General Services

Q: What services do you offer? We provide comprehensive financial services, including:

• Tax Preparation: For individuals, small businesses, corporations, partnerships, and non-profits. We handle federal and state income tax returns, estimated taxes, and more.
• Business Consulting: Guidance on business structure, financial strategy, cash flow management, growth planning, and compliance.
• Bookkeeping: Accurate and organized recording of your financial transactions, including accounts receivable/payable, payroll, and financial statement preparation.
• Tax Planning: Proactive strategies to minimize your tax liability, optimize deductions and credits, and plan for future financial goals.

Q: Which areas do you serve? We proudly serve the entire Hampton Roads region of Virginia, including Newport News, Norfolk, Virginia Beach, Chesapeake, Hampton, Williamsburg, Suffolk, Gloucester, Portsmouth, Smithfield, and Yorktown.

Q: Why should I hire a professional for my tax and financial needs? Hiring a professional can save you significant time and money by ensuring accuracy, maximizing deductions, avoiding penalties, and providing expert advice tailored to your specific situation. We help reduce stress and protect you in the event of an audit.

Q: Do you offer free consultations? Please contact us directly to inquire about initial consultation options.



Tax Preparation

Q: What documents do I need to bring for individual tax preparation? Generally, you'll need:

• W-2s, 1099s (various types: 1099-NEC, 1099-INT, 1099-DIV, etc.)
• Statements for other income (e.g., rental income, social security, unemployment)
• Mortgage interest statements (Form 1098)
• Property tax statements
• Childcare expenses
• Medical expenses
• Education expenses
• Receipts for charitable contributions
• Information for any potential deductions or credits (e.g., home office expenses, student loan interest)
• Previous year's tax return (for new clients)

Q: What documents do I need for business tax preparation? For business taxes, we typically need:

• Profit & Loss (Income) Statement
• Balance Sheet
• Bank statements
• Payroll records (if applicable)
• Receipts for business expenses
• Asset purchase details
• Prior year's business tax return (for new clients)
• Legal documents related to your business structure (e.g., LLC operating agreement, partnership agreement)

Q: What is the difference between a tax deduction and a tax credit?

• Tax Deduction: Reduces your taxable income, lowering the amount of income on which you pay tax. The value of a deduction depends on your tax bracket.
• Tax Credit: Directly reduces the amount of tax you owe, dollar for dollar. Tax credits are generally more valuable than deductions.

Q: Can you help me with past-due tax returns or IRS notices? Yes, we can assist with preparing prior-year tax returns, responding to IRS or state tax notices, and representing you during audits to help achieve the most favorable outcome.

Q: How do I get my refund? Refunds can be received via direct deposit to your bank account, or by paper check from the IRS/state. Direct deposit is generally faster.

Business Consulting

Q: How can business consulting help my company? Business consulting can help you:

• Choose the optimal legal structure for your business (e.g., Sole Proprietorship, LLC, S-Corp, C-Corp) for tax efficiency and liability protection.
• Develop sound financial strategies and budgeting.
• Improve cash flow management.
• Identify opportunities for growth and increased profitability.
• Navigate regulatory compliance.

Q: Do you help with new business registration and setup in Virginia? While we primarily focus on financial aspects, we can guide you on the necessary steps for obtaining tax ID numbers, business licenses, and understanding employer responsibilities in Virginia.

Bookkeeping

Q: What's the difference between a bookkeeper and an accountant?

• Bookkeepers: Primarily responsible for recording and organizing daily financial transactions, maintaining accurate records, and preparing initial financial statements.
• Accountants: Analyze financial data, prepare tax returns, provide strategic financial advice, and can perform audits. We offer both bookkeeping and accounting services.

Q: How often should I have my books updated? The frequency depends on your business's volume of transactions. Many small businesses benefit from monthly bookkeeping, while others may require weekly or quarterly services.

Q: What software do you use for bookkeeping, or can you work with my existing system? We are proficient in various accounting software, including QuickBooks. We can often work with your existing system or recommend the best solution for your business.

Q: How do I separate my business finances from my personal finances? It is crucial to keep business and personal finances separate. We recommend:

• Opening separate bank accounts for your business.
• Using a dedicated business credit card.
• Maintaining distinct accounting systems for business and personal expenses.

Tax Planning

Q: What is tax planning? Tax planning is the proactive process of analyzing your financial situation and making strategic decisions throughout the year to minimize your tax liability legally and ethically. It goes beyond just filing your annual return.

Q: When is the best time to start tax planning? The best time to start tax planning is throughout the entire year, not just at tax season. This allows for proactive adjustments and maximizes your opportunities for savings. We recommend regular check-ins.

Q: Can tax planning help me save money on my taxes? Absolutely. Effective tax planning can help you:

• Maximize eligible deductions and credits.
• Defer income or accelerate deductions.
• Choose the most tax-efficient business structure.
• Plan for major life events (e.g., retirement, college savings, real estate transactions) with tax implications.

Have a question not answered here? Please don't hesitate to contact us directly! We're here to help you achieve your financial goals.