When launching a startup company, you’ll have many questions about the financial aspects of your new enterprise. In this case, it’s crucial to consult with your trusted team of business professionals before making major decisions that could affect your company. Here, the business consulting professionals at Hal Surratt CPA of Archdale, NC, list three essential questions to ask your accountants.

3 Business Consulting FAQs

What Type Of Business Structure Should I Create For My Startup?

When you start a business, one of the most important considerations involves the legal structure your company will assume. Choices include sole proprietorship, partnership, corporation, or a limited liability company. The type of structure you choose will have a significant impact on the amount of taxes you pay and the paperwork you complete. To simplify this decision, consult with business consulting professionals to discuss the benefits and disadvantages of each business structure.

If My Startup Is A Home-Based Business, What Expenses Can I Claim?

Any money that you spend to earn a profit for your company is tax-deductible. If your home office is used exclusively for business purposes, it can be considered a business expense and deducted from your taxes. If you take a home office deduction, you can also deduct some of your monthly heating, electricity, and internet bills. Other home-based deductions include office supplies, travel expenses, and health insurance. If you’re unsure, ask your business consultant to confirm allowable business expenses.

Do I Need A Professional Tax Accountant To Complete My Startup's Tax Returns?

Most businesses consult with a tax accountant to help them prepare their tax returns. If you hire an accountant to take care of your taxes, it will likely cost less per hour than the rate you would pay yourself. Plus, you can rest assured knowing a professional will save you the most money possible.

The tax preparation team at Hal Surratt CPA provides professional tax consultation and accounting service at affordable rates. Call them at (336) 861-4024, or visit the website to learn more about their respected business consulting services.