Questions and Answers
If I want to start working with you, what do we do?
We always begin with an initial “get acquainted” meeting. There will be several things we ask you to send us ahead of that conversation so we can speak accurately to your situation. We typically have several of our team members attend. This helps you get a better feel for what working with us will be like, but also lets our specialists learn more about your business.
Of course there is not a fee for this meeting.
What Are the Resources You Have Available to Help Business and Professional Practice Owners?
Watch this short interview with Christina Minton: https://vimeo.com/659915364
How do you bill for your services? Hourly, value, fixed?
We prepare an annual tax return for many individual and business clients at a fixed fee. However, for business owners we much prefer to have an ongoing consultative relationship. We have designed three service packages that are based on the scope of work you might need throughout the year. These include an easy to manage monthly payment plan. You can review these options on the Programs page of this website.
What kind of expenses can I use to reduce my tax liability?
As a business owner there are many ways you can reduce your tax liability. Home office, meals, retirement benefits, and health insurance payments are just some of them. We schedule tax analysis and planning meetings with our clients during the year to help them with tax reduction strategies before the typical end-of-the-year rush.
What is the best way to manage and track my business expenses?
The simplest way to do this is to use a separate credit card for all business expenses. This card can be in your personal name but is only used for business expenses. Also open a separate bank account that is in your business name. Pay yourself out of this account, do not comingle funds between your personal and business account.
As a business owner, how do I write off my vehicle expense?
To maximize your auto related deductions you must keep excellent records. An app that helps you track your mileage at the start of the day and a record of each trip you make, noting those that are business related, is critical.
Caution! It is tempting to purchase a new vehicle to take advantage of the advanced depreciation rule for the first year of ownership. However, it may be more beneficial to use the standard mileage deduction. We can help you analyze your unique circumstances.
Why Should I Have You Do My Bookkeeping and Payroll
In business, knowing your numbers is the foundation of success. Trying to keep up with accounting and/or payroll as an owner, with the myriad of other responsibilities you have, doesn’t make good sense. Even if you have someone on your team to manage these two important responsibilities, we often find that we need to go back and make adjustments as part of preparing the tax returns.
Having the Minton team manage your books and payroll is less expensive than hiring an in-house person, especially as our bookkeeping team works so closely with the tax team.
Can You Help Me Choose the Best Entity Structure for My Business?
Absolutely! This is an important decision for both tax and liability reasons. While it is possible to amend this decision in future years, it is much better to set your business up correctly at the start.