Call Us Today! 813-782-9491

Have Head-Scratching Finance Questions? We Have Answers!

18 Accounting FAQs

Financial matters are tricky business. Our committed team here at B & N Lenz Enterprises, LLC, is here to make accounting information accessible. We have compiled this list of questions you’ve likely had with the answers below.

For us, home is Zephyrhills, FL, but we find financial solutions for clients throughout America. Contact us today!

Finance Questions — Asked & Answered

For Business Owners

What plans should I have in place?

For small business owners, we recommend setting up a strategic, family strategic, estate, and succession plans.

What records do I need to keep & maintain?

Correct documentation is essential for the success of your business. It is imperative to track expenses, income, liabilities, & access.

Will I be able to open & operate a thriving business?

That’s something you’ll have to decide for yourself — but we believe everyone has potential! We suggest making lists of what you can offer, market niches you’ll fill, & how you’ll create a demand.

How do I steer clear of cash flow issues?

Have a plan that works for you! Some standard tips include: collecting receivables, manipulating prices, increasing sales, taking out short-term loans, & tightening credit requirements.

What do I need to know about employee benefits?

As an employer, you are legally required to pay into insurance coverage & other benefits (social security, unemployment insurance, workers’ compensation, etc.)

Do I need to research my market?

Thorough market research is critical .It will help you determine if your business is viable and how much to charge for your service or products.
Learn more about our Business Services

For Individuals

How do I determine my financial goals?

It depends on what you’d like to achieve! Some things to work for include: buying a first or vacation home, starting a business, & planning for retirement.

When I want to invest, what should I be aware of?

Investments are an opportunity for monetary success. It’s essential for you to determine a return & risk tolerance that will work in your best interest. You’ll also need to form an asset allocation plan & keep track of your investments.

What steps are most important for married couples?

For married couples, we recommend you prepare the following: a will, power of attorney, health care proxy, and power of attorney. You should also consider purchasing joint property.

Realistically, how much should i spend on my home?

This, of course, depends on the individual circumstances. You’ll need to account for how much you can afford to pay in a monthly mortgage payment — the basic rule is no more than 30% of your monthly income.

How much money should i be saving annually, minimally?

It’s a good idea to store away at least 10% of your yearly income. This’ll help you move towards your goals!

I want a new credit card, what do I need to keep in mind?

Credit cards are a great way to build good credit. Before you accept any offers, you’ll need to look into a few things, including annual percentage rate (APR), periodic rate, variable rate, grace periods, & other potential associated costs.
Learn more about our Individual Services

Tax Qs

Should my spouse & I file together or separately?

There are certain advantages to filing on your own. Not filing jointly may be a good idea if you make the same annually as your spouse or if one spouse has large medical expenses, miscellaneous deductions, or casualty losses.

Can/should I defer my income?

Affluent individuals in high tax brackets often decide to defer income until their retirement to pay lower taxes.

What tax records should I keep?

There are a wide-range of factors you’ll want to track throughout the year. This includes income, exemptions, medical expenses, charitable contributions, child care, business expenses, education, and travel.

Should I hold onto my old returns? Why?

If you can, keep your return documentation forever. It can be a good reminder of deductions you may have missed, and it’s also good to have in case of an IRS audit.

Are there education tax credits?

Yes! Tuition and related education expenses can qualify for two specific tax credits — the American Opportunity Credit & the Lifetime Learning Credit.

I want to give to charity, which method of giving is most beneficial for my taxes?

When in generous spirits, we recommend donating assets as opposed to cash. This will prevent capital gains & obtain a deduction for the full fair-market value.
Learn more about our Tax Services

ABOUT B & N LENZ ENTERPRISES

What makes B & N Lenz Enterprises LLC a trusted choice for tax services?

B & N Lenz Enterprises LLC provides professional, knowledgeable tax assistance with a focus on accuracy, reliability, and personalized service. Our goal is to help each client better understand their tax situation and approach filing and tax-related matters with confidence.

Can B & N Lenz Enterprises LLC help with complicated tax situations?

Yes. Our tax expertise allows us to work with a variety of tax situations and help clients understand their options. We take the time to evaluate the details of each situation and provide guidance tailored to the client’s specific needs.

Do you serve clients in the Zephyrhills, Florida area?

Yes. While B & N Lenz Enterprises LLC is based in the Zephyrhills area, Nils can assist U.S. citizen clients nationwide with IRS tax matters. As an Enrolled Agent, he can represent taxpayers before the IRS on a wide range of federal tax matters, with the exception of representation in U.S. Tax Court.

What services does B & N Lenz Enterprises LLC provide?

Our primary focus is professional tax services. Because every client’s needs can be different, we encourage you to contact us about your specific tax situation so we can explain the assistance that may be available.

Can I contact you before deciding whether your services fit my needs?

Absolutely. We welcome questions about your tax situation and the services we provide. An initial conversation can help clarify your needs and determine how B & N Lenz Enterprises LLC may be able to assist.

Can you help me understand a tax issue rather than simply prepare paperwork?

Yes. Professional tax service involves more than completing forms. We focus on helping clients understand their tax situation and providing knowledgeable guidance based on the information and circumstances involved.

What is an Enrolled Agent, and why does that matter for my taxes?

An Enrolled Agent is a federally authorized tax practitioner who has demonstrated specialized knowledge of federal taxation and is authorized to represent taxpayers before the IRS. At B & N Lenz Enterprises LLC, this expertise allows us to assist clients with both routine and more complex tax matters.

Do you provide personalized tax assistance?

Yes. We believe tax services should be based on each client’s individual circumstances rather than a one-size-fits-all approach. We work to understand your situation, answer your questions, and provide clear, professional guidance throughout the process.

Can you represent clients when dealing with the IRS?

As an Enrolled Agent, Nils Lenz is federally authorized to represent taxpayers before the IRS. This can be especially valuable when a tax matter requires professional representation or communication with the IRS.

Do you only handle basic tax returns?

No. Our tax expertise extends beyond straightforward filing needs. We can assist with a range of tax matters, including situations that may require more specialized knowledge or representation before the IRS.

How will I know what to expect when working with B & N Lenz Enterprises LLC?

We aim to make the tax process as clear and understandable as possible. That means discussing your situation, identifying the information needed, answering questions, and helping you understand the next steps relevant to your tax needs.

Do you work with clients who need ongoing tax assistance?

Depending on your needs, we can discuss the type of tax assistance that may be appropriate and whether continued support makes sense for your situation. Contact us with the details of what you’re looking for, and we’ll help clarify the available options.

Contact us

Have a question we didn’t answer? Give 813-782-9491 a ring!

B & N Lenz Enterprises, LLC

39104 3rd Ave

Zephyrhills, FL 33542-5264

Get Directions
Review Us!
Click for the BBB Business Review of this Bookkeeping Service in Zephyrhills FL
Office Phone:

(813) 782-9491

Cell Phone:

(813) 997-3903

Fax:
888-862-7919
Email:

nilslenz@gmail.com

Hours:
Monday - Friday
11:00 am to 10:00 pm

Saturday & Sunday
Closed