Frequently Asked Questions
You have questions? I have answers, and I am excited to use my 25+ years of extensive tax experience and knowledge to help you, your family, and business.
How many years experience do you have ?
- I have over 25 years experience as a CPA.
- I have worked in all aspects of accounting.
- My knowledge is with both individual and business accounts.
- To allow me to be the most efficient for my clients, I stay updated on the current laws, deductions, taxes, and other financial information.
- I specialize in complicated and detailed situations.
What makes you better than other accountants?
- Integrity, Confidentiality, Straight-shooting, HONESTY
- 25 years specialized tax knowledge
- Belief in the community and its small business culture
- Give YOU peace of mind
- Have immediate answers, when YOU need them Respect YOUR time
- Keep YOU in the driver seat with this cool thing called TRUST…
- Have worked in all aspects of accounting
Why switch from my current accountant?
- If you are still experiencing stress and worry over your finances or taxes.
- You feel your questions are being left unanswered.
- Not feeling like you are in the driver seat.
- Your time is not being respected.
- The balances are just not adding up.
- Things are not explained until you have a complete understanding.
- Lack of knowledge in current changes and laws effecting your tax situation.
General Tax Questions
What documents do I need to provide for tax preparation?
For accurate tax preparation, you will need to provide identification documents, income statements (W-2, 1099 forms), deduction and credit information (mortgage interest, medical expenses, charitable contributions), and any other relevant financial documents.
How long should I keep my tax records?
It is generally recommended to keep your tax records for at least three years from the date you filed your return. However, for certain situations like claiming a loss from worthless securities or bad debt deduction, you should keep records for seven years.
What if I have a special situation when filling?
No problem, with my years of experience I can help you navigate the steps to make filling easy and successful.
Individual and Family Tax Questions
Are there any tax credits available for families?
Yes, families may qualify for several tax credits, including the Child Tax Credit, Earned Income Tax Credit, and education credits. These credits can significantly reduce your tax liability.
Can I claim my child as a dependent?
Generally, you can claim your child as a dependent if they are under the age of 19 (or under 24 if a full-time student), live with you for more than half the year, and you provide more than half of their financial support.
Can you help me understand the proper withholding?
Yes, I can help you to adjust it to your advantage and help you understand the way this all works for you throughout the year.
Small Business Tax Questions
What expenses can I deduct as a small business owner?
Small business owners can typically deduct expenses such as rent, utilities, payroll, office supplies, travel, and advertising costs. It’s important to keep detailed records and receipts to substantiate your deductions.
How often should I pay estimated taxes?
Small business owners are required to pay estimated taxes quarterly. This helps you stay current with your tax obligations and avoid penalties.
Can I easily communicate with you throughout the year?
Absolutely, I have many clients who communicate regularly with me to keep things running smoothly for the business. I can answer questions and give advice as needed, which helps create a very organized and smooth tax time. You have questions, I have answers!
Bookkeeping Questions
Why is bookkeeping important for my business?
Bookkeeping is essential for tracking your income and expenses, maintaining accurate financial records, preparing for tax filings, and making informed business decisions. It helps ensure compliance with tax laws and regulations.
What bookkeeping services do you offer?
At Putney Consulting, we offer a range of bookkeeping services including transaction recording, bank reconciliations, accounts payable and receivable management, payroll processing, and financial statement preparation.
What if I have bookkeeping questions throughout the month?
No problem, You are welcome to tap into my knowledge to keep your business running optimally.
Tennessee-Specific Questions
Are there any state-specific tax credits or deductions I should be aware of in Tennessee?
Tennessee offers various tax incentives for businesses, such as the Jobs Tax Credit and the Industrial Machinery Tax Credit. It’s important to consult with a tax professional to understand which credits and deductions apply to your situation.
How does Tennessee’s tax structure differ from other states?
Tennessee does not have a state income tax on wages.
What if I just moved to Tennessee from another state?
I can do all state returns as well as local. I got you covered.
For Individuals 
Special Considerations…
For Businesses 
Special Considerations…
- Rentals? No problem (but we probably should talk about how they are structured)
- Lived in another state? All state returns as well as localities are done.
- Carry forward Losses are easily taken care of!
- Worldwide income? We know how to handle that, too.
- Trust Income, K-1 Income, Stock sales, Retirement distributions…
- Interest/Dividends, both taxable and nontaxable
- Energy Credits? They are still available!
- Childcare, Adoption, Healthcare, Tuition…we get all your credits including any earned income credit (EIC) available to you!
- Correct Social Security income calculations, Don’t pay more then YOU have to…EVER on any type of income
- Does your business have financial statements we can talk about?
- Do you understand your financial statements?
- How is your business doing? What are your challenges? What are your goals?
- Do you have a plan to grow your business, maximize profits and minimize taxes!
- What are your profit leaks? Do you have a plan to stop the leaks?
- I can help you navigate through all your small business challenges!
- We should meet 3–4 times a year to make sure your business is MAXIMIZED.
- Change occurs constantly; keep on top of pricing, profit, costs, staff & systems
- Do you have a SYSTEM? …a time saving / lifesaving system in place for your business?
- Save Yourself Stress Time Energy & Money!!= More time for you!!!
- Do you have an Exit Plan for retiring or just moving on? Think it doesn’t apply to you? Well, YES, IT DOES…and you can have it!
Let Putney Consulting answer your questions.
Contact us today to schedule a consultation and put our knowledge to work for you!
Contact Us
Putney Consulting is looking forward to working with you for all your individual and business tax needs.
Sparta, TN
Mon.-Fri.: 9:00 am - 4:30 pm, Sat.-Sun.: Closed
Putney Consulting
Because your time is priceless, and it's all about the balance.