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ADDRESS
GET IN TOUCH

​Sunday:       Closed

Mon - Fri:   1:00 pm - 7:00 pm

​​Saturday:    10:00 am -5:00 pm

 

101 N. Lynnhaven Rd Suite 202

Virginia Beach, VA 23452

(757) 932-0333

info@ltwbooks.com

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© 2019 by Light The Way Business Services

Do I Need Bookkeeping?

Bookkeeping is important for several reasons. First, it is used as a tool in your businesses tax preparation. By keeping accurate records of your income and expenses you ensure taxes are paid only on your true net income. Bookkeeping also allows you to keep a picture of how much your business earns and what you spend your money on. Having this info can assist you in setting future goals for profitability and/or sales. Having an accurate set of financials is imperative when attempting to secure business loans or establish business credit. In the event of an IRS audit, bookkeeping can be well worth the expense as IRS requires accurate financial records to be maintained. One last reason, by freeing up time you would spend trying to put together your financials will allow you to concentrate on running your business. 

 

Do I Need Payroll?

If you are incorporated as an S Corporation, the IRS requires you to run a payroll. In addition, if you pay someone to do work for your business you become responsible for deducting payroll taxes based on wages earned. These taxes are then required to be paid to IRS and State agencies. Payroll reports are required to be filed quarterly and annually. Payroll processing is time-consuming and often confusing. By outsourcing your payroll, you will have more free time and be less worried about whether you are in compliance with ever-changing rules associated with payroll.

 

How Does The Billing Work?

All consultations are free.  After you have decided on the package that is right for you, we will send an ACH Form along with your business owner package Letter of Engagement that allows us to run an ACH each month at the agreed upon rate.  We bill at the beginning of each month for that month.  Once set up, it will automatically recur each month with no further action needed.

 

How Do I Receive My  Financial Work & Tax Returns?

As a business owner, we know how important it is that you have access to all your financial information whenever needed so you will have unlimited access to your QuickBooks Online file with many reporting options you can run anytime.  We will send you financial statements direct to your email on a recurring schedule.  
When your tax returns are complete and approved, our office will send you copies of the final return(s) and detailed instructions with how to make payments along with copies of payment vouchers and envelopes for mailing them in. 

 

What Kind Of IRS Help Is Included?

If you receive any notices from the IRS in relation to work we have performed, we will respond or assist you with a response and resolution at no additional cost.  The only exceptions to this are for notices that relate to tax work we did not do for you. 

 

Is The Software Included?

The cost for software systems is not included in the core packages but can be added on if desired.

 

Do You E-file My Tax Returns?

Yes.  In most cases we will e-file all of your tax returns.  If for any reason we need to paper file, we will notify you of this and hard copies with instructions will be sent to you.

We know you will have lots of questions but these will help Light The Way

Frequently Asked Questions

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