Frequently Asked Questions

With a professional in your corner, complex processes like applying for loans and filing taxes become manageable and stress-free. They bring expertise and precision, ensuring you're compliant with regulations and potentially saving you money in the long run. Think of it as investing in peace of mind and financial security.  

Preparing for tax season can be a breeze with Precision Accounting And Tax Service by your side. Here's what to keep in mind:

1. Organize Your Documents: Gather all income statements, receipts, expense records, and any other relevant documents.
2. Know Your Deadlines: Be aware of tax filing deadlines to avoid any late fees or penalties.
3. Maximize Deductions: We will help identify all possible deductions and credits to reduce your taxable income.
4. Review Previous Returns: Look at past tax returns to identify any patterns or areas where you might have missed deductions.
5. Stay Informed: We will help you keep up to date with any tax law changes that might impact your filing(s).

With our expert team handling your taxes, you can rest easy knowing that we'll prepare all the necessary forms and file your returns accurately and timely.

Absolutely crucial to stay organized! Here's a streamlined list of the key records you'll need to keep:

• Financial Statements: Income statements, balance sheets, cash flow statements, and statements of retained earnings.
• Bank Records: Bank statements, credit card statements, check registers.
• Receipts and Invoices: Proof of expenses and income.
• Contracts and Agreements: Including business agreements (like operating agreements), contracts, and leases.
• Licenses and Permits: Business licenses and permits.
• Insurance Documents: Policies and claims.
• Payroll Records: Payroll tax forms, pay stubs, and related documentation.
• General Ledger: A detailed record of all your business transactions.

For convenience and security, keep both paper and digital copies of these documents, and store them in a safe place. This will not only help you during tax season but also ensure you're prepared for any audits or financial planning needs.

With our expert team handling your taxes, you can rest easy knowing that we'll prepare all the necessary forms and file your returns accurately and on time.

Paying estimated taxes is crucial if you have income not subject to withholding. Here's a rundown:

When to Pay: Estimated taxes are typically due four times a year:

1. April 15
2. June 15
3. September 15
4. End of year

Why to Pay: You should pay estimated taxes if you receive income from:

• Dividends
• Gains from sales of stocks or other investments
• Self-employment income
• Interest income

How to Prepare:

1. Estimate Your Income: Use your previous year's income as a baseline.
2. Calculate Your Estimated Taxes: The IRS provides Form 1040-ES to help with this.
3. Set Aside Funds Regularly: Make it a habit to set aside money monthly for your estimated tax payments.
4. Stay Informed: Keep track of any changes in tax laws that might affect your calculations.

With careful planning, paying estimated taxes can be straightforward and stress-free. Think you’re ready for tax season now? 

  There are several solid options to consider:

• Equipment Financing: Loans specifically for purchasing equipment.
• Invoice Financing: Also known as factoring, it offers instant payment for outstanding client invoices via a third-party vendor.
•  Loans: Options include short-term loans (less than 1 year), longer-term loans (over 1 year), and SBA loans for various needs.
•  Business Line of Credit: Functions like a credit card, providing a specified cash supply to borrow against.
•  Angel Investors: Individuals who provide capital in exchange for ownership equity or convertible debt.
• Venture Capital: Private equity given to startups with high growth potential.

The best choice depends on your specific needs and financial situation. What stage is your business in, or what are you leaning towards?