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FAQ

Here are some of the most common concerns you might have as we begin our relationship. And if we missed anything, leave a comment (at the bottom of this page) and we will reply promptly.

I already have an accountant. Why should I go through all the trouble to make a switch?

tax formIs your current accountant a Small Business Specialist? Does your current accountant pick-up and drop-off your financial statements? Does your current accountant ensure that you pay all your taxes on time? Does your current accountant identify tax issues before they become a problem? We do all these things, and more.

How much time will I have to make for you every month?

We’re busy too. That’s why we try to integrate our process seamlessly within the workings of your Business. After the first several months you will find that we will only have to meet when there is a specific issue that needs addressed. Generally, we can be in and out of your business in a matter of minutes without disturbing you in the slightest.
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My husband/wife does the accounting for the business. What do I need you for?

Dad and sonThere is quite a bit that a non-professional, who loves you, can help you with. But when you get audited, or want a loan or wish to significantly reduce your taxes by expert tax planning, finding a good accountant will be very important to you. Besides, we might just save your marriage.

Can’t I just use my computer to do all this stuff?

It’s amazing what can be accomplished with computers today. But there are some things that a computer can’t do such as understanding you and your goals. A computer can’t advise you what deductions are legal for your company or help you interpret the tax laws and how they might affect you. We too use computers in our office to process your information every month, but we review each item to ensure that your financial conditions and tax situation are conducive to you reaching your goals.

Won’t I lose track of my Business if I don’t do the books myself?

Many Small Business Owners have found that by freeing up their time to practice their core competencies, they find ways to make more money. In addition, there are always new tax laws, audit, loans and tax planning that you may not be prepared to handle properly.

So….how much does it cost?

You’d be surprised. All we do is Small Businesses, which means our processes are optimized. We can lend our experience to your financial condition and tax situation at a reasonable price. It is amazing the value we provide for a low monthly fee — payroll processing, tax planning and preparation, and monthly accounting all wrapped up in a single low cost service with a personal touch. Call us today for a no-obligation evaluation, right in your place of business.

What is the smallest and newest business that you work with?

We specialize in Small Start-up businesses. It is when you’re just starting out that our service is most valuable. We can help guide you away from the common problems that most Small Business Owners face. It is important that Small Business gets good advice no matter the what the size or the age of the business. Sometimes, in a smaller business, good advice is even more valuable because a smaller Business doesn’t have the resources to recover from mistakes.

{ 4 comments… read them below or add one }

Suzanne Atkinson August 9, 2007 at 9:58 pm

Jim,

I would like to make a donation to a local Junior rider who is traveling out of the country for international competition. Her family has to pay for the trip on their own. So there is no Non-Profit status associated with the donation. how should I show this on my end of month tax information? Is this just considered a business expense? Is it deductable? Should I just do what I feel is right for the athlete and the business and make the donation without regard to tax benefits?

Thanks,
Suzanne

Jim August 25, 2007 at 10:06 am

Bad News. The only chance you will have of deducting this expense is if the junior rider can somehow advertise your business. Maybe if he is riding with your logo emblazoned across his back or on his bike…and….if the location where he is riding contains possible future customers. If this was the case, we could categorize this expense as advertising. Otherwise, it would be classified as an “owner’s draw” and would not be available for reducing your tax basis. Wish I had a more pleasant answer, but this is how it is.

–Jim

BethCaldwell October 18, 2008 at 8:11 pm

Hi Jim,

I have belonged to a bartering organization for some time. The fees are being raised, and since my business is growing, I am rethinking my need for a bartering group. Jim, can you tell me the pros and cons on taxes for bartering? I always receive a 1099 from the bartering broker, usually between 1,000 and 6,0000 per year. Should I have this barter income come as my business, or my personal income (I have used bartering for personal use and business needs) and I am not sure how this affect my taxable income.

thanks

Beth Caldwell
Pittsburgh Professional Women

Jim October 20, 2008 at 12:30 pm

Beth,

Take a look at http://www.padgett.biz/?p=315

I answered the question here because I thought that more people might benefit.

Jim

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