Ten Questions for Small Business Owners to Ask A CPA When Filing Taxes

Filing taxes is a nerve-racking event for most people, but it can be particularly stressful for small business owners. If you have recently launched a business,

then you will have to to be conscious of a few questions that are important to be answered before filling your taxes.


  • Is There Any Information That I Need to Keep?

Your certified public accountant will require certain receipts and paperwork and receipts for filling out your tax-related information. Therefore, make sure that you have all the related paperwork and if you qualify for any deductions, you make sure you receive them all.


  • What Deductions Can I Receive In Direct Expenses Related To My Business?

Another thing, that can help you plan your taxes more efficiently, knows the amount of your expenses that are deductible. Quite often, you can get deductions in the finances that your business directly spends on equipment, rental space and other related services and items. An expense can easily be qualified as deductible if there is no gray area involved.


  • Is There A Way For Me To Increase My Savings?

If you use an energy-efficient air conditioner for your office instead of a normal one, you actually qualify for greater amount of savings. You can ask your CPA to guide you on similar items that can help you file your tax with greater deductions.


  • How Much Deduction Can I Get if I Work From Home?

When you work from home you can get a deduction in mortgage, utility and rental amounts but all deductions have to adhere to strict guidelines and your CPA will know the right answer to your situation.


  • Are There Any Deductions For My Car?

If you use your car for specifically your business purpose only, you can also deduce maintenance costs, insurance as well as payment at the time of taxes.



  • What Deductions Can I Get For My Equipment and Bills?

A deduction is also available for bills for phone and internet as well as equipments like fax machine, printer or computer depending on how much amount is being used in your business.


  • What about Deductions in Travel Expenses?

Almost all of the travel expenses that you spend related to business are tax deductible, but the situation can change if you turned your trip into a mini-vacation or took your family along. Only a CPA can guide you better on the special rules and related exclusions.


  • Are There Any Special Requirements For Business Deductions?

Yes, there are special requirements for all of your business deductions and you should be aware of all the related rules. A CPA will be able to inform you of all the rules and requirements.


  • When Filing Taxes, Does Legal Status of My Business Play A Role?

You might be an S Corp, an LLC Corp or a sole proprietor. Regardless of what your status for the business is, your legal status will play an important role when filing your taxes.


  • Are My Employees True Employees Or Independent Contractors?

If you own more responsibilities for a true employee, including payment of the portion of the employment taxes of your employee or withholding income taxes, you will need to ask your CPA accordingly.





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