FAQ2020-03-15T11:08:06-06:00

FREQUENTLY ASKED QUESTIONS

YOU’VE ASKED.. AND WE HAVE ANSWERS!

Frequently Asked Questions

To help answer some of your most frequently asked questions, we have listed ten questions and answers below for your convenience. Please review them and please feel free contact us if you need more information or have further questions.

What is a pass-through entity?2020-01-28T04:24:37-06:00

Pass-through businesses are not subject to corporate income tax but rather the taxes are passed directly to the owner(s) on their individual income tax. C-Corporations are subject to double taxation while pass-through entities are not. These pass-through entities include sole-proprietorships, partnerships and S-Corporations.

Is it better to select the Standard Mileage deduction or take actual expenses?2020-01-28T04:24:37-06:00

It depends on your vehicle and the total operating costs that you incur. If you have a fuel-efficient vehicle, then the standard mileage deduction may be more beneficial in your situation. However, if your vehicle has high operating costs and is not so fuel-efficient, then it may be more beneficial to take actual expenses.

What is an estate plan and why is it important?2020-01-28T04:24:37-06:00

An estate plan is essentially a comprehensive checklist to care for your assets and provide for your loved ones after your demise. This process is executed by evaluating your goals and planning for the future of your finances to ensure the security of your estate.

What are your hours and where are you located?2020-01-28T04:24:37-06:00

We are open 9 am to 5 pm, Monday through Friday, and are located on the south side of Highway 98, across from Whole Foods, and west of Waffle House in the office complex with the green roof.

What should I provide for preparation of my tax return?2020-01-28T04:24:37-06:00

The more information that a client can provide the better, however, it is preferred if the following could be provided: identification information, copy of most recent tax return and any applicable tax information.

Why do I need to differentiate between a 1099 Contractor and W2 Employee?2020-01-28T04:24:37-06:00

Independent Contractors are responsible for calculating and paying the employee and employer portion of their own payroll taxes. Whereas, W-2 employees have payroll taxes automatically deducted from their pay and submitted to the government through their employer. Employers who misclassify their employees can face hefty fines and penalties due to these tax implications involved. Additionally, independent contractors are not covered for an employer’s liability insurance.

The following link to the IRS website should be referenced if you are unsure as to whether the individual in question should be classified as an independent contractor or employee, https://www.irs.gov/businesses/small-businesses-self-employed/independent-contractor-self-employed-or-employee

What services do you provide?2020-01-28T04:24:37-06:00

We offer a variety of services including personal and business accounting and tax services, as well as, estate and financial planning.
For more information, please reference our services tab at the top of the page.

Why should I outsource my accounting rather than keep it in-house?2020-01-28T04:24:37-06:00

While there are many reasons to consider outsourcing your accounting, the following are a select few that benefit a lot of clients:

i. Cut down on labor costs – Outsourcing the accounting function saves you money by paying for the service rather than incurring payroll costs to a full-time or part-time employee

ii. Outgrowing bookkeeping – As business grows, time is more valuable focusing on other business functions rather than overseeing day-to-day bookkeeping. Additionally, when an owner can no longer participate in every aspect of their business, it is the point when a business will need more than just bookkeeping but rather management accounting

iii. Minimize Tax Liability – By outsourcing the accounting function, you have a full team of highly skill professionals reviewing your financial information. As such, helping tax planning for your business by making proactive, timely recommendations to decrease your liability

Should I seek a CPA if I am starting a new business from scratch?2020-01-28T04:24:37-06:00

Absolutely, hiring an accountant will lead you in the right direction by using financial knowledge to advise your business plan, explain the legal business structures available and help you choose the best option for your business situation, and assist with the finances and metrics.

How long should I keep my records? What should I keep?2020-01-28T04:24:37-06:00

It is recommended to retain original documents for at least seven years. These documents include but are not limited to: tax returns, payroll tax records, current employee files, job applicant information, ownership records, accounting services records and operational records.

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    We are a locally owned accounting firm, specializing in tax preparation and tax advisory for businesses and individuals.

    Destin Florida Business Accountants

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    The information contained within this website is provided for informational purposes only and is not intended to substitute for obtaining accounting, tax, or financial advice from a professional accountant Presentation of the information via the Internet is not intended to create, and receipt does not constitute, an accountant-client relationship. Internet subscribers, users and online readers are advised not to act upon this information without seeking the service of a professional accountant. Any U.S. federal tax advice contained in this website is not intended to be used for the purpose of avoiding penalties under U.S. federal tax law

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