Whether you’re an entrepreneur or an individual planning for the future, having the right questions to ask your accountant is a valuable asset. Creating a comprehensive list of questions, both for the present and future, ensures that your discussions are productive, well-prepared, and aligned with your financial objectives. Here is a compilation of the top 40 questions you should ask your accountant.
20 Questions for Businesses to Ask Their Accountant
- How does the legal structure of my business impact my tax obligations?
- Am I making progress towards achieving my growth objectives?
- What are the industry-specific tax regulations that I need to be aware of?
- Which expenses can I reduce to improve cash flow?
- Could you provide recommendations on collection policies to expedite sales?
- Should I consider pursuing equity or debt financing?
- Do I require an audit for my employee benefit plan?
- Can you refer me to potential lenders and investors?
- Is a financial statement audit necessary for my business?
- Do I qualify for research and development (R&D) tax credits?
- How can I avoid triggering red flags or encountering issues during tax returns or audits?
- What are the optimal methods for inventory valuation for tax purposes?
- When should I start paying estimated taxes?
- Which accounting software do you recommend?
- What is the breakeven point for my business?
- How can I best prepare for the upcoming tax season?
- How long should I retain my business records?
- What expenses qualify as business deductions?
- How does the 2017 Tax Reform Act affect my business?
- Am I required to collect sales tax?
20 Questions for Individuals to Ask Their Accountant
- What information and records should I retain, discard, and for how long should I keep the retained documents?
- How does the 2017 Tax Reform Act impact my personal tax situation?
- Can I deduct any car expenses related to my business activities?
- What direct business expenses can I deduct, and are there any limitations?
- To what extent can I deduct household bills and equipment as business expenses?
- When is the appropriate time to establish an estate and trust?
- Should I consider charitable donations as a means of transferring wealth?
- How many dependents am I eligible to claim?
- Are there any deductions that I am currently overlooking?
- How frequently should I consult with you regarding my taxes?
- Can you assist me in estimating my taxes for the upcoming year?
- Should I increase my contributions to my 401(k)?
- Is it advisable to adjust my tax withholding?
- Do you have any recommendations for a financial advisor?
- Am I on track to meet my retirement goals?
- What is the most effective way to transfer my wealth to my children?
- How can I protect my dependents from tax implications after my passing?
- What significant life events should you be aware of for tax purposes?
- As a business owner, what steps should I take to separate my personal and business expenses?
- How can I maximize my deductions more effectively?
Note: It’s important to customize these questions based on your specific circumstances and consult with a qualified accountant for personalized advice.
Looking for a Fulham accountant for your business, or a tax advisor in London? Get in touch – we’d love to help.
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The Team at London Accountants