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.
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.
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.
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.
Have a question we didn’t answer? Give 813-782-9491 a ring!
Hours:
Monday - Friday
11:00 am to 10:00 pm
11:00 am to 10:00 pm
Saturday & Sunday
Closed