FAQ per service

VCFO

What is a CFO? 

The CFO (Chief Financial Officer) is responsible for the interpretation of the results, cost control measures, capital acquisition, and forecasting bearing in mind factors that can affect a business.

When does a business need a CFO?

  • When a business has had rapid growth
  • When respect must be gained outside the company
  • When the business is preparing for a merger or acquisition
  • If your company is making more than $1,000,000 a year
  • If your company has more than ten employees
  • If you have huge operations costs, no matter your size

How will a VCFO help my company?

Having a leader overseeing your company’s financial health can help you plan, strategize and forecast to be able to execute your goals.

Bookkeeping:

  • What is bookkeeping? Bookkeeping is the recording, on a day-to-day basis, of the financial transactions and information pertaining to a business. 
  • What is included in the bookkeeping? Quickbooks setup, data entry, Accounts Receivable, Accounts Payable, General Ledger, bank reconciliation, sales taxes, depreciation, financial reports.  Depending on the package you choose, we can help you, from posting transactions to invoicing your clients and paying your vendors.
  • What accounting software do you use? Quickbooks Desktop and/or Online.
  • Can I invoice my clients and receive payments with that software? Yes, you can create custom invoices to bill your customers.
  • Do you provide training on accounting software? We provide training to our bookkeeping clients with an overview of the software and specific functions you want to perform in daily operations.
  • What tax filings are included with the bookkeeping? Sales tax and federal and state estimated payments.
  • What happens if I don’t send my estimated payments? Any missed quarterly payment will result in penalties and interest.

Taxes:

  • Why do I have to give my personal information? Your business tax accountant or tax preparer needs access to personal identification information to verify who you say you are. 
  • Why do I have to fill out an interview every year? We need to have the most recent information every year, and even if it’s the same as the year before, we need you to make sure that nothing has changed and have it on your records.
  • Why do I have to provide evidence that my children lived with me during the year? If you are claiming children as your dependents, you might be eligible to claim the Earned Income Tax Credit (EITC), the Child Tax Credit, etc. To qualify, you need evidence that your children lived with you within the USA for at least six months during the taxable year.
  • What are the acceptable pieces of evidence that my children lived with me during the year? Any of the following documents are acceptable: school records or statement, landlord or property management statement, healthcare provider statement, medical records, childcare provider records, placement agency statement, social service records, or statement.
  • What do I need to report? Taxpayers must report ALL income from any source and country unless explicitly exempt under the U.S. Tax Code.
  • Do I have to report day trading even if they are small amounts? Yes, traders must report gains and losses on their income tax.
  • Do I have to report PayPal, Venmo or Zelle sales? Any income you receive through any of these systems, whether or not it’s reported on a form 1099, must be included on your tax return.
  • If I am self-employed, what expenses for my business are deductible? You can deduct any cost related to carrying on a trade or business.
  • How long should I keep my records? You have to keep records for 3 years from the date you filed your original return, or 2 years from the date you paid the tax, whichever is later.  If you file a claim for a loss from worthless securities or bad debt deduction, keep your records for 7 years.
  • Why do some people receive a refund and others have to pay? Each situation is different; you usually get a refund when you pay more tax than you owe, which means you overpay taxes throughout the year.  If you paid less taxes than you owe, you would have to pay the balance when you file your taxes.
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