Frequently Asked Questions

By addressing these FAQs, we aim to guide business owners through their financial and tax-related queries, offering expert advice and solutions tailored to their unique needs.

What tax forms does my business need to file?

Depending on your business structure (such as Sole Proprietorship, Partnership, S-Corporation, or C-Corporation), the tax forms you’ll need to file can vary significantly. Each structure has its own set of forms, due dates, and schedules.

Uncertain about what forms are required for your business? Schedule a Consultation with Washington & Co Inc., today to navigate through your tax filing needs efficiently.

What should I do if my taxes were filed incorrectly?

Incorrect tax filings can lead to complications. If you suspect an error in your tax filing, the first step is to conduct a thorough Investigation and Analysis to pinpoint these mistakes, followed by amending the tax return for the specific year.

Need assistance with amending your tax return? Contact us for guided support through the correction process.

How do I save money on taxes?

There are numerous strategies to minimize your tax liability, including maximizing retirement contributions and deducting eligible expenses like home mortgages. Many taxpayers overpay due to a lack of awareness about these deductions.

Interested in reducing your tax bill? Schedule a free Tax Planning Consultation with us to explore potential savings.

What is Tax Planning?

Tax Planning involves strategically analyzing your financial situation to utilize tax laws in reducing your tax liabilities. This proactive approach ensures you pay the least amount of taxes legally possible.

Want to optimize your tax situation? Book a Tax Planning Consultation with us today.

How does Tax Planning differ from Tax Preparation?

Tax Preparation is the act of compiling and filing your tax returns. In contrast, Tax Planning is a comprehensive approach that involves analyzing your financial situation to advise on minimizing your tax liabilities throughout the year.

Overpaying on taxes? A free Tax Planning Consultation can help identify savings opportunities.

Is an S-Corp the best structure for my business?

Choosing the right business structure is crucial for taxation and legal liability. Options include S-Corporation, C-Corporation, Partnership, Sole Proprietorship, among others.

Unsure about the best structure for your business? Let’s discuss how to optimize your business structure for tax efficiency.

What accounting system should I use?

The best accounting system for your business depends on your specific industry needs and preferences. Popular options include QuickBooks, FreshBooks, Wave, and Zoho.

Need help selecting the right accounting software? Contact us for a personalized recommendation.

Can I get help with cleaning up my books?

Absolutely! It’s crucial to have accurate, up-to-date records for strategic decision-making and tax deductions.

Books need a cleanup? Schedule a consultation with us to get your financial records organized and accurate.

How do I plan financially for my business?

Effective financial planning involves analyzing cash flow, tax savings, strategic planning, operational optimization, and staff retention.

Looking for financial planning assistance? A CFO Consultation with our experts can provide the strategic insight needed for your business’s success.

What are CFO services?

CFO services encompass the extensive financial management expertise offered by a Chief Financial Officer. These services aim to enhance financial performance, manage risks, and achieve strategic objectives.

Ready to elevate your business? Schedule a CFO Consultation to explore how our services can benefit your organization.