A CPA (Certified Public Accountant) is an accountant who has passed the CPA exam and met additional state certification and experience requirements. CPAs can perform certain duties that regular accountants cannot, such as reviewing financial statements and representing clients before the IRS.

There are various strategies to lower your tax bill, such as maximizing deductions and credits, contributing to retirement accounts, keeping thorough records of all expenses, and possibly adjusting your withholding. Callison CPA can help tailor strategies to your specific situation.

You should keep records of income, expenses, bank and credit card statements, receipts, invoices, mileage logs, and any documentation supporting deductions and credits. Generally, it’s recommended to keep these records for at least three years.

Improving cash flow can involve strategies such as invoicing promptly, offering discounts for early payments, managing expenses carefully, maintaining a cash reserve, and regularly reviewing financial statements to identify trends and areas for improvement.

If you are self-employed, have significant income not subject to withholding, or expect to owe $1,000 or more in taxes, you likely need to make estimated tax payments quarterly to avoid penalties.

Don’t panic. Read the notice carefully to understand why it was sent. Often, it’s a simple issue that can be resolved quickly. Contact us and we can help you understand and respond to the notice appropriately.

The best structure (sole proprietorship, partnership, LLC, S-corporation, or C-corporation) depends on factors such as liability protection, tax implications, and administrative requirements. We can help you choose the most beneficial structure for your specific circumstances.

Yes, if you use a portion of your home exclusively and regularly for business, you can deduct expenses related to that space. The deduction can include a portion of your mortgage or rent, utilities, insurance, and maintenance costs.

When you sell an investment, you may owe capital gains tax on the profit. The rate depends on how long you held the investment and your income level. We can help you calculate the gain and explore strategies to minimize the tax impact.