FAQs

A bookkeeper records income and expenses, reconciles bank and credit accounts, tracks receivables and payables, and reports. Consistent monthly bookkeeping keeps your numbers reliable, supports accurate tax filing, and gives a clear cash flow view.

The IRS generally recommends keeping records three years. Keep them six years if you underreport income by more than 25 percent, seven for worthless securities or bad debt claims, and indefinitely if you never filed.

Business advisory means using financial data to guide decisions. We help with entity selection, budgeting, break even analysis, cash flow forecasting, and worker classification. Rather than reporting the past, advisory looks ahead, preventing expensive mistakes.

Employers withhold federal income tax plus the employee share of Social Security and Medicare, then pay a matching share along with federal and state unemployment taxes. These are deposited and reported quarterly on Form 941.

Late filing of Form 941 triggers a penalty of 5 percent of unpaid tax monthly, up to 25 percent. Late deposits add 2 to 15 percent, and individuals can face the Trust Fund Recovery Penalty.

QuickBooks records transactions, but cannot interpret them, plan your taxes, or represent you before the IRS. Software handles data entry; we handle strategy, accuracy, and compliance. Together they work best, so your file reflects reality.

QuickBooks tracks income, expenses, invoicing, and payroll from one dashboard, which is why it holds over 62 percent of the small business accounting market. We set it up correctly, clean existing files, and train you.

Monthly is the standard. Reconciling accounts and reviewing statements monthly catches errors while small, keeps quarterly tax estimates realistic, and prevents a stressful year end scramble. Waiting until tax time means cleanup and missed deductions.

Tax preparation reports what already happened and files your return accurately. Tax planning looks forward, structuring income, deductions, and timing to lower future liability. Preparation is reactive; planning proactive. We combine both for fewer surprises.

A bookkeeper organizes records and prepares documentation, but is not authorized to file returns or represent you before the IRS. As enrolled agents, we do both, so books and filings stay coordinated under one roof.

Bring income and wage statements, expense receipts, bank and credit statements, mileage logs, and last year's return. Business owners should add payroll records and asset purchases. Organized documentation speeds preparation, strengthens deductions, and protects you.

Tax law changes constantly, and a single missed deduction or error can cost money. A professional improves accuracy, uncovers savings, and provides representation if questions arise. We stay current so you never track every rule.

Any paid preparer needs an IRS PTIN, but most have limited representation rights. Enrolled agents pass a three part IRS exam and hold unlimited representation rights, so we defend your return, not just prepare it.

At E. Zane Tolman EA, we pair 30 years of experience with the credentials of a licensed, insured enrolled agent. Clients across Catoosa, Oklahoma count on us for accurate work, plain answers, and dependable service.