top of page

Frequently Asked Questions

  • Why is bookkeeping important for a small business?
    Bookkeeping is essential for keeping your finances organized -- it’ll help your small business understand and improve on their financial security and profitability throughout the year. Business owners will be able to look over performance records and create a cost-efficient financial plan. Moreover, having accurate and clear books will much relieve the stress of tax season and potential business audits.
  • When should I hire a bookkeeper?
    When you feel like you’re spending too much time on your records and transactions rather than focusing on other parts of your business like creating and growing, it’s probably time to hire a bookkeeper.
  • What kind of businesses does SMG serve?
    We work with passionate and resilient women, as well as professional POC-owned businesses. We do proactive services such as Cash flow management via the Profit First method, consulting, bookkeeping and all the compliance services such as business income tax preparation, sales tax reporting, property tax filings, etc.
  • Will I be penalized if I don’t have insurance or a retirement program in place for my small business?
    Unfortunately, yes. The deadline to choose a retirement program is June 30, 2022. If you are already signed up for an alternative plan, remember to file an exemption on CalSavers. Otherwise, you may face penalties of up to $250 per eligible employee three months after the deadline – or $500 per eligible employee six months after the deadline.
  • How do I know if I need to file a tax return?
    First, check to see if you’ve met the minimum income level required to file taxes. Next, decide which filing status is best for you, and use the IRS’s interactive tax assistant to see if you need to file.
  • How do I check the status of my tax refund?
    To check your refund status with the IRS, the best thing to do is to set up an account with them here. Otherwise, follow the prompts here. To check your refund status with the California Franchise Tax Board you can set up your account with them or follow this link.
bottom of page