Small Business Accounting FAQs
Small businesses are the backbone of this community and we like to support them in any way we can. We know how difficult it can be for a business owner to balance their bookkeeping and everything that goes with running a successful business. This is why Wilson Toellner CPA provides accounting services in Mid-Missouri. If you need assistance with your bookkeeping, call our firm nearest you. Our phone numbers are listed at the end of this blog. We've been asked several questions by small business owners and today we are going to answer some of those frequently asked questions (FAQs).
A: Typically, if you made a purchase that was absolutely necessary for your business then it's tax deductible. But, the IRS can change the rules on what is and isn't tax deductible each year. With this in mind, it's a good idea to have a professional handle your business taxes because the odds are that they will be up to date on the rules and regulations and can make sure you are complying with the IRS.
Q: So far, my accounting has been done in house. How do I best transfer my accounting services to an outside company?
A: It depends. Transition can be hard because you are venturing into the unknown, but just do your research on the outside company ahead of time. Ask for references and check their reviews. Also prepare yourself and give your company plenty of time for the transition, especially if the person who was doing your accounting in house is leaving you on bad terms. A good outside accounting company in Mid-Missouri can help you prepare for those types of obstacles.
Q: Should I trust any tax preparer with my business taxes?
A: Absolutely not, just because someone claims they can do your taxes doesn't mean they have been properly trained to do so. Trusting the wrong person to do your taxes could could you thousands of dollars.
Q: How should I best keep track of my business accounting records?
A: Digitally may be the way to go for your company. While some people may be partial do the old fashioned record keeping process - keeping several paper receipts and calculating with pen and paper, digitizing your accounting process may save you a lot of stress. A good accounting company can recommend the best tools for you to use.
Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis and are the foundation of a successful business. Our qualified staff can assist you with the day-to-day tasks associated with bookkeeping. No matter what your accounting question is, we will do our best to answer it. If you have several questions about your business accounting or you are just feeling overwhelmed trying to handle it on your own, give us a call or visit our website for more information today.
Small Business Accounting FAQs
Q: How do I know if this business expense is tax deductible?A: Typically, if you made a purchase that was absolutely necessary for your business then it's tax deductible. But, the IRS can change the rules on what is and isn't tax deductible each year. With this in mind, it's a good idea to have a professional handle your business taxes because the odds are that they will be up to date on the rules and regulations and can make sure you are complying with the IRS.
Q: So far, my accounting has been done in house. How do I best transfer my accounting services to an outside company?
A: It depends. Transition can be hard because you are venturing into the unknown, but just do your research on the outside company ahead of time. Ask for references and check their reviews. Also prepare yourself and give your company plenty of time for the transition, especially if the person who was doing your accounting in house is leaving you on bad terms. A good outside accounting company in Mid-Missouri can help you prepare for those types of obstacles.
Q: Should I trust any tax preparer with my business taxes?
A: Absolutely not, just because someone claims they can do your taxes doesn't mean they have been properly trained to do so. Trusting the wrong person to do your taxes could could you thousands of dollars.
Q: How should I best keep track of my business accounting records?
A: Digitally may be the way to go for your company. While some people may be partial do the old fashioned record keeping process - keeping several paper receipts and calculating with pen and paper, digitizing your accounting process may save you a lot of stress. A good accounting company can recommend the best tools for you to use.
Handle Your Business Accounting Correctly with Wilson Toellner CPA
Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis and are the foundation of a successful business. Our qualified staff can assist you with the day-to-day tasks associated with bookkeeping. No matter what your accounting question is, we will do our best to answer it. If you have several questions about your business accounting or you are just feeling overwhelmed trying to handle it on your own, give us a call or visit our website for more information today.
For tax preparation services you can count on, call:
Sedalia -- (660) 827-4990
Marshall -- (660) 886-6815
Camdenton -- (573) 346-6822
Lake Ozark -- (573) 964-5739
Check out our website: www.WTCPA.com
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