FAQ

What Is Bookkeeping?

Bookkeeping services involve the methodical tracking and recording of a business’s financial transactions. This is a fundamental aspect of financial management that provides a clear picture of a company’s financial health.

I Am Self-Employed, Am I Required To Keep My Books?

Yes, if you are self-employed, you are required to keep accurate and organized records of your business’s financial activities. This is crucial for several reasons, including:

  • Tax Compliance
  • Financial Management
  • Proof of Income
  • Audit Preparedness

 

What Type of Records Should I Keep?

  • Income Records – Documents showing the sources and amounts of your gross receipts, like invoices, bank deposit slips, and Form 1099-NEC.
  • Expense Records – Receipts, canceled checks, and other documents supporting your business expenses.
  • Assets Records – Documents related to property you own and use in your business, such as purchase invoices and real estate closing statements.
  • Supporting Documentation – Keep supporting documents for your income and expenses, including sales slips, paid bills, invoices, and receipts. 

How Long Should I Keep My Records?

Generally, the IRS suggest keeping your records for at least three years. However, here at Reliable Tax Consultants, we hold on to your records for five years.

What Is Credit Report Dispute Services?

A credit report dispute service, sometimes referred to as a credit repair company, helps consumers identify and dispute inaccurate, incomplete, or outdated information on their credit reports. They handle the dispute process with credit bureaus and creditors on your behalf. 

How Does Credit Report Dispute Service Work?

They analyze your credit reports from the major credit bureaus (Equifax, Experian, TransUnion) to find discrepancies. Then, they submit formal dispute letters to the credit bureaus and/or creditors, challenging the accuracy of the questionable items. The credit bureaus and creditors are legally required to investigate disputes, generally within 30 days. 

How Long Does It Take Credit Report Dispute Service To Get Results?

The timeframe can vary depending on the complexity of your situation and the specific company you use. Generally, credit bureaus have 30 to 45 days to investigate a dispute. You may see changes to your credit report and score within this timeframe. The overall credit repair process could take several months or longer. 

What Are Your Rights Using Credit Report Dispute Service?

  • The right to cancel the contract within three days without penalty.
  • The right to not be charged upfront fees.
  • The right to receive a written contract outlining services and fees.
  • The right to sue the company if the CROA is violated.