COMMON QUESTIONS FROM CLIENTS

HOW LONG SHOULD I KEEP MY TAX RECORDS?

You should generally keep your tax records for 7 years. 

WHAT ARE THE DIFFERENCES BETWEEN AN ACCOUNTANT, A CPA AND A BOOKKEEPER?

  • Bookkeepers keep track of the money moving in and out of businesses. No formal education or licenses are required.

  • An accountant is a practitioner who engages in accounting through preparation and audit of financial statements, bookkeeping, and financial analysis. Accountants are a level up from bookkeepers. They can perform bookkeeping functions. Accountants will have at least a Bachelor's Degree but no license.

  • A certified public accountant (CPA) is a professional accountant who has met state qualifications and has acquired an additional level of credibility and expertise.  To be licensed as a CPA, an accountant must pass the Uniform Certified Public Accountant Examination and meet other educational and work criteria necessary to become a CPA.

SHOULD I INCORPORATE MY BUSINESS?

That depends on several factors. Here are four questions to ask yourself before incorporating your business.

  1. How much legal protection do you need?

  2. How much money do you make?

  3. Does your business need its own credit?

  4. What’s your grand plan for your business?

WHEN ARE TAXES DUE?

Taxes can be due, monthly, quarterly, or annually. This 2021 tax calendar is a reference document of dates included in the IRS Tax Calendar for Businesses and Self-Employed Individuals. View specific due dates by month for filing tax forms, paying taxes, and other actions required by federal tax law.