Question 1

Is QuickBooks hard to learn to use?

Accepted Answer

QuickBooks is a powerful tool, but it takes time to learn. Setting up QuickBooks correctly is critical, and many users seek help through YouTube videos, Small Business Development centers, or classes/consultants.

Question 2

What is the best business structure for a small business?

Accepted Answer

There's no one-size-fits-all business structure. Consulting with an attorney and tax advisor is recommended. Options include Sole Proprietorships, Partnerships, Limited Liability Companies, and Corporations with different tax implications.

Question 3

Do you have to make estimated tax payments as a business owner?

Accepted Answer

Business owners should make estimated tax payments if they anticipate owing taxes. These payments cover federal/state income tax and other taxes like self-employment tax. Proper record-keeping is crucial for accurate estimates.

Question 4

Do I need to use a CPA for my business or personal taxes?

Accepted Answer

The term 'CPA' is a general term. Not every CPA specializes in taxes, and not every tax preparer is a CPA. Enrolled agents, CPAs, and attorneys have unlimited representation rights before the IRS. Representation rights vary among tax professionals.

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