Three Tax Questions a Tax Consultant in Land O' Lakes Hears Most

Three Tax Questions a Tax Consultant in Land O' Lakes Hears Most

Some questions come up again and again. As a tax consultant in Land O' Lakes, I hear the same three from small business owners more than any

Why a Tax Consultant in Land O' Lakes Gets Asked These Same Questions

The honest answer is that most business owners are not trying to avoid taxes. They are busy running the business and these questions just never made it to the top of the list until now. None of them have a one size fits all answer, which is exactly why they keep coming up.

Another common issue is that most accountants just don't have time to answer anybody's questions, not because they don't care or they don't want to help. It's just that most CPAs are busy preparing tax returns, reconciling financial statements, and are overwhelmed by their workload. I make it a priority to not be in that situation through tax scheduling and hiring the right people to work under me, because I want to provide and be available for individuals, small business owners, and Land O' Lakes.

Frequently Asked Questions

Do I need to pay estimated taxes four times a year? If you are self employed or a 1099 contractor, the IRS generally expects you to pay tax as you earn it rather than waiting until April. Quarterly payments are how most people cover that gap. The specifics depend on your income and your full return.

Should my business be an LLC or an S-Corp? An LLC is a legal structure. S-Corp is a tax election you can make on top of it. Some owners benefit from making that election, some do not, and it comes down to your numbers.

Can I deduct my home office? Possibly, if you use part of your home regularly and exclusively for business. The deduction has real rules behind it and it does not apply the same way in every situation, so check with your preparer before you claim it.

If one of these sounds like your situation, I am happy to talk through your actual numbers. [contact link]