Tel: 715-421-1040
Frequently Asked Questions
Am I paying too much in taxes? That's the #1 concern people have.
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However, it's the wrong question. What they should be asking is, what don't I know? How much larger of a refund COULD I be receiving if I knew what I don't know?
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That's where a CPA earns his pay many times over. Oftentimes we can save a client much more than our fees - in some cases we've had small Mom and Pop businesses save $10,000 or more simply by restructuring their company and their pay.
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The worst mistake businesses make? I DESERVE to get paid $x so I'm giving myself a raise. Oftentimes an owner that pays themselves $10,000 more pays over $1,500 in taxes too much.
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You don't know what you don't know - but we do! It may cost you $100 - $300 to sit down and review your business, but the taxes you save will usually pay that fee and a great deal more. Even if it doesn't, the peace of mind it provides results in a client leaving feeling good that they've done all they can to generate the most amount of money out of their business.
01 Self-Employed
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The primary question we see on returns of self-employed businesses is missed deduction. Top on this list are auto expenses, due to many people using the actual method instead of the mileage method. Self-employment taxes can easily exceed 40%, so a missed $1000 deduction can cost a business $400.
02 LLCs
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The primary question we see on LLCs is whether their accounting system is setup properly. It usually isn't. People don't understand that the IRS "disregards" LLCs when a husband, wife, or both own the LLC. This can have serious social security ramifications, because one party may pay thousands in for social security taxes that they will never receive.
03 Corporations
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The primary question we see on corporations is "Why are we incorporated"? Oftentimes companies that are incorporate should not be. As a result, they can pay at least $1,000 too much in tax preparation fees. Oftentimes these returns are not tracking basis properly, which can seem unimportant until you sell the business and have to pay thousands in taxes due to not knowing your basis.
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