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FREQUENTLY ASKED QUESTIONS
What types of loans can I apply for?
You can apply for:
-Startup business loans
-SBA loans
- Asset-based loans
- Merchant cash advances
- Equipment financing
- Invoice factoring
-Business credit cards
Commercial real estate loans
What is required to qualify for business funding?
Qualification requirements vary but typically include:
- A registered business entity
-A business plan or proof of operations
-Financial statements and/or tax returns
-Credit scores (personal and business)
- Collateral, if applicable
How can I build business credit?
Building business credit involves:
- Registering your business with a legal structure (LLC, Corporation, etc.).
-Obtaining an EIN and a DUNS number.
- Opening a business bank account and maintaining good financial practices.
- Establishing trade lines with vendors that report to business credit bureaus.
Will applying for business funding affect my credit score?
Most lenders perform a soft credit pull during prequalification, which does not impact your score. A hard inquiry may occur when you proceed with a formal application.
What documents do I need for tax preparation?
You will need:
-W-2s and 1099 forms
- Business income and expense records
- Receipts for deductions
-Investment and interest income documents
- Mortgage interest statements (Form 1098)
What is tax resolution?
Tax resolution refers to services designed to help individuals or businesses address tax debt issues with the IRS or state tax agencies. This includes negotiating payment plans, settling debts for less than owed, and resolving disputes.
How can I reduce my tax liability?
Strategies include:
-Claiming all eligible deductions and credits
- Contributing to retirement accounts
-Taking advantage of home office deductions (if applicable)
-Properly structuring your business entity
What happens if I can’t pay my taxes?
If you can’t pay your taxes, options include:
-Setting up an installment agreement
- Applying for an offer in compromise
- Requesting a temporary delay in collection
- Consulting with a tax resolution expert for guidance
Can I deduct home-based business expenses?
Yes, you can deduct portions of your home expenses used exclusively for business purposes, such as utilities, rent/mortgage interest, and internet services.
What is debt management?
We have a specialized and patented approach to reducing debt with absolutely no impact to credit, no negotiation with credits, and guaranteed results. Our clients see an average reduction of debt by 50% or more and are often debt free in less than 10 years (even if they have a brand new 30 year mortgage!!)
Can I REALLY use the same dollar twice - once to pay down debt and at the same time to create wealth?
Yes! Schedule a time with our licensed wealth building team to discuss this in depth. https://calendly.com/aplusfinancialpros
How can I pay off debt faster?
Our Patented Platform creates a strategy created specifically FOR YOU which is MUCH faster and requires no change to your current budget vs Typical Strategies to pay off debt include:
- Using the snowball or avalanche repayment method
-Refinancing or consolidating debt
-Reducing unnecessary expenses and allocating extra funds to debt
What is wealth creation?
Wealth creation involves building assets over time through investments, saving, and smart financial planning to achieve financial independence and security.
What are the benefits of combining debt management with wealth creation?
Combining debt management and wealth creation allows you to:
- Pay off debt while building a financial cushion
-Avoid future debt by developing sound financial habits
- Achieve long-term financial goals
What is the difference between accounting and bookkeeping?
Bookkeeping involves recording daily financial transactions, while accounting includes interpreting, analyzing, and summarizing financial data for decision-making.
Why is bookkeeping important for my business?
Bookkeeping helps:
-Maintain accurate financial records
-Track income and expenses
-Prepare for tax filing
- Ensure compliance with financial regulations
How often should I review my financial statements?
Ideally, you should review financial statements monthly to monitor performance and address issues promptly.
How can accounting help reduce taxes?
Accountants can identify deductions and credits, optimize tax strategies, and ensure compliance to avoid penalties while reducing your overall tax burden.
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