10 Questions to Ask Your CPA After Filing Your Business Tax Return

The expertise of a CPA for Michigan business taxes is invaluable when tax filing season is in full swing. However, once your s-corp, c-corp, or LLC taxes are filed in Michigan, this is when you should leverage the true value of a trusted tax and accounting advisor.

To ensure that you can maximize your tax planning for your business in compliance with all federal and Michigan tax laws, you need to ask your tax and accounting professional the right questions. To help you get started, here are ten crucial questions you should pose to your CPA after you file your business tax return so you can make sure your business taxes and financial foundation are optimized.

1. Are there other tax strategies I should use to reduce my tax liability in the coming year?

2. Are there any new tax laws I should be aware of which may impact my business this year?

3. Are there any tax credits or deductions that I should take advantage of this year?

4. What is my company‘s biggest financial or tax liability in your opinion?

5. Are there any other business compliance issues that I need to take action on?

6. Is my business entity appropriate for the size, structure and goals I want to achieve?

7. Should I make any adjustments to my compensation from the business proceeds as a business owner?

8. Are there any changes I should make to my estimated tax payments going forward this year?

9. Am I paying adequate payroll taxes? Should I make any adjustments to FICA contributions? FICA is a U.S. federal payroll tax. It stands for the Federal Insurance Contributions Act.

10. How often should we meet during the year for tax planning, advisory meetings, and financial report meetings?

Immediately after your tax return is filed is the best time to schedule an appointment with your CPA so you can review your current tax situation and plan for any changes you need to make to your tax strategy. You can also ask any questions you have about your taxes for 2023 and 2024 as well as any questions you have about your business structure and compliance issues.

Use the checklist of questions to get the conversation started! If your current CPA or accounting professional cannot answer these questions to your satisfaction, contact McComb & Company for a tax planning appointment. We’ll take the time to get to know your business and your goals, while providing you with insights that will help you achieve your next level of growth.