Frequently Asked Questions

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When should I contact an accountant?

As soon as you start to think about your business, an accountant can help you take the next steps. We can discuss your business's organization, tax purposes and operations, along with target pricing and profit margins.  

What are my options for raising money? 

Receiving impartial advice from an accountant before you consult the bank is the first step. A bank will want to see a strong business plan and organized records. Let us help you get ready for your business's next step!  

Do I still need a CPA if I would with your firm?

CPA’s are excellent to use when you need Certified Financial Statements. Most business owners do not need Certified Financial Statements any more, it is very rare.  Most businesses need reviewed Financial statements which is what we can prepare for you. If you need Certified financial Statements, we have a relationship with a firm that will prepare them from our records for a lot less. If you are looking for tax professionals with demonstrated tax expertise, then Enrolled Agents are the way to go.

Do I need a bookkeeper if I have an accountant? What’s the difference between the two?

Accountants and bookkeepers perform distinctly different tasks for the businesses they serve. Bookkeepers are responsible for on-going maintenance of their clients’ general ledgers. A bookkeeper’s common responsibilities consist of:

• Compiling data on a daily basis
• Categorizing expenses in the general ledger
• Reviewing the general ledger for accuracy
• Reconciling bank statements against the general ledger
• Generating financial statements

Accountants use the accurate and up-to-date general ledger maintained by the bookkeeper to provide advisory services, such as:

• Analyzing the company’s financial data
• Preparing income tax returns
• Providing tax planning advice

Lucky for you, I perform both task!

Do you serve businesses with under 100k in annual revenue?

Of course! We offer bookkeeping packages for small businesses of every size. Even a Start-Ups should have an Accountant on hand to implement proper business structures and to assist in scaling the business at a rapid pace.

How much is the bookkeeping service?

Each company is priced differently. Please schedule a consultation for a quote.

Should my bookkeeper be local?

Small businesses no longer need to work with a local bookkeeper. The internet and cloud technology makes it easy for bookkeepers to securely access their clients books anytime, anywhere. Business owners can now hire bookkeeper who truly understands their industry and operations, instead of hiring the local, community bookkeeper by default.

Do I need to clean up my books before I hand them over to you?

No, we’ll include clean up for you as part of our work estimate. We will setup your industry-specific general ledger in the cloud accounting solution that best fits your business needs. 

I have multiple businesses, how can you help me?

We specialize in financial coaching, bookkeeping and tax services for multi-unit businesses and franchises. We can manage the books for each individual company and give you insight into your business’s overall financial performance.

How much does it cost to prepare my tax returns with your firm?

Our fees are very competitive.  We charge based on the forms you are required to file. To receive an estimate, please click the BOOK NOW link above.

How do you accommodate clients who are out of state?

Thanks to advance technology, we’re able to communicate with our clients via email, phone, Zoom, teleconferences and cloud computing.  We specialize in current technologies!

How long do you keep my Filed tax information on file?

We retain your information for as long as your account is active or as needed to provide you services. We may retain or use your information as necessary to comply with our policies, legal obligations, resolve disputes, and enforce our agreements. The IRS requires us to retain filed tax returns for a period of at least three years. 

What if I receive another tax form after I’ve filed my return?

If you’ve already e-filed or mailed your return to the IRS or state taxing authority, you’ll need to complete an amended return. You can file Form 1040X through our company. Additional fees may apply.

What is tax planning?

It is a strategic tax plan that consists of customized tax strategies built around your particular goals & objective of your company.

What is the benefit of tax planning?

We analyze our knowledge of your business & build a firm foundational plan to help lower your tax liability. We ensure that you receive every tax deduction you are entitled to under the U.S Tax Code

Who benefits from our tax planning package?

Entrepreneurs, self employed, small business owners, CEOs of corporations and/or nonprofit organizations. We help you build wealth using a tax savvy approach that’s in place with the tax code and laws.  

How do you know if this program is for me?

Taxes are a big expense and are bound to have priority demands in any organization’s cash flow. This is why it is important to plan for them. Our Strategic Tax Planning Services give you access the newest tax mitigation strategies while our Tax Specialists give you the best advice to ensure that you keep up with the continuously changing legislation.

There are plenty of benefits to strategic tax planning, and at Stoney Wealth, we make sure that you get to enjoy the maximum benefits  and reliefs available through it with our amazing education.