Let’s face it, we all have to pay taxes. In the past, you might’ve used an online tax company like TurboTax to file your annual taxes, and maybe you still do! However, here’s something to consider…
As a travel advisor, it’s your job to educate your client about the travel industry and ensure you are matching them with the perfect vacation experience. After all, you’re the expert, right? Well, the same is true for your taxes! As a business owner, you should really be talking with a tax professional directly.
Keep in mind that there are a bunch of tax professionals out there, some are CPAs, some are accountants, some are bookkeepers – you get the idea. Find the person that makes the most sense for you and your business. Just like travel advisors, they all have different credentials, education requirements, and ways of working in their business.
When you’re interviewing a CPA, here are some questions you can ask to focus your conversation a bit—
- How should I register my business? As a sole proprietorship, a DBA/Fictitious Name, a Limited Liability Company (LLC), a Limited Liability Partnership (LLP), a C-Corp, an S-Corp, a Partnership, a Trust/Estate, etc.? Why?
- Should I consider putting myself on payroll, collecting a draw, royalties, commission, etc.? Why?
- Do you perform bookkeeping services along with tax preparation and filing?
- Balance Sheet, Income Statement, Profit & Loss Statements, etc.
- Will you help me find my break-even point and create a Profitability Plan?
- Should I make quarterly or annual tax payments? Will you help me with setting up payments properly?
- Will you help me focus on income potential while maximizing true deductions for my business?
- What expenses can I deduct?
- Can you tell me about co-mingling of funds and should I open a business bank account (the answer is yes, by the way. You absolutely should have separate business accounts and personal accounts).
- How can I help you do a better job for me and my business if I hire you as my CPA?
- Can you help guide me through healthcare, benefits, and/or payroll for myself or any employees I have?
- What records should I keep and for how long?
- How should I prepare for tax season and what are my deadlines for filing?
- How can working with you streamline my business?
- How can you help me grow my business and meet my business needs?