FAQs About Tax & Accounting Services

We serve businesses by solving their accounting needs and strategizing the optimal path to successful growth. Throughout our time helping our business owners, we’ve received many questions about small business accounting and taxes. Here are the answers to our most frequently asked questions.

FAQs about Tax and accounting

FAQs About Tolbert CPA

A certified public accountant (CPA) is a state-licensed accounting professional. CPAs are required to have an extensive successful college record, pass a rigorous licensing exam and maintain their training annually. This generally should create the most skilled provider. But, as with any profession, many CPAs are motivated and diligent and some aren’t in it in the same way.

So it’s worth your effort to ask for background, experience, and their particular focus of services to be sure you get the right CPA for your business. Just like you wouldn’t go to a foot doctor for a serious eye infection, all CPAs will not be appropriate to forward your business success. We will be happy to talk with you to see if our expertise might be a good fit for your business situation and progress.

We provide the following services for your small business:

  • Business Accounting Services
    • Bank Reconciliation
    • Income Statements
    • Balance Sheets
    • General Ledger Management
    • QuickBooks Setup or Reset, or Training
    • Cashflow Management
    • Payroll Services
  • Tax Accounting Services
    • Tax Problem Resolution
    • IRS Representation
    • Tax Preparation & Planning
  • Strategic Accounting Consulting
    • Startups
    • Business Coaching

Yes. Although we work with many clients in the San Antonio area, we can serve clients throughout the United States. Give us a call to see how we can help you!

The Business Compass Program is a 12-month accounting coaching program where we will help you gain clarity, confidence, and control of your business finances.

  • Clarity: Starting with a discovery call, we will determine the Compass Program is a good fit for your business. If it is, we will have a half-day planning session to talk through your business finances, set goals, and determine the best way to set your financial foundation.
  • Confidence: We will meet on a monthly basis to go over to-date progress, develop financial skills, and provide real-time tasks to give you the confidence to navigate through your financials.
  • Control: Through consistent touch bases, training, and spot-coaching, you will be equipped to tackle financial challenges head on.

Schedule a 30-minute discovery call here to learn more

The Financial Foundations program is a shortened, 90-day preview of the Business Compass Program. If you aren’t ready to commit to the full 12-month Business Compass Program, this Foundations program will give you a way to try out spot-coaching and help give you insight into your business’s financials. This program includes: 

  • Establishing targeted bank accounts that give you a real-time look at your cashflow
  • Teaching you how to identify and use your financial reports to make informed business financial decisions
  • Helping you establish an initial 12-month plan
  • Mapping out your ongoing schedule to review operating expenses and sales

Schedule a 30-minute discovery call here to learn more. 

FAQs About Accounting for Small Businesses

It depends on the size and operation of your business. If you’re at a place where you need someone to enter data, a bookkeeper is a good choice. If you’re ready for a partner to analyze and interpret your financial data, it may be time for an accountant.

Working with an accounting firm can help you regain the time to focus on the rest of your business operations. Rather than spending time on your own researching the latest tax codes and financial regulations, you can save time and money by working with an accounting firm. 

Even if you’re well-organized, accounting software can help you stay on track and avoid accidental errors. We recommend QuickBooks for your accounting efforts. It will help you track expenses and generate reports much more quickly than by hand. 

Looking for expert QuickBooks setup? We can help.

FAQs About Taxes for Small Businesses

In general, partnerships and corporations must file a tax return or extension by March 15. Unincorporated businesses (self-employed), then your business activity should be included on your personal 1040. Your individual taxes are due by April 15.

You can work with a CPA to find all of the relevant tax deductions for your business. You can also search for deductions on your own, but be sure you understand them well so that you are only taking deductions that apply to your business.

If you can’t pay your full amount due, you should still complete your return and pay as much as you can to avoid interest and penalties. Then, you should contact the IRS as soon as possible to work out a payment plan.

Businesses may request a 6-month extension to file tax returns. However, note that the extension is not to give you more time to pay the business taxes, but to give you more time to file the tax return. If you need to file an extension, be sure to pay your estimated taxes due by the original due date to avoid interest and penalties.

If you’re starting a business, it’s wise to work with a CPA to assist with the business entity type selection and tax planning and preparation. Your CPA will also help get an accounting system in place, and then advise you on a business plan and ongoing updates to it.

You should keep a copy of your filed tax return in your permanent records. You should also keep all basic paperwork that supports the data on your tax return for at least 3 years (recommend 7 years). Basic paperwork includes (but may not be limited to):

  • Employment records (W-4s & I-9s and monthly, quarterly & annual payroll reports)
  • Bank statements and loan documentation
  • Documents establishing “basis” (i.e., that tax value you have in your business)
  • Documents supporting credits or deductions claimed (sales slips, credit cards receipts or other proofs of payment, invoices, canceled checks and mileage logs)
  • Records regarding property or vehicle ownership (save your original purchase documents and records of repairs and/or improvements)
  • Correspondence from the IRS or state tax department notifying you of changes to your tax returns, or audit documents.

The IRS has different rules for keeping financial data. HOwever, for businesses, the general rules are: 

  • Keep all items for at least 3 years
  • If you have not yet paid taxes on income that you should report, keep documents for 6 years
  • If you claim a credit or refund after you file a return, keep records for 3 years from the date you filed the return
  • If you file a claim for securities or bad debt deduction, keep records for 7 years
  • Keep all employment records for 4 years from the date that the tax is paid

Don’t see your question on the list? Contact Us.