Whether you’re a business owner or an individual planning for the future, knowing the right questions to ask your accountant gives you a powerful advantage. Having a list of both current and future questions to discuss during your time together will help keep you efficient, prepared, and on track to meet your financial goals. Here is our list of Top 40 Questions to Ask your Accountant.
20 Questions for a Business to Ask Their Accountant
1. How does the legal structure of my business affect my taxes?
2. Am I on track for my growth goals?
3. What are the industry-specific tax regulations that I should know about?
4. What can I cut down for better cash flow?
5. Do you have any recommendations on collection policies for faster sales?
6. Should I consider seeking equity or debt financing?
7. Do I need an employee benefit plan audit?
8. Do you have referrals for lenders and investors?
9. Do I need a financial statement audit?
10. Do I qualify for R&D credits?
11. How can I avoid red flags or mishaps with my returns or audit?
12. What are my best choices for valuing inventory for tax purposes?
13. When do I need to start paying estimated taxes?
14. What accounting software do you recommend?
15. What is my breakeven point?
16. How can I be prepared for the upcoming tax season?
17. How long do I need to keep my business records?
18. What qualifies as a business deduction?
19. How is my business impacted by the 2017 Tax Reform Act?
20. Am I required to collect sales tax?
20 Questions for an Individual to Ask Their Accountant
1. What information and/or records should I keep, what can I toss, and how long should I hold on to the retained documents?
2. How will the 2017 Tax Reform Act affect me?
3. Can I deduct my car for any of my business purposes?
4. What direct business expenses can I deduct and are there any limitations?
5. How much of my household bills and/or equipment is deductible as a business expense?
6. When should I set up my estate and trust?
7. Should I consider charitable donations as a transfer of wealth?
8. How many dependents can I claim?
9. Are there any deductions that I am not currently claiming that I should?
10. How often should I consult with you about my taxes?
11. Can you help me estimate my taxes for the upcoming year?
12. Should I increase my 401(k) contributions?
13. Should I change my tax withholding?
14. Do you have recommendations for a financial advisor?
15. Am I on track for my retirement goals?
16. What is the best way to pass my wealth to my children?
17. What can I do to protect my dependents from tax implications upon my death?
18. What sort of events in my life are important for you to know?
19. I own my business, what steps should I take to separate my business and personal expenses?
20. What can I do to maximize my deductions better?
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