Q1. How much record keeping is necessary?
- As a business owner, you want to keep meticulous records.
- You will want to keep receipts because no receipt, no deduction.
- You will want to keep track of miles.
- Keep everything for up to seven years.
As a business owner, it is important to keep meticulous records. One item to keep constant track of would be receipts. If there is no receipt or it is faded, there is no deduction. Another important item would be your mileage. These are things you would want to keep for seven years, but thankfully there are apps like Receipt Bank and Mile IQ to help you.
Q2. What expenses are tax deductible?
- These are always changing, which is why it is important to have an accountant on hand.
- Meals with clients
- Home office expenses
- Accounting and Tax Prep
- And much more!
Deductible expenses are always changing, which is why it important to have an accountant to help guide through what is and is not deductible. Expenses that are currently deductible would be meals with clients, mileage, home office expenses, advertising, Accounting Prep, Tax Prep and much more!
Q3. What is the best way to maintain accounting records?
- Cloud accounting software
- Apps like Mile IQ, or Receipt Bank
Some really great ways to maintain accounting records could be having cloud-based accounting software. There are also apps like Mile IQ and Receipt Bank.
Q4. What factors go into pricing?
- Number of bank accounts
- Number of transactions
- Number of merchant accounts
- Number or credit cards
- There are a variety of different factors, which is why it is best to have a consultation.
There are many factors that can fall into pricing for accounting and taxes. It depends on the number of bank accounts, credit cards, or merchant accounts. It can also depend on the number of transactions. Since there are so many different factors involved, we feel it is best to make an appointment for a consultation to receive a firm price.
Q5. What makes you different than other accounting firms?
- We like to make accounting and taxes fun.
- We are a down to earth accounting firm.
- We make our clients a priority.
- We are proactive, not reactive. We are quick to respond emails, phone calls, and messages.
We here at Taxanista LOVE to assist Business Owners and Entrepreneurs in growing their business by helping them get organized and stay compliant. Taxanista was formed to assist small businesses and individuals with all of their bookkeeping, accounting, tax, and business start-up needs, all in one place.
Something that makes us different is that we are proactive, not reactive with our clients; we actually return phone calls and emails; and we don't just hand you your taxes. We sit down and educate you on ways to save money, be better organized and understand your books.
Q6. What do accounting clients need to provide to you in order to do your job?
- Access to bank logins or statements
- Access to credit card logins or statements
- Access to their Xero file
We need access to bank and credit card logins, or statements. We also need access to any merchant, PayPal, or Square accounts. Access to the accounting software file is also very important. If you do provide statements, we need those sent to us at the beginning of every month. With all these items we would be able to keep your books up to date.
Q7. What accounting system do you use?
- We use Xero, it is more user friendly and easier to understand.
For our accounting software, we use Xero for 100% of our clients. We find that Xero is more user friendly, cost effective, all cloud-based, and user friendly.