Paying tax can be tricky, especially if you’re a small business owner trying to save every penny. Additionally, the changing tax laws can be too overwhelming to handle. Thus, you must ask several questions from experts before tax preparation in Naples, FL. If you don’t know what questions to ask as a small business owner, we have you covered. Here, we have listed some must-asked tax-related questions from small business owners. Let’s dive in!
Must Ask Questions From Your Accountants
1. Will my business structure affect how I file my taxes?
Your business legal structure will primarily affect how you file your taxes. For example, you will file business and personal taxes on a single return as a sole proprietor. During the initial consultation, ask this question from your accountant for clear understanding.
2. Why should I get a business number?
Another must-ask question is whether you should get a business number or not. Generally, your accountant will suggest you get a business number for establishing employee payroll, export and import, register GST and HST, and finally, file a corporate tax return.
3. Should I register for a GST number?
Yes, as per the common belief, you must register for a GST number, which will allow you to claim input tax credits. You must ask this question from your accountant to understand the importance of GST numbers.
4. Do I need all receipts to file taxes?
Yes, you must record all the receipts to file taxes. This is important to justify your expenditures. In some instances, you tend to misplace receipts. Ask your accountant about the same.
5. What if my business faced losses?
Losses in business are unpredictable. In case your losses exceed your overall income, it can cause a lot of problems. Thus, discussing this with your accountant is a must to find a way out.
6. What tax expenses can I deduct?
As a small business owner, there are several expenses that you can deduct. The most common ones include business meals, work-related car use, travel expenses, office supplies, business insurance, bank fees, business interest, and phone and internet costs. By asking this question from your accountant, you end up saving money.
Wrapping Up
Taxation can be tricky for small business owners. Thus, you must hire an expert accountant who can guide you through the process.