Dentist H since 2001
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because you will be your own boss, you will need to file quarterly. The accountant can help you file quarterly. Plus you will need to figure out taxes and payroll for all your employees. weekly? biweekly? you will need to keep track of this for your quarterly and yearly taxes. You may also have equipment deductions and purchases for taxes. The accountant will also be able to tell you what other deductions you may have. You will also need a lawyer to set up a corporation and get a tax ID number for your company. If you own your own land or store, you may be able to deduct from that too. What about car mileage? You will also need to set up an account at the bank to withhold taxes for your business and employees. |
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Lea
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I'm not sure what country you're from, but I'm in SA. I'm a bookkeeper at an acountants firm.
I know that tax is different in different countries, but the basic principles are the same especially when it comes to small businesses. Firstly there are monthly returns that have to be submitted and then there are annual tax returns to be submitted.
MONTHLY:
A bookkeeper/accountant, will have a meeting with you to discuss what will be needed from you(accountatns and bookkeepers charge on time spent so there is no set fees for monthly work). Generally thats your bank statement, cheque schedule, any credit card statements. They will capture this and give you a breakdown of your expenses and income. Work out your monthly returns and how mcuh you will have to pay or how much you will receive from the tax man.
ANNUAL:
When it is tax time, they will receive all of your medical aid certificates, income and expenses information from you, capture it if needed(if you've kept slips-KEEP THESE!), fill in your documentation and send it in to the tax man. They will estimate how much you will receive/pay from the tax man and when they receive an assessment from them they will tell you how much you owe or how much you will get back and arrange payment to be made to or from you.
Hope that helps! |
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Paul
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An accountant can do pretty much anything between nothing and having a firm grip on your business.
Initially you'll probably want to at least discuss some of the tax implications, tax relief, VAT and incorporation with him before you go into business.
From then on you could just use them to help with those issues and provide advice or you could outsource all your bookkeeping and have them provide a full bureau and reporting service - or anything in between those two extremes. |
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Clever Trousers
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the accounts. |
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Try n Smile
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your tax returns. Work out your profit and loss account, you pay tax on your profit. Take my advice and get one, oh and keep you recipts and bank statements in order and try to keep expenses coming out of the same account, it makes life easier. |
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robert w
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they can tell u if u are broke or making money.
they can help u stay out of trouble with IRS.
when starting ' small ' business the library is a great place to go.
most 'small' biz start ups can use simple book keeping programs (pencils/paper) to track cash in v.s. cash out. |
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Rod S
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UUUM! lets think. AAAH! your accounts. |
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Gudsud55
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Accountant, will maintain your Account Books Systematically.
Money realized, money spent or paid.
You recruit, Accountant full time or part time or out source the service, that all depends upon what you choose. |
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Cheliebean
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You probably won't need an accountant, until it is time to file your taxes, unless you want one to do your books for you, such as monthly journal entries for sales, cash receipts, cash payments, etc. If you are familiar with how to record daily activities of a business, you probably won't need one. Also, you may need one for payroll, but you would probably be able to hire a bookkeeper who could do this for you, if you will have several employees.
I work for a public accounting firm and we have some clients that we do the bookkeeping for each month, simply because they do not have the capabilities to do it. Outside of that, you'll probably need one to do your taxes for you each year.
The only other reason you may need one is if you happen to have substantial business debt and the bank may require you to have an audit performed each year. This is doubtful, from the wording of your question. |
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kelly
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they will do more for you than h and r block will ever do, go to a ceritifed cpa not account, they will protect you and your small business assests, I have been in business now for 15 years and I have seen many of my friends go down the path of using just an account or going to big corp name tax prepare such as jackson hewitt or h& R and loose everythng they have. CPA go to school and they contiue to go to achool and they know all the lastest tax laws this is there bread and butter not just a sesonal thing to do in there life, so if anything please take my advice and all the experience that iahve been thru and invest into a certified CPA and build your business off a good solid foundation. |
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My mom WIPES my @SS for me.
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They will take your money.
All you need to do is keep track of your income and expenses, then go to H+R Block when it's time to file your tax returns. |
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