Meeting with a tax accountant isn’t only about filing income taxes but to ensure getting support throughout. A Brunswick accountant gives proper tax advice, replies to your income tax queries, and informs you about the latest tax modifications so you make the best business decisions all year and get the highest tax returns. 

So, which questions should you ask a tax accountant? Check the list below: 

• What Information Do You Require From Me?

You should stay organized to prepare for taxes. Ask an accountant what they require from you to prepare at the earliest. Arrange financial statements, receipts, tax return forms, and other required forms and then get updated with bookkeeping. 

• Which Rules Can I Make for Certain Business Deductions? 

Being a business owner, you can deduct some expenses from federal income taxes. The business deductions reduce taxable income and tax liabilities and help you get the highest possible tax returns. An accountant understands your business and gives tax advice on the type of deductions you can take. The common tax deductions you may have are home/office deductions, internet, cell phone, travel, and vehicle expenses. 

• What Can I Do to Decrease Tax Bill and Improve Tax Return? 

The tax preparation process tends to finish by the time you meet an accountant. Still, you can decrease your tax bill. Ask an accountant about the available options to do that. You can contribute money to an IRA or SEP IRA. An accountant can tell if this strategy works for you and the amount you can contribute to your retirement account. Contribution limits depend on your age and income, which can increase your tax return.

• What are the Changes Should I Make in the Upcoming Year?

An accountant is not only required to file state, local, and federal taxes. They should give you tax advice and help you in strategically planning to grow your business. Ask them mainly about cash flow analysis for help in funding opportunities, financial forecasts, and business budgets, and get advice on tax payments. 

• Is My Current Business Structure Good for Growth? 

You should know if your current business structure promotes growth. As a sole proprietor, you should discuss if an LLC or an S-corporation can be a better choice for savings. Talking about your business plans with an accountant can help in assessing if your current business framework can help in growth and expansion. 

The Bottomline

You should make the most of your meeting with a tax accountant. Ask them your queries so their answers help you to take the right steps in tax accounting and grow your business.