SMALL BUSINESS CONSULTING
Fresh eyes equal fresh savings
Why is small business consulting a necessity? Starting a business and running a business are difficult tasks. There are many different things to worry about, and financial issues are one of the main ones. Without a full understanding of all the financial aspects of a business, owners could potentially lose money or face even more dire consequences. A CPA can help with financial consulting and ensure that the business is on track to succeed.
Defining Business Structures
One of the most important small business consulting roles a CPA can play happens when you are starting your business. You will need to decide on the best structure, and the structure you choose will affect a variety of things. This includes taxes and what you will owe to the state you live in, and much more. A CPA can ensure that you choose the correct structure for your personal situation and from a financial and tax standpoint.
Creating a Legal Tax Strategy
CPAs understand tax laws in-depth, meaning that they can help you create a legal tax strategy that accomplishes two things: keeps you in compliance with state and local laws, and allows your business to keep as much money as possible. With financial consulting from a professional CPA, you will understand exactly what taxes your business must pay, when they must be paid, and what deductions your business can claim. This will allow you to keep every cent possible in a legal manner, and ensure you are covered without paying unnecessary money.
Annual Tax Return Preparation
One of the things a CPA is most known for is preparing annual tax returns. This is especially important for businesses, because there are specific forms that must be filed and certain types of taxes that must be paid. For small business consulting, a fresh pair of eyes can equal a lot of savings and ensure your business is stable and financially secure.
Frequently Asked Questions
One of the first things people want to know about CPAs is how much does their service cost. Unlike other professional services, there is no set amount. It varies on how organized and prepared you are, the complexity of the return, and the overall time it is going to take to prepare your taxes. It is important to remember that you are hiring an expert who can save you a lot of time, questions, frustration and money. This should be factored into your decision to hire a accountant or CPA, because your savings will likely be larger than the initial cost.
When you are faced with an IRS business audit, you are most likely going to be stressed and overwhelmed. Hiring a CPA to help you is the best decision you can make. IRS auditors are trained at asking the right questions to get the most money from you. During this stressful situation, play it safe and smart– have a CPA on your side. They have the experience you need.
When is the best time to hire a CPA? The simple answer is now. Establishing a relationship with an experienced CPA can significantly help you with your personal and business tax preparation, financial and business planning, and help you plan and maximize your financial goals. It is also better to hire a CPA early on, rather than after you get a notice from the IRS (“love notes” I like to call them!).
Knowing what to have prepared before meeting with a CPA or accountant is important. Being prepared will save you on preparation fees, and potentially increase your deductions. Although it may take you a little extra time to get prepared, it will only help you in the end. Gather any medical documents for medical deductions and also items like property tax documents. Bags of grocery receipts (which you don’t need) and important tax documents (which you do) all jumbled together will only be a costly and time consuming waste–separate and organize!
Knowing how often to meet with your CPA will help you maximize your CPA’s services. Many people look to CPAs as a kind of history service that goes back and reviews, and then prepares. This is somewhat true, but you need to be aware of the fact that you will benefit more by understanding how a CPA can help you with preparation and timely decision-making. By only meeting in the crunch time just before April 15th, you miss out on any potentially beneficial tax and financial decisions that can be implemented during and prior to the end of the year.
EVANS NELSON & COMPANY, CPAS
160 West Huffaker Lane
Reno, NV 89511
Phone: (775) 825-6008
TESTIMONIALS
We have worked with ENCPA’s for 15 years. They are highly professional, organized and excel in offering smart strategies for your business and personal finances. We wouldn’t use anyone else! They are the best!
I just want to give a shout out to our CPA @ENCPAs!! If you need an awesome CPA give Tim a call at (775) 825-6008. He Know His Stuff!
Evans, Nelson & Company has been my firm’s Accountant for over 10 years. Not only have they prepared our taxes, but they have stepped in when we needed book keeping assistance. Tim, Emily and their staff are extremely competent and have made me and my staff feel valued as their clients.
I give them 5 Stars! Evans Nelson & Company CPA’s are fast and reliable. They are up to date on all tax code and have helped me save money on my past several returns, as well as plan for future tax implications.
Evans, Nelson & Company has been our CPA firm for many years. A trusted advisor who is always looking out for my best interest…I give them my highest recommendation!