Frequently Asked Questions About Tax Returns
Tax laws are constantly changing, and unless you’re staying up to date with the latest amendments, it can result in you paying too much or too little tax, which could attract the attention of the authorities. So working with an accountant is the best way to navigate complex tax obligations. However, when it comes to filing taxes, clients have a ton of questions but often find answers difficult to come by.
Therefore, SYVERTSEN ACCOUNTING LLC wants to arm you with the most accurate information available to help you make informed tax and accounting decisions. To do this, we’ve answered some of the most frequently asked questions about tax returns.
1. What are the best ways to separate my business and personal finances?
Mixing business and personal finances is a significant problem for small-business owners. Not only does it create headaches at tax time, but it also makes it challenging to track the profitability of your company. The worst-case scenario is that you get audited by the IRS and end up with significant fines. So, keeping these two parts of your financial life separate is essential to preserve your sanity and to ensure you have a sustainable business model.
2. What do your clients need to provide you with to do your job?
To efficiently help you with your business goals, we require access to your source documents in electronic or hard copy format. Standard documents include, but are not limited to, bank statements, credit card statements, sales systems (POS), software (i.e., Quickbooks), inventory, accounts payable, and accounts receivable.
3. What receipts do I need to bring for my personal taxes?
Even if you don’t own a business, you should keep many types of receipts for tax purposes. It would help if you kept receipts of medical expenses and childcare. Depending on your circumstances, there may be numerous receipts that will help you get the best deductions.
4. If I am self-employed and have a home office, what deductions can I claim?
If you are self-employed and work from home, you could get some sizable deductions. Do you have a home office for exclusively business purposes? If so, you might be able to get a deduction for home-related expenses like property taxes. Travel or meal expenses might also qualify for deductions if you incur these expenses as part of your job.
5. Why hire a professional?
Accounting and taxes have a lot of moving parts. Balancing your books and keeping organized records can be exhausting work. If you hire us, we can relieve some of your stress and save you significant time and money.
If you have any more questions about tax returns or are ready to move forward, get in touch with the experts at SYVERTSEN ACCOUNTING LLC today.
As the best tax accountant and tax preparer in Delaware, OH, we provide a wide range of highly proficient accounting services.
Our services include individual/ business tax, accounting, payroll, and outsourced bookkeeping services.
We serve clients across Columbus, Franklin County, Delaware County, Marion County, and the surrounding areas. We also offer remote services throughout the USA.
To learn more about how we can help you, please click here or contact us by clicking here.
