Q. Why should I hire a CPA to prepare my tax return?
A. A CPA is not only trained and experienced in the complicated world of taxation, but license requirements demand continuing education in the field. If you don't own a home or have investments, own a business or have other sources of outside income, you probably don't need a CPA - or any accountant - to prepare your tax return.

There are many fine software programs available on the market to help you. However, when you have assets, investments, life changes, a relocation, income fluctuations, a business or outside sources of income, the tax deduction and credit options available to you are numerous and, many times, very confusing. Mark T. Mullin CPA and Associates has extensive experience with tax preparation that will ensure that every detail is considered and that you receive every possible deduction and credit to which you are entitled.

A CPA does not have to be expensive to be good. At Mark T. Mullin CPA and Associates our fee is based on your individual situation, not hourly rates. After your initial FREE consultation, you will know what the total fee will be and you will be under no obligation to have us continue with your work.



Q. How can accounting help me make money?
A. Quite simply, accounting tells you if you are making money. If you create a profit and loss statement each month, you can ascertain your position quickly. If you are losing money, you can make changes in your operations, such as increasing prices or reducing expenses, to correct the situation long before the year's end and ensure that your overall year will still be profitable.



Q. Who Needs Management Accounting?
A. Every business is better off when it understands where it makes or loses money. Management Accounting has become an essential requirement for most successful businesses. It is vital to the successful managing of your business, both in periods of growth and contraction. Management accounting can identify the performance of specific departments and the value of customers. By optimising all opportunities it will enable you to make informed decisions for your business.



Q. Can you Provide Information Quickly?
A. The flexible working approach of our staff at Mark T. Mullin CPA and Associates enables us to react quickly to urgent demands. We can often produce Management Accounts, including forecasts within days of instruction. Contact Mark T. Mullin CPA and Associates for a FREE Consultation.




Q. Can't I just write checks, make deposits, and file taxes every quarter year?
A. If you don't do any accounting, then that's probably all you're doing—making deposits, writing checks, and paying taxes, but not making any profit! Even in a very small business you need to be in control of your expenses. This doesn't just mean having the money, it means knowing what portion of your revenue gets spent for what purposes. What percentage of revenue do you spend on marketing each month? What about labor? What about supplies? If you don't track and control these expenditures, you are not managing your business—you are just blindly hoping there might someday be a profit.

Q. Can't I hire a bookkeeper to do the accounting for me?
A. A good bookkeeper or even a good accounting software program can help you organize your accounting quickly. However, you still need to understand the basic principles of accounting. This will allow you to use the information supplied by the bookkeeper or software program intelligently, enabling you to make the changes in your business that will keep it on track toward success and profitability.

Q. Will a professional accounting service save me money?
A. By monitoring and reporting on the results of your business you will be able to take timely corrective action as well as informed decisions for your company's growth. Mark T. Mullin CPA and Associates is committed to providing a highly cost-effective approach to Management Accounting; this invariably results in considerable savings for our clients. Contact Mark T. Mullin CPA and Associates for a FREE Consultation.

Q. Will a professional accounting service save me time?
A. The preparation of management accounts can be disruptive as well as utilising excessive senior management time. The most important use of management time is to concentrate on the business' core activities. Utilising management accounting services is often key to the smooth running and time-efficient running of a business.

Q. Most account firms are not personal- what makes Mark T. Mullin CPA and Associates differen't from other accounting firms?
A. We offer a personal tailor-made solution for each individual clients' accounting needs. Our knowledge and skills are complemented by our caring, hands-on approach. We establish a one-to-one relationship with every client that builds lasting long-term rapport and trust.

Q. Does a small company need a tax ID number?
A. A sole proprietor who does not have any employees and who does not file any excise or pension plan tax returns is the only business person who does not need an employer identification number. In this instance, the sole proprietor uses his or her social security number as the taxpayer identification number. Contact Mark T. Mullin CPA and Associates for a FREE Consultation

Q. What is the refundable child tax credit?
A. Starting in 2001, the IRS has refunded up to $600 to those qualifying for the additional child tax credit. The "Jobs & Growth Tax Relief Reconciliation Act of 2003" increased the maximum child tax credit for 2003 to $1,000 per child!

Q. What are U.S. Estate taxes?
A. U.S. estate taxes are imposed both on non-residents and residents. Non-residents are subject to U.S. estate tax on real estate, business interest and stocks exceeding $60,000. Residents of the U.S. may be taxed on worldwide assets but the amount of assets exempt from U.S. estate tax in the year 2003 is $1,000,000 per person. Also, if you are considered a resident, any assets you pass at death to your surviving spouse are exempt from U.S. estate tax. Determining whether or not you are a resident or non-resident for U.S. estate tax must be evaluated under U.S. estate tax law.