Questions to Ask a CPA When Starting a Business
Essential questions to ask a CPA when starting a business to ensure proper financial planning, tax compliance, and business structure.
1What business structure would be best for my situation and goals?
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What business structure would be best for my situation and goals?
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Why this works
Choosing the right business structure affects taxes, liability, and growth potential, so it's crucial to get expert advice.
2What are the tax implications of each business structure option?
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What are the tax implications of each business structure option?
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Why this works
Understanding tax implications helps you make informed decisions about business structure and plan for tax obligations.
3What accounting software or system do you recommend for my business?
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What accounting software or system do you recommend for my business?
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Why this works
Getting software recommendations helps you set up proper record-keeping from the start and avoid costly mistakes later.
4What records do I need to keep and for how long?
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What records do I need to keep and for how long?
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Why this works
Understanding record-keeping requirements helps you stay compliant and organized from day one.
5What are the estimated tax obligations for my first year?
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What are the estimated tax obligations for my first year?
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Why this works
Knowing tax obligations helps you budget properly and avoid surprises that could hurt your cash flow.
6Should I hire employees or use contractors, and what are the tax differences?
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Should I hire employees or use contractors, and what are the tax differences?
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Why this works
Understanding employment classifications helps you make informed hiring decisions and avoid costly misclassification errors.
7What business expenses can I deduct, and how should I track them?
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What business expenses can I deduct, and how should I track them?
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Why this works
Understanding deductible expenses helps you maximize tax benefits and maintain proper documentation.
8How often should I file and pay taxes, and what are the deadlines?
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How often should I file and pay taxes, and what are the deadlines?
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Why this works
Knowing tax filing requirements helps you stay compliant and avoid penalties and interest charges.
9What should I know about sales tax in my state and industry?
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What should I know about sales tax in my state and industry?
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Why this works
Understanding sales tax obligations helps you price products correctly and avoid compliance issues.
10How should I handle estimated tax payments?
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How should I handle estimated tax payments?
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Why this works
Learning about estimated payments helps you avoid underpayment penalties and manage cash flow effectively.
11What retirement plan options are available for small business owners?
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What retirement plan options are available for small business owners?
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Why this works
Understanding retirement options helps you plan for your future while potentially reducing current tax obligations.
12How should I handle business insurance from a tax perspective?
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How should I handle business insurance from a tax perspective?
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Why this works
Understanding insurance tax implications helps you make informed decisions about coverage and deductibility.
13What should I know about home office deductions?
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What should I know about home office deductions?
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Why this works
Understanding home office rules helps you maximize legitimate deductions while staying compliant.
14How do I handle business travel and entertainment expenses?
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How do I handle business travel and entertainment expenses?
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Why this works
Understanding travel and entertainment rules helps you properly document and deduct legitimate business expenses.
15What are the tax implications of taking money out of the business?
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What are the tax implications of taking money out of the business?
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Why this works
Understanding distribution rules helps you plan for personal income and avoid unexpected tax consequences.
16How should I handle inventory for tax purposes?
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How should I handle inventory for tax purposes?
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Why this works
Understanding inventory accounting helps you properly value assets and calculate cost of goods sold.
17What should I know about depreciation and asset purchases?
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What should I know about depreciation and asset purchases?
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Why this works
Understanding depreciation helps you maximize tax benefits from business asset purchases.
18How do I handle business losses and carryforwards?
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How do I handle business losses and carryforwards?
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Why this works
Understanding loss rules helps you plan for lean years and maximize tax benefits from business losses.
19What are the tax implications of business loans and financing?
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What are the tax implications of business loans and financing?
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Why this works
Understanding loan tax implications helps you make informed financing decisions and properly deduct interest.
20How should I prepare for an audit, and what records should I maintain?
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How should I prepare for an audit, and what records should I maintain?
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Why this works
Understanding audit preparation helps you maintain proper records and reduce stress if you're ever audited.
Working with a CPA for Your New Business
Expert tips and techniques for getting the most out of these questions.
Building a Strong CPA Relationship
Be Prepared with Documentation
Bring financial statements, business plans, and any existing records to help your CPA give you the best advice.
Ask About Their Experience
Ensure your CPA has experience with businesses similar to yours and understands your industry's specific needs.
Understand Their Fee Structure
Clarify how they charge for services and what's included to avoid surprises and budget appropriately.