their finances. It can be confusing to figure out which records need to be saved and which ones you can get rid of. It is important to ask your accountant what documents to save in order to make the tax process easier. Some typically include:
- Business tax returns
- Financial statements
- Bank statements
- Credit card statements
To simplify the recordkeeping process, you may want to have both paper and digital copies. Check with your accountant to find out how long you need to keep each type of record.
What Expenses Can I Deduct?
Depending on your business and expenses, you may be able to deduct certain business expenses on your tax return. Some common expenses include:
- Home office
- Business travel
- Employee expenses
- Charitable contributions
Ask your accountant which expenses you are eligible for. They will be able to help you figure out the details and make sure your expenses are filed correctly.
What Changes Should I Make?
There is always room for improvement in your business and personal finances. Your accountant can help you build a strategic plan for a successful business in the years to come. Ask your accountant if they offer advisory services to help you assess and grow your business. Have them analyze your business regularly. That way, they can see where you can make improvements and what changes you can make to help your business.
Contact Bowman & Company Today
Bowman & Company CPA, PC provides all of our individual and small business customers with experienced, accurate, and affordable financial services. Our financial services aim to decrease your taxes and increase your net worth through responsible, timely, and accurate record keeping. We offer our services to clients throughout the Washington, D.C., metropolitan area, including Maryland and Baltimore County, Columbia, and Howard County. For more information on our offerings, contact us online or call us at (410) 381-8121. You can also find us on Twitter, Linkedin, Facebook, and Youtube.