Common Questions From Clients
How long should I keep my tax records?
In most cases, we ask you to plan on keeping tax returns along with any supporting documents for a period of at least three years following the date you filed or the due date of your tax return, whichever is later.
What are the differences between an accountant, a CPA and a bookkeeper?
Bookkeepers, accountants and certified public accountants (CPA's) all work with businesses' financial data. Bookkeepers record when a company receives, pays or owes money. Accountants provide more in-depth analysis than bookkeepers. A CPA or certified public accountant is an accountant with a state license.
What types of services does Braun Business & Tax provide?
How do I know if Braun Business & Tax is right for my needs?
I don't like giving out my social security number. Do you really need it?
Yes. Your social security number is needed for identification purposes. It is considered confidential information and is not made available to the public.
Can I Claim for Expenses If I Have Lost the Receipt?
In general, it is best to have receipts on hand for all expenses that you are claiming, even if they appear on your business bank account. However, for small amounts, you may still be able to claim them as an expense, even if you have misplaced the receipt. According to the IRS guidelines, if your expense is below $75, you might not be required to provide the receipt. This also applies to transportation expenses where a receipt is not readily available.
What If I Can't Pay My Tax Bill Right Now?
Penalties and interest will begin to accrue if you can't pay your taxes by the due date for your return, but the IRS provides some late payment options. Braun Business & Tax might be able to get a short 120-day extension, although interest and penalties will still apply.
Do I Need to File a Return Even If I Don't Owe Taxes?
Even if your business did not make any profit during the year, you are required by law to file a return.
If you have made a loss during the year, it is even in your interest to file for this. By submitting your loss, you may be able to take advantage of credits from the business that applies to your personal taxes.
At Braun Business & Tax we strive to a suit all of our customers needs, and are happy to accommodate customer requests. If you are unsure if Braun Business & Tax is right for you, feel free to give us a call or book an appointment at (701)-483-1070
The services you can obtain from Braun Business & Tax can be customized to meet your needs and can include basic day-to-day bookkeeping, income tax preparation/consulting/planning, bill paying services, business start-up planning, payroll services, financial assessment reports, budgeting and forecasting, and general business consulting to provide financial oversight for your small business.