Should I Hire an Accountant?

Hiring a professional to handle your accounting is certainly the right choice. Processes like applying for loans or filing taxes become less daunting with an expert on your side.

How Should I prepare For Tax Season?

We at Precision Accounting And Tax Service, can prepare and file your personal and business taxes on your behalf. This includes preparing all of those pesky accounting forms and submitting your tax returns to the proper agencies.

What records should I keep?

You need to keep track of business records to file taxes, measure profitability, and secure funds. Not to mention, you should always keep records handy in case of an audit.

Some typically Records your business needs:

• Financial statements

• Income statements

• Balance sheets

• Cash flow statements

• Statement of retained earnings

• General ledger

• Bank statements

• Credit card statements

• Check registers

• Receipts

• Contracts

• Business agreements (e.g., operating agreement)

• Business licenses and permits

• Insurance documents

Payroll records (e.g., payroll tax forms, pay stubs, etc.)

To simplify the recordkeeping process, you may want to have both paper and digital copies. And, store them in a secure place.

When Should I Pay Estimate Taxes?

As a business owner, you may be responsible for paying estimated taxes. Estimated tax is a method that individuals use to pay tax on income that is not subject to withholding taxes. Basically, you may need to pay estimated taxes if taxes are not withheld from your income.

You might consider to pay estimated taxes if you receive income that isn’t subject to withholding, such as:

• Dividends

• Gains from sales of stock or other investments

• Self-employment income

• Interest income

What Are My Financing Options as Business Owner?

How you choose to finance your business depends on your startup’s needs and its current financial situation. A few of the most popular business financing options include:

• Equipment financing, or loans used to purchase business equipment

• Invoice financing, or factoring, which supplies instant payment for outstanding client invoices through a third-party vendor

• Business line of credit, a limited cash supply available to borrow against, which functions similarly to a credit card

• Loans, like short-term loans, term loans, and SBA loans

• Angel investors, or individuals who provide capital in exchange for ownership equity or convertible debt

• Venture capital, or private equity provided to startups with high projected growth