Your Tax, Accounting, and BusinessQuestions Answered
Find answers to common questions about taxes, accounting, and business operations. Need more help? Contact us for personalized assistance and get the answers to your specific needs.
Easy Tax Management
Simplify your tax tasks with direct access to our most requested resources.
North Dakota Primary Residence Tax Credit
Find information and apply by March 31, 2025.
Check Your Refund Status
Track your federal or state refunds:
Pay Taxes Online
Easily pay taxes for federal, North Dakota, and Minnesota filings:
Access Your Online Federal Tax Account
Manage your tax account:
Retrieve Your IRS IP PIN
Recover your Identity Protection PIN:
IRS Tax Withholding Estimator
Ensure the right amount is withheld from your paycheck:
Other IRS Online Tools & Resources
Discover additional self-help options:
What documents do I need to file my taxes?
You’ll typically need income statements (e.g., W-2s, 1099s), records of deductible expenses, investment income forms, and any relevant tax documents for credits. We can provide a tailored checklist based on your situation.
What are the key tax deadlines I should know about?
The most common tax deadlines include April 15 for individual returns and C-Corps and March 15 for partnerships and S-Corps. If you operate a business with a fiscal year, your tax return is due on the 15th day of the 4th month following the close of your fiscal year. Other due dates may apply depending on your specific entity type. We can help clarify all deadlines for your unique situation to ensure you’re in compliance.
How do I know if I need to make estimated tax payments?
If you earn income without automatic tax withholding (e.g., self-employment, rental income, or side jobs), you may need to pay quarterly taxes to avoid penalties. We’ll calculate and guide you on the timing and amounts.
How can I reduce my tax liability?
Tax-saving strategies include contributing to retirement plans, leveraging business deductions, and deferring income where applicable. We offer proactive tax planning to identify opportunities that fit your situation.
What deductions and credits can I claim as a small business owner?
Deductions often include office expenses, mileage, equipment, and employee wages. Credits might involve energy-efficient investments or hiring. We’ll help maximize your eligible deductions and credits for the best results.
What should I do if I receive a notice from the IRS?
Stay calm and don’t ignore the notice. Forward it to us, and we’ll review it, explain what’s required, and help you resolve any issues promptly.
How can I pay my tax liabilities online?
Many states, including North Dakota and Minnesota, offer online payment options for tax liabilities. Below are links for federal and state payments for our most common locations:
If you need to pay taxes in another state, visit the state’s Department of Revenue website for online payment options.
Can I file my taxes electronically with your help?
Yes, we offer secure e-filing for individuals and businesses, ensuring compliance and faster processing of your returns.
What’s the difference between a tax deduction and a tax credit?
A deduction lowers your taxable income, reducing the amount of income subject to tax. A credit directly lowers your tax bill, often providing greater savings. This distinction can significantly impact your tax savings, and we can guide you on which to prioritize.
How do I amend a tax return if I made a mistake?
To amend a return, you’ll need to file Form 1040-X. Whether the issue involves missed income or overlooked deductions, we can assist in preparing and submitting an accurate amendment.
I’m getting a tax refund. How long will it take to receive it?
The IRS issues most federal refunds within 21 days of receiving your tax return. Filing electronically and selecting direct deposit is the fastest way to receive your refund.
If your refund is delayed, you can check its status using the following links:
For refunds from other states, visit the respective state’s Department of Revenue website to track your refund status.
How long do I need to keep my tax records?
Please refer to the IRS link below for more information.
How do I handle taxes if I work in multiple states?
Working in multiple states often requires filing in each state where income is earned. We can guide you on how to file in multiple states to avoid double taxation
What should I know about tax extensions and making payments with an extension?
If you need more time to file your tax return, you can request an extension. For individuals, this typically gives you an additional 6 months to file, with a new deadline of October 15. For businesses, extensions may vary based on the entity type, but generally, you can request a 5-6 month extension. It’s important to note that while an extension gives you more time to file, it does not extend the time to pay any taxes owed.
Payments are still due by the original deadline to avoid penalties and interest. We can help you file an extension and ensure you make any necessary payments on time.
What accounting software do you recommend for small businesses?
We recommend QuickBooks for its flexibility and user-friendliness, but we can evaluate your business needs and recommend the best solution for you.
Can you help clean up my accounting records?
Yes, we specialize in organizing, reconciling, and optimizing accounting records to ensure they’re accurate and up to date.
How often should I reconcile my bank accounts?
Monthly reconciliations are ideal to catch errors, prevent fraud, and ensure your financial records align with your actual cash flow.
What’s the difference between cash and accrual accounting?
Cash accounting tracks transactions when money changes hands, while accrual accounting records income and expenses when earned or incurred. Accrual provides a clearer long-term view.
What are the benefits of outsourcing accounting services?
Outsourcing saves time, improves accuracy, and provides access to expert insights. By ensuring your financial records are precise and up to date, it helps identify missed deductions, minimize tax liabilities, and align your accounting with effective tax strategies. This allows you to focus on growing your business while we handle the numbers.
How do I set up a chart of accounts for my business?
Start by grouping accounts into categories like income, expenses, assets, liabilities, and equity. We can create a tailored chart that aligns with your reporting needs.
How can I track expenses more effectively?
Use accounting software to organize and monitor your expenses efficiently. Keep business and personal expenses separate by maintaining dedicated business checking and credit card accounts. Additionally, digitize receipts to streamline tracking and categorization, making it easier to manage and review your finances.
What reports should I review regularly to manage my business finances?
Regularly review profit and loss statements, balance sheets, and cash flow reports to monitor your financial health and make informed decisions.
How can I prepare for an audit?
Keep well-organized records, ensure receipts and invoices are stored securely, and maintain compliance with tax laws. We can assist with audit readiness and representation.
What’s the best way to structure my business (LLC, S-Corp, etc.)?
The ideal structure for your business depends on factors like tax treatment, liability considerations, and growth goals. While we do not provide legal advice, we can analyze your financial situation and goals to offer insights on the tax implications of different structures, helping you make an informed decision.
How can I improve my business’s cash flow?
Strategies include prompt invoicing, negotiating better terms with vendors, and cutting unnecessary expenses. We can help develop a custom cash flow management plan.
What’s involved in succession planning for my business?
Succession planning involves identifying successors, structuring the transition, and addressing key tax considerations. While we do not provide legal advice, we can guide you through the financial and tax aspects of the process to ensure a smooth and efficient transition for your business.
What are the key financial metrics I should track?
Monitor gross and net profit margins, cash flow, accounts receivable, and return on investment to assess business performance and profitability.
How can I set up an accounting system for my new business?
Choose software, set up a chart of accounts, and establish processes for tracking expenses and revenue. We’ll help design a system tailored to your needs.
What tax implications should I consider when selling my business?
Consider capital gains taxes, depreciation recapture, and any state-specific rules. Early tax planning can significantly reduce liabilities.
How do I determine if I need professional advisory services?
If you’re dealing with complex tax situations, managing business growth, navigating industry-specific challenges, or planning for the future, professional advisory services can be invaluable. Our expertise can help uncover opportunities to save time, reduce tax liabilities, and improve efficiency. Whether it’s streamlining operations, identifying missed deductions, or crafting a long-term financial strategy, professional advisory services provide clarity and actionable solutions, empowering you to make informed decisions with confidence.
What steps can I take to minimize risk in my business?
Minimizing risk starts with implementing strong internal controls to safeguard assets and maintain accurate records. Keeping thorough documentation and separating personal and business finances are key steps. Additionally, securing appropriate insurance coverage and regularly reviewing your compliance with tax and regulatory requirements are essential. While we don’t provide legal advice, we can help develop a risk management strategy from a tax and accounting perspective to support the stability and success of your business.
How can I transition my business to the next generation?
A successful business transition involves creating a clear plan that outlines your goals and expectations, implementing tax strategies to minimize liabilities, and preparing successors through training and knowledge transfer. While we don’t provide legal advice, we can assist with the financial and tax aspects of succession planning, ensuring the transition is efficient, compliant, and aligned with your long-term objectives.
What makes your firm different from other tax and accounting firms?
We offer a comprehensive approach that integrates tax, accounting, and business advisory services, focusing on providing tailored solutions that help clients optimize their financial strategies and minimize tax liabilities. Our team’s expertise and client-first mindset set us apart in delivering exceptional value.
Who are your typical clients?
We work with a diverse range of clients, including individuals and businesses, offering personalized services tailored to meet each client’s unique needs. Whether you're seeking strategic advice for your business, comprehensive tax planning, or assistance with your annual tax return, we provide expert guidance and solutions for clients at every stage of their financial journey.
Do you provide virtual or remote services?
Yes, we offer both in-person and virtual consultations. We leverage technology to ensure that clients can access our services conveniently, no matter where they are located. We currently serve clients in 43+ states and offer secure online tools for collaboration.
How do I get started with your firm?
Getting started is easy! Simply reach out to us through our contact page, and one of our team members will get in touch to discuss your needs. We’ll schedule a consultation to learn more about your goals and begin developing a customized plan to meet them.
How do you keep client information secure?
We prioritize client confidentiality and data security by using the latest encryption technologies and secure file-sharing systems. Our firm is committed to maintaining the privacy and integrity of your financial information.
Can I work with your firm if I don’t live locally?
Yes! While we pride ourselves on having a local feel, we currently serve clients in 43+ states. We provide flexible options for remote consultations and communication to accommodate clients regardless of their location.
What industries do you specialize in?
We work with clients across a wide range of industries, including real estate, construction, healthcare, manufacturing, retail, and more. Our expertise allows us to tailor solutions to meet the unique tax, accounting, and business needs of each client, regardless of their industry. Whether you're in one of these sectors or any other, we offer personalized services that drive value for your business.
How do you ensure your services are personalized to my needs?
We take the time to understand your unique financial situation and goals. By developing customized tax strategies and accounting systems that fit your needs, we help you achieve optimal results and avoid missed opportunities.
What’s your approach to client communication and support?
We believe in clear, proactive communication and are always available to answer your questions. Whether it’s through email, phone calls, or scheduled meetings, we strive to ensure that you’re informed and confident in the decisions we make together.
How do I access my personal or business portal account?
If you’ve previously set up a personal or business portal account, you can easily access it here:
If you need assistance, feel free to contact us, and we’ll guide you through the process.
How do I set up a portal account?
If you don’t have a portal account yet, setting one up is easy. Simply reach out to our office at [email protected] or call us at 701-356-7867. You will then receive an email from [email protected]. Please follow the instructions to create your password. You will then be able to log in and access your portal anytime.
Please reach out to our office at [email protected] or call us at 701-356-7867 and let us know that you would like to set up a portal account. You will receive an email from [email protected]. Please follow the instructions to create your password. You will then be able to log in to your portal.