Best Accountants in Cary, NC

If your small business is an S-corp or C-corp, you can pay yourself a salary. If you are a sole proprietor, single-member LLC, or a partner in an LLC partnership, the IRS does not allow you to pay yourself a salary. You can take distributions to pay yourself but those distributions are not deductions. In a partnership, partners can be paid guaranteed payments.

Individuals should save tax data for seven to 10 years since the IRS can audit 10 years of returns. Small business owners should save tax data for seven to 10 years after they no longer own the business.

Call your CPA and show it to them. Never ignore a letter from the IRS! Your CPA will be able to confirm that the letter is authentic and not a scam, and then explain what action you should take in response to the letter.

QuickBooks is accounting and financial management software with robust features, such as accounting, inventory, payroll, invoicing, expense tracking, bank account tracking, reconciliation, and reporting. QuickBooks helps small businesses monitor and manage their financials in a single platform. Gwendolyn M. Reilly, CPA, PLLC is a QuickBooks ProAdvisor.

Outsourcing your accounting and bookkeeping gives you more time to focus on core business activities that generate revenue and allow your business to grow. Outsourcing also places your financials in the hands of a trusted expert so you can leverage their knowledge to make better business decisions.