Frequently Asked Questions

Below is a list of the most frequently asked questions regarding our services. If you have any additional questions, feel free to call our us at any time. We're here to help your business succeed.

1. What do I did when I hire my first employee?

Your company will need to apply for a State Unemployment account, the Nevada Modified Business Tax, as well as make sure you have workman’s compensation coverage in force. We can assist you with these applications.

2. How do I know whether to pay someone as an employee or a sub-contractor?

The IRS has issued a list of rules to be reviewed before you can classify someone as a contractor. Contact our office for assistance with these rules. Read more about it here.

3. Should my company have payroll?

A C Corporation or S Corporation will most likely have payroll. An LLC or Partnership will only have payroll if they hire employees. We are glad to review the details regarding this issue with you as every business has different circumstances.

4. How many hours will you spend on my account?

This can be a difficult question to answer because every business has a different number of transactions. Currently we are able to complete the bookkeeping tasks at half the time the business owner spends, as we do not have interruptions a business owner has when trying to complete these tasks. We will gladly sit down with you and review a month’s worth of bank statements and give you a formal estimate of time to be spent.

5. What expenses can I or should I be deducting?

Any business expense incurred by a business activity most likely can be deducted. For a detailed list contact our office as each business will have different deductions. There are also expenses that are limited and we will want to review those with you as well.

6. What do you need from me to set up the accounting system?

Usually we ask for the bank statements, check registers and business credit card statements. We will meet with clients on a monthly or quarterly basis to gather this information. Once financial statements are completed we will review the statements with them to help them understand how their business is doing financially.

7. For bill paying services, how often do you pay bills?

Checks are issued twice per week (Tuesdays & Fridays). With this service we will reconcile the bank statement and provide monthly reports to the client.

8. How do I set up my new business?

We can assist you with understanding all of the ways you can organize and run your business. Whether it be with a formal entity or a sole proprietorship, we can help you understand the differences in operations. We can also assist you with organization of your new entity with the State.

9. Do you come to our office?

Yes, but we do charge a travel fee. Most of our client’s work is completed in our office with the ease of online services.

10. Will you complete my personal tax return?

Yes, we will complete personal tax returns for our clients

Recommended article Protect Yourself from Your Small Business

For IRS information visit http://www.irs.gov.

Additional note: Every business should have a team of experts that include a Tax Advisor, Attorney, Insurance Broker/Agent and a Financial Advisor.

For more information, contact Elite Bookkeeping & Tax Services at (800) 416-3820 or (775) 884-6188 Address: 123 West Nye Lane, Suite 103, Carson City, NV 89706. Visit our website at www.elitebookkeeping.biz