5 Smart Questions to Ask Your CPA Before Filing Your Taxes

Get peace of mind and maximize your tax savings. Use this simple checklist before your CPA submits your return.

1. “Can we quickly review my P&L and balance sheet together?”

Understanding your Profit & Loss Statement and Balance Sheet before filing isn’t just good practice — it’s essential for fiscal responsibility. A focused review with your CPA helps identify potential tax savings and catches discrepancies that could trigger IRS scrutiny. For example, unusual expense patterns or significant changes in your Working Capital might need explanation before submission.

Key items to discuss during your review:

Schedule a focused 15-minute call with your tax professional to examine these core financial statements. This investment of time can prevent costly amendments later and ensure your Tax Liability is accurately calculated. Our Precision Bookkeeping service at Apex Accounting helps maintain clean, audit-ready books year-round, making these reviews more productive.

2. “What deductions am I eligible for that I might be missing?”

Smart business owners know that maximizing tax deductions directly impacts their bottom line. While common deductions like office supplies and equipment are well-known, many overlook significant tax-saving opportunities in their day-to-day operations. Before meeting with your CPA, review these often-missed deductible expenses:

Remember that proper documentation is crucial for claiming these deductions. Keep detailed records of all business expenses, including receipts, invoices, and payment confirmations. While reviewing your expenses, consider using a dedicated expense tracking tool to streamline this process for future tax seasons.

3. “How does this year’s tax picture compare to last year’s?”

Understanding year-over-year tax variations helps create a clear financial roadmap for your business’s future. When meeting with your CPA, request a side-by-side analysis of key metrics that impact your tax liability:

A thorough comparison reveals more than just numbers – it tells the story of your business’s financial health. For instance, if your quarterly estimated tax payments have increased significantly, this might signal the need for adjusted cash flow management strategies. Similarly, changes in deductions could highlight areas where your business might benefit from strategic planning before year-end.

4. “Can you explain the tax implications of any major business decisions I made this year?”

Major business moves can significantly impact your tax position, making it crucial to understand their financial ripple effects. Before meeting with your CPA, prepare a clear list of your key business decisions from the past year, including details about capital investments, employee hiring, business restructuring, or debt financing.

Consider these essential business activities to review:

Understanding these implications helps create a strategic financial roadmap that aligns with your tax planning goals. For instance, that new equipment purchase might qualify for Section 179 deduction, potentially reducing your tax liability. Similarly, changes in your workforce could affect your payroll tax obligations and available credits.

5. “What changes are coming in next year’s tax law that I should be aware of?”

Smart business owners know that tax planning is a year-round strategy, not just a tax season sprint. Having a forward-looking conversation with your CPA about upcoming tax law changes helps you create a financial roadmap that anticipates both challenges and opportunities.

Focus your discussion on these key areas:

When discussing future tax law changes, ask specifically about how they align with your business growth plans. This proactive approach allows you to adjust your working capital strategy and potentially restructure certain financial decisions before new regulations take effect.