Compass Accounting Group
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    • Home
    • Services
    • Pricing
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    • FAQ
    • Contact Us
    • About Us
    • Videos
    • Terms of Service
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    • Coronavirus
    • Owner Payroll
    • Resources
  • Home
  • Services
  • Pricing
  • Reviews
  • FAQ
  • Contact Us
  • About Us
  • Videos
  • Terms of Service
  • Truckers
  • Coronavirus
  • Owner Payroll
  • Resources

Frequently Asked Questions

What are the IRS Standard Mileage rates for 2022?

Standard mileage rates have increased to 62.5 cents per mile for business use of a personal vehicle. 

What common SBA loans are available?

SBA 7(a) loans is the most common loan program. This is the best option when real estate is part of a business purchase.


SBA 504 loans provide fixed rate financing of up to $5 million for major fixed assets.  

When should I contact an accountant?

As soon as you start to think about starting a business, you should meet with an accounting professional who can help you take the next steps. You can discuss your business's organization, bookkeeping, taxes, payroll and operations, along with target pricing and profit margins.  

How can I know which accountant is right for me?

Does your accountant return your calls? Do you feel comfortable asking them a question? Do you feel heard? With the right accounting professional, the answers should be a resounding "Yes!"

When should I switch accountants?

Here are the top 5 reasons people change accountants.

  1. My accountant only meets with me at tax time. By then it's too late to make changes that will improve my tax return.
  2. I don't think my accountant understands, or even cares about, my business.
  3. My accountant is too hard to reach.
  4. My accountant doesn't provide the type of help I had hoped for.
  5. My accountant's fees are too high for the service I'm being provided.

I want to start a business, where do I begin?

First you can check out the IRS resources to get a good overview. Next talk to an accounting firm that has helped start many businesses. We recommend you talk to Compass Accounting Group.

What are my options for raising money?

Get some impartial advice from an accountant before you consult a bank or investors. Put a meaningful business plan together that gives the lender/investor confidence that your business idea is worth the risk. 

Should I be organized as an LLC or S-Corp?

Check out what the IRS has to say about starting a business. Keep in mind, many small businesses are setup as an LLC because of the cost of doing payroll. If your business has net profits that exceed $15,000 per year, you could be paying too much in taxes. 

Employee or Subcontractor?

 To be considered an independent contractor and not an employee subject to payroll, an individual must meet and maintain all nine of the following requirements (original Government documentation):

  1. Maintain a separate business
  2. Obtain a Federal Employer Identification Number or has filed business or self-employment income tax returns with the IRS based on the work or service in the previous year.
  3. Operate under specific contracts
  4. Be responsible for operating expenses under the contract
  5. Be responsible for satisfactory performance of the work under the contracts
  6. Be paid per contract, per job, by commission or by competitive bid
  7. Be subject to profit or loss in performing the work under the contracts
  8. Have recurring business liabilities and obligations
  9. Be in a position to succeed or fail if business expenses exceed income

Can I avoid paying employees overtime by paying them a salary?

Only certain employees can be exempt from overtime and minimum wage. The U.S. Department of Labor has issued a Fact Sheet.

The basics of S corporation stock basis.

Avoid problems in calculating and tracking shareholders' basis.

Can I avoid taxes by employing my family members ?

Find out more about hiring family.

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