Magnettica

Besides knowing the tax laws, filing taxes, and registering my business for tax purposes, what else should an accountant do to help my business? I have the LLC formed so I won't be needing his services for that. What I'd really like to know what to ask him when I meet him for the first time next Monday.

My good, good friend Joe McGill went to Manhattan College with this guy he has referred me to. Joe is my lawyer that has gotten me out of a jam or two the last 10 years or so including a dispute over overtime pay. That EC had to change his underwear after he got off the phone with Joe so I trust him.

The one I thing I am concerned about it how far this accountant's office is from where I live. Does this really matter? What kind of questions do I need to be asking him?

Thanks for any and all replies.

480sparky

Most stuff can be emailed or faxed. Office visits are rare.

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captkirk

Are you going to have him file your sales tax or will you do it yourself..?

Magnettica

To be honest, I haven't registered with the state for depositing taxes yet. State or federal. I have the form they mailed me with a url so I'm assuming it's pretty easy to register.

captkirk

Yea its simple but if your late with making payments you will get charged late fees so dont wait too long..

MDShunk

Sales tax, payroll, and quarterlies. You'll need him to prepare a number of things when you go for loans.

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I'm an electrician, not a magician.

Mach

I would interview at least 3 accountants. Ones that specialized with EC. When it's my money and my future I want boots on the ground kicking tires, Hope and trust are mostly thrown out the window. Go with facts. My accountant is 150 miles away in another state. I don't have a business but I file multiple W2s, multiple states/Countries, 1099, with rental properties, capital gains so it does become a mess. I haven't seen this guy in 3 years. I just mail my information to him.

I do admit it does get frustrating at times, I just have to keep in contact with him more.

Magnettica

I've never had to hire an accountant before so do I just bring all my LLC papers and other forms I've gotten from the state? I hope I can just give him all the papers and let him make sense of them. I'm an electrician and business owner, I don't know about taxes and forms and other related material.

What should I be asking the accountant when I meet with him?

BryanMD

First, stop using the term 'accountant'. You want a CPA.
And you want one with real experience with contractors of various types and sizes... especially the smaller start ups.

Second, is whoever you use as a CPA it should be someone that your attorney knows and also trusts... and in the reverse the accountant should know & trust the attorney.

These guys are your basic board of directors who you will be paying good money to for help and advice.. the fees for which should be your LAST concern when choosing them. Like with EC's 2 hours spent by someone who knows what they are doing is always better than 4 hours by someone who doesn't... right? the hourly cost is immaterial.

And BOTH should be on board with all of the basic advice and procedures you are using (Like the LLC thing... the wisdom of using this remains an area of contention by well qualified people as opposed to other corporate entity options).

Procedures for things like forms and statements and record keeping and filing and all the other small day to day stuff that determines so much as time goes on.

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March 2010: On the road with my RV. California is first primary destination then it is off to Eastern OR, Northern ID and Western MT for drycamping and fly fishing until Labor Day.

NolaTigaBait

A good CPA will save you money. He ought to have a list of things that you need to be aware of. Quarterly payments to the IRS etc....

bobelectric

My C.P.A. said "BUY,Buy,Buy! Everything is deductable!

Magnettica

Had a great meeting with CPA this morning. I feel much better now knowing what I can do on my own and what I'll need help with. The state sales tax thing seems pretty simple, the quarterly still has some grey area. I am fortunate to have such good friends because my lawyer hasn't charged me a dime and since he's friends with the CPA he too didn't charge me anything for our meeting this morning. Damn if it feels good to be an EC today! Now if only the phone would start ringing.

drsparky

CPA = Certified Public Accountant. I am I missing something here?

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That makes me angry, and when Dr. Sparky gets angry Mr. Bigglesworth gets upset. And when Mr. Bigglesworth gets upset, people die!

Black4Truck

I never charge my lawyer or accountant for electrical work.

Both are great people and I feel blessed

Magnettica

I feel the same way. But you wouldn't even charge them for materials if they were over say a few hundred dollars?

Black4Truck

I never charge them a dime.. not even for materials.

My reply to a bill has always been to "just take care of me when my time comes".. if that is OK with you.

Consider it money in the bank. Lawyers charge $300.00 and up per hour and you never know what is coming down the road.

Magnettica

Good advice, Bob.

BryanMD

at lower levels the difference is largely semantics, but...
Think master electrician and every other guy out there who owns a pair of kleins... same thing?

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March 2010: On the road with my RV. California is first primary destination then it is off to Eastern OR, Northern ID and Western MT for drycamping and fly fishing until Labor Day.

Mach

I think of retired master electrician that might want to make some dough on the side and not work with 200 clients, but only 5-10.