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F.A.Q.'s

When should I call my accountant?
Just like your mother, you should call your accountant more often than you currently do. Most life and job events – new baby, death in the family, new job, lay off, new business, new house, promotion, stock options, bonus, etc – warrant a call to your accountant. Generally, quick questions about the impact of these changes on your taxes should be answered free of charge.  Don’t wait until tax time to call.

How do I select an accountant for my taxes or my business?
Referrals from other professionals – lawyer, insurance agents, realtors, and bankers – are a good place to start. Check with your state’s CPA society and State Board of Accountancy.  See the Links page for Connecticut links.  Your local Chamber of Commerce can also provide referrals. Interview a few accountants to see if they meet your needs and price range.  Ask for referrals from current clients and other business contacts.  We recommend working with licensed CPAs or Enrolled Agents (EA) to make sure that the professional has the requisite training and experience.

How much should a tax return cost?
Good question and one that you should ask up front.  Do it yourself software costs less than $50 and internet filing costs less than $25. A CPA’s fees are based on the value of the service provided – years of experience, specialty in your area, extensive training, licensing, attention to detail and service. Most CPAs also guarantee their work and can provide support for audits or questions from tax authorities.  We like to focus on practical planning to minimize your future taxes as well as your current taxes.

How do I choose accounting software for my business?
Ask yourself four things: 1) How computer literate am I; 2) How much time do I want to spend on the software; 3) What do I need the software to do, and; 4) What do I want to spend. If you would like, we can email a comparison sheet of small business accounting software programs. Please send an email to russ@jaegerco.biz for more information. Software company links are included on the Links page.

What is Sarbanes Oxley?
Sarbanes Oxley is a law named after its’ two leading proponents to help strengthen corporate governance and accountability. The law requires publicly traded companies to have adequate internal control structures. It also holds the Chief Executive Officer and Chief Financial Officer personally liable for the company’s financial statements.

 

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