Clone of 'Outsourced Finance Management' Questionnaire

'Outsourced Finance Management' Questionnaire

Please provide your responses to the subsequent questions regarding your business and personal requirements. This optimized document may incorporate supplementary inquiries, contingent upon your responses, to ensure a more comprehensive addressing of your specific needs.
TBC Internal Marketing
How did you hear about TBC? Check all that apply.*

ReferralFacebookGoogleInstagramLinkedInSnapchat
Referral Name or Business Name
Promo Code (if applicable)
Are you interested in Business or Individual services?*

Business - Bookkeeping, payroll, business taxes, etc.Individual - Tax Preparation ONLYBoth
Individual/Owner Information
Individual/Owner*

First NameLast Name
Phone Number*
Please enter a valid phone number.
Email Address*
example@example.com
Home/Business Address*

Street Address

Street Address Line 2

CityState

Zip Code
Official Company Name (if applicable)
Years in service
Fiscal Year-end date

12/31 - most commonOther
Which business entity type is your business?

Sole ProprietorPartnershipLLCC-CorpS-CorpNon-profitMultiple
How did you elect your LLC to be taxed?

Disregarded Entity (basic LLC)C-Corp (must provide 8832 documents)S-Corp (must provide 2553 documents)Unsure
Did earn 501(c)3 status?

YesNoNeed assistance with earning 501(c)3 status?
Our Services
Tasks Needed. Check all that apply.

Bookkeeping - The systematic recording of an organization's financial transactions. This process is vital for accurate financial reporting, tax and regulatory compliance, informed management decisions, facilitating audits, and maintaining financial integrity for accounting analysis.Payroll - The core business function of paying employees via checks or direct deposit. This process includes maintaining detailed payment records and managing employee-related taxes. These records are vital for calculating total annual compensation at the end of the fiscal year.Payroll Taxes - Mandatory financial contributions, or taxes, are levied on employers and/or employees as a percentage of pay. These include employee withholdings (e.g., Federal income tax, shared Social Security and Medicare) and employer-paid taxes (e.g., shared Social Security and Medicare, Federal unemployment tax).Sales Tax - A sales tax constitutes a levy imposed by a governing body upon the sale of specified goods and services. Typically, legislation authorizes the vendor to collect the requisite tax funds from the purchaser at the point of sale.Quarterly Estimated Tax Payments - Individuals who are self-employed or do not have income tax withheld are obligated to remit Quarterly Estimated Taxes to the IRS on a quarterly basis.Tax Preparation Service - Annual tax preparation involves submitting income tax returns using current legislation, deductions, and credits. Individuals use W-2s and 1099s, while businesses need detailed financial records to legally minimize taxes.
Bookkeeping
Cash-Basis Accounting - This method records revenue when cash is received and expenses when they are paid. It does not track accounts receivable (money owed to the business) or accounts payable (money the business owes).

Accrual-Basis Accounting- This more common method records revenues and expenses when they are earned or incurred, regardless of when the cash is actually exchanged. For instance, revenue is recorded upon project completion, not when payment is received.
How do you want to track your books?

Cash-Basis OnlyAccural-Basis OnlyUnsure
Are you currently using a bookkeeping software?

YesNo
What software do you use?
Gathering Your Transaction Documentation (Bills, Receipts, Bank Statements, Loan Documents, etc.)

TBC provides two convenient options for the collection of your necessary transaction documentation:
1. Client Upload - You, or designated member(s) of your team, are responsible for uploading documents directly to your company's secure Google Drive.
2. TBC Pickup - We offer weekly, biweekly, or monthly pickup of your documents, based on your preference. Please note: An additional charge applies for this service as it includes the scanning and uploading of documents to your Google Drive.
Which option works best for you as it relates to collecting Transaction Documentation?

Client UploadTBC Pickup
Do you receive payments through merchant accounts? (Ex: PayPal, Square, Clover, etc.)

YesNo
How many different merchant accounts deposit into your bank/credit accounts?
How many bank/credit card accounts need to be reconciled monthly?*
Do you track or want to track income and expenses by a specific segment/location/division of your business?

YesNo
Do you track or want to track all direct expenses related to a customer job?

YesNo
How often do you need to review financial reports (and feel a high level of confidence that the numbers are as accurate as possible; including: bank and credit card accounts reconciled, customer and vendor balances accurate, and/or inventory valuation is accurate)? Understand the more frequently you need this, the more the cost will increase.

DailyWeeklyBiweeklyMonthlyQuarterly
Do you have a Budget? If so, how often do you Monitor Actual vs. Budget Reports?

No BudgetDailyWeeklyBiweeklyMonthlyQuarterlyAnnually
Payroll
What is your method or desired method for paying yourself?*

PayrollOwner DrawsDividendsUnsure at this time
Are you currently using a payroll software?

YesNo
What software do you use?
Type of persons on payroll. Select all that apply.

EmployeesSubcontractorsMyself
How many employees & subcontractors do you have? (including yourself)
How often do you pay yourself, employees and contractors? Understand the more frequently you need this, the more the cost will increase.

WeeklyBiweeklySemi-monthlyMonthlyOther
How often are you required to make your Payroll Tax payments? Understand the more frequently you need this, the more the cost will increase.

QuarterlyAnnuallyUnsure
Sales Tax
How often are you required to pay Sales Tax? Understand the more frequently you need this, the more the cost will increase.

MonthlyQuarterlyAnnuallyUnsure
Do you pay Sales Tax in multiple states?

YesNo
List the states you are required to pay Sales Tax in.
Quarterly Estimated Tax Payment
Let's ensure that you actually are required to make Quarterly Estimated Tax Payments. Select all statements that are TRUE.

You had no tax liability for the prior yearYou were a US citizen or resident the entire yearYour prior tax year covered a 12-month period
Tax Preparation
What is your filing status?

SingleMarried filing jointlyMarried filing separatelyHead of HouseholdQualifying widow(er)
Important Note: If you are filing jointly, please ensure all answers include your spouse's information.

To qualify for Head of Household filing status, you must meet all three requirements:
1. Marital Status: You must be unmarried or considered unmarried on the last day of the year.
2. Home Maintenance Cost: You must have paid more than half the cost of keeping up the home for the year.
3. Qualifying Person Residence: A qualifying person must have lived with you in the home for more than half the year.
  1. Exception: If the qualifying person is your dependent parent, they do not have to live with you.
Spouse's Name

First NameLast Name
Phone Number
Please enter a valid phone number.
Email
example@example.com
Which type of dependents do you have?

Qualfiying child(ren)Qualifying relative(s)None
How many Qualifying children do you have?
How many Qualifying relatives do you have?
Are you current with your tax returns or will you be needed catch-up from previous years?

CurrentNeed to Catch-up
Which years do you need to catch up on?

202420232022202120202019201820172016Other
Do you need to amend a previous year?

YesNoWould like to review a previous year for possible amendment
Which years do you need to amend or review for possible amendment?

20242023202220212020201920182017Other
What type of income(s) was/were earned for the calendar year?

Dividend Income (1099-DIV)Income from Inheritance (Estates and Trusts)Partnership Income (Schedule K-1 - 1065)Corporation Income (Schedule K-1 - 1120S)Profit from Sale of HomeProfit or Loss from Business OR 1099NEC (Schedule C)Profit or Loss from Farming (Schedule F)Rental property income (Schedule E)Wage from any employer (W-2)No income
How many W-2s did you earn?
How many 1099NECs did you earn?
If your 1099 income is affiliated with a Limited Liability Company (LLC) or a corporation, the necessary documentation for your LLC and/or your IRS Corporation election notice, including your Employer Identification Number (EIN), is required for submission.
Business name and brief explanation of what products or services you provide
In the last 5 years, how many years did you live in the home as your primary residence?

012+
Did your proceeds from sale of the home exceed $250,000 (single filers) or $500,000 (married filers)?

YesNo
GREAT NEWS! Given that you occupied the residence as your primary dwelling for a minimum of two of the preceding five years and the resultant proceeds from the sale did not exceed the exclusion threshold for your respective filing status, the income is exempt from mandatory tax reporting.
What type of deductible expenditures were incurred in the calendar year?

Casualty and theft lossesCharitable ContributionsChild care expensesCollege expensesCollege Savings Plan contributions (529 account)Dependent Care Flexible Spending Account (DCFSA)Energy-saving home improvementFlexible Spending Account (FSA)Health Savings Account (HSA)Home-equity loan or line of credit interestLong-term care premiumsMileage ReimbursementMortgage Interest (1098)Taxes Paid (personal property and local)Rental property expensesRetirement ContributionsUnreimbursed job-related expenses and certain miscellaneous deductionsUnreimbursed medical and dental expensesNo expenses
The Standard Deduction amounts for the 2025 tax year are:
- Married filing jointly and surviving spouses - $31,500
- Head of Household - $23,625
- Single or Married filing separately - $15,750
Do you anticipate total deductible expenditures to exceed the amount indicated above based on your respective filing status? (IF you are a Business Owner, do NOT include those expenses in your estimate)

YesNo
Did you (or spouse) work from home?

YesNo
You may qualify for a home office deduction if you have self-employment income (e.g., 1099-NEC earnings or profit/loss from a business).

Important Note: If your only income is from W-2 wages, you do not qualify for this deduction.

Action Required: Since you've indicated that you work from home, you will need to provide the following information for tax filing purposes:
1. The total square footage of your entire home.
2. The square footage of your dedicated home office space.
Tax Planning and Tax Preparation are distinct, yet vital, components of financial management.
Tax Planning is a PROACTIVE process that entails the analysis of an investor's or company's past, present, and projected financial status. The objective is to ensure all components of the financial portfolio function synergistically and LEGALLY to minimize the overall tax liability. A robust Tax Plan constitutes an essential element of any comprehensive financial strategy.

Tax Preparation, conversely, is a RETROACTIVE task. Its function is to complete the requisite documentation and filing to guarantee adherence to all federal and state statutes and regulations.
Would you prefer to minimize your tax liability and keep more of your hard-earned money, or are you content with potentially overpaying the IRS each year?

Yes, I want to reduce my tax bill as much as possible!No, I'm okay with paying whatever the IRS requires.
Conclusion
Please share any additional details about your business or specific pain points we should be aware of in the space provided below. Feel free to use as much room as necessary.
Attachments - If you wish to provide additional context regarding your company's needs, please include relevant attachments such as your EIN, bank statements, receipts, invoices, logo, mission statement, and annual report.

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'Outsourced Finance Management' Questionnaire

Tax Planning and Tax Preparation are distinct, yet vital, components of financial management.