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Top 40 Questions to Ask Your Accountant

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

  1. How does the legal structure of my business impact my tax obligations?
  2. Am I making progress towards achieving my growth objectives?
  3. What are the industry-specific tax regulations that I need to be aware of?
  4. Which expenses can I reduce to improve cash flow?
  5. Could you provide recommendations on collection policies to expedite sales?
  6. Should I consider pursuing equity or debt financing?
  7. Do I require an audit for my employee benefit plan?
  8. Can you refer me to potential lenders and investors?
  9. Is a financial statement audit necessary for my business?
  10. Do I qualify for research and development (R&D) tax credits?
  11. How can I avoid triggering red flags or encountering issues during tax returns or audits?
  12. What are the optimal methods for inventory valuation for tax purposes?
  13. When should I start paying estimated taxes?
  14. Which accounting software do you recommend?
  15. What is the breakeven point for my business?
  16. How can I best prepare for the upcoming tax season?
  17. How long should I retain my business records?
  18. What expenses qualify as business deductions?
  19. How does the 2017 Tax Reform Act affect my business?
  20. Am I required to collect sales tax?

20 Questions for Individuals to Ask Their Accountant

  1. What information and records should I retain, discard, and for how long should I keep the retained documents?
  2. How does the 2017 Tax Reform Act impact my personal tax situation?
  3. Can I deduct any car expenses related to my business activities?
  4. What direct business expenses can I deduct, and are there any limitations?
  5. To what extent can I deduct household bills and equipment as business expenses?
  6. When is the appropriate time to establish an estate and trust?
  7. Should I consider charitable donations as a means of transferring wealth?
  8. How many dependents am I eligible to claim?
  9. Are there any deductions that I am currently overlooking?
  10. How frequently should I consult with you regarding my taxes?
  11. Can you assist me in estimating my taxes for the upcoming year?
  12. Should I increase my contributions to my 401(k)?
  13. Is it advisable to adjust my tax withholding?
  14. Do you have any recommendations for a financial advisor?
  15. Am I on track to meet my retirement goals?
  16. What is the most effective way to transfer my wealth to my children?
  17. How can I protect my dependents from tax implications after my passing?
  18. What significant life events should you be aware of for tax purposes?
  19. As a business owner, what steps should I take to separate my personal and business expenses?
  20. 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.

e: office@londonaccountants.co   t: 0203 137 9791

Kind Regards,
The Team at London Accountants