Meet Nick Daley
Senior Staff Accountant
What is your background and education?
Bachelor’s Degree In Accountancy with Marketing Minor from Boise State University
Expected Graduate from Boise State, MSA emphasis on Tax, Fall 2023
What are your areas of expertise in the accounting/bookkeeping field?
I have multiple years of experience in:
- Accounts Receivable
- Business Tax Preparation
- Personal Tax Preparation
- Client Relations
- Project Management
- Tax Strategy & Implementation
- Business Transition
- New Business Setup
What service are you passionate about in the accounting field?
I strive to provide the most responsive and receptive approach to all clients’ needs. I believe tax is a foreign language to most people and I work to educate clients based on their specific needs.
What is a quote you like to live by?
“A jack of all trades is a master of none, but oftentimes better than a master of one.”
Should I hire employees or contractors?
When deciding whether to hire employees or contractors, it’s important to consider factors such as the nature of the work, level of control, and long-term needs of your business. Hiring employees offers more control over their work, schedule, and training, but it also comes with additional responsibilities like payroll taxes and benefits. On the other hand, contractors provide flexibility and may be more cost-effective for short-term projects, but they generally have more independence and may not be suitable for ongoing or core business functions. Assess your specific requirements and consult with legal and tax professionals to make an informed decision.
Can my children work for me?
Yes, your children can work for your business, but there are certain guidelines to follow. The work they do must be legitimate and appropriate for their age and abilities. You should pay them a reasonable wage for the services they provide, similar to what you would pay other employees for similar work. It’s important to keep records of their work and hours, as well as comply with any applicable labor laws or regulations. Consulting with an accountant or tax professional can help ensure you meet all legal requirements.
What can I expect when filing an extension?
Filing an extension gives you additional time to submit your tax return, but it doesn’t grant an extension for paying any taxes owed. When filing an extension, you’ll need to estimate your tax liability and pay any expected taxes by the original deadline. The extension typically grants you an extra six months to file your return. However, it’s important to note that interest and penalties may still apply to any unpaid taxes beyond the original deadline. It’s advisable to consult with a tax professional or use tax software to ensure accurate estimation and timely filing.
Are Estimated taxes required?
In most cases, estimated taxes are required if you expect to owe a certain amount of tax when you file your annual return. If you’re self-employed, a freelancer, or have other sources of income not subject to withholding, you may need to pay estimated taxes throughout the year. This helps you avoid penalties for underpayment. The IRS has specific rules and deadlines for estimated tax payments, typically on a quarterly basis. It’s recommended to consult with a tax professional or use tax software to calculate and submit accurate estimated tax payments to fulfill your obligations.
Why should I keep doing my own taxes for my business?
Doing your own taxes for your business can have several benefits. It allows you to have a hands-on understanding of your business’s financials and expenses, giving you greater control and insight into your operations. It can also save you money on professional tax preparation fees. However, it’s crucial to have a good understanding of tax laws, deductions, and reporting requirements to ensure accuracy and compliance. If your business grows or becomes more complex, it may be wise to seek the assistance of a certified public accountant (CPA) or tax professional to ensure you optimize your tax strategy and minimize potential errors or audits.
Why Wouldn’t a CPA really benefit my business?
While hiring a certified public accountant (CPA) can be advantageous for many businesses, there are a few scenarios where their services may not provide significant benefits.
If your business is relatively small with straightforward finances and you have a good understanding of tax laws and accounting principles, you might be able to handle your own taxes and financial management effectively. In such cases, the cost of hiring a CPA may outweigh the potential benefits.
Additionally, if you already have an in-house accounting department or a competent financial team that can handle the day-to-day accounting tasks and tax compliance requirements, the need for a CPA may be reduced.
Lastly, some businesses may have limited financial resources and find it difficult to afford the fees charged by CPAs. In such cases, it might be more cost-effective to utilize tax software or seek advice from a tax professional on an as-needed basis rather than engaging a CPA on a continuous basis.
It’s important to assess the specific needs and resources of your business before deciding whether or not to hire a CPA.