FAQ - Frequently Asked Questions

Q. How do I track my refund?

Ans: Unfortunately, once we submit your return we are no longer able to trace its progress. The IRS and many states, however, allow you to track your refund on their sites. Go to our link »


Q. What do I need to bring to my tax appointment?

Ans: For returning clients, all we need for you to bring is your tax organizer and any tax documents you received for the tax year. For NEW CLIENTS, we need your previous year's tax return. Items frequently forgotten are:

  • Vehicle Registration Fees
  • NonCash Charitable Contributions
  • Stock or Mutual Fund cost basis
  • Statements received from IRS or State Department
  • Estimated Tax payments made


Q. What do I need to bring to my BUSINESS tax appointment?

Ans: If you use QuickBooks, we need an accountant's copy so we can see your books. Otherwise, we need a printout of your business income and expenses. For small businesses, you can use our template. ***Don't forget to bring any IRS notices you may have received.***


Q. What is tax planning?

Ans: An opportunity to arrange your financial affairs in order to minimize you tax liability. We recommend our clients set an appointment for late fall. This allows time to manage the current tax year’s liability and to strategize for the year to come.


Q. What is the difference between a C corp. and S corp?

Ans: The main difference between these types of entities is the taxation. A C-Corporation is a taxable entity so the corporation itself pays income tax. A S-Corporation is not a taxable entity. The profits are passed through to the shareholders who pay individual income tax on their portion of the business.


Q. I received a notice from the IRS what do I do with it?

Ans: We all know what we would like to do with it but it is best to address and resolve the situation. In most cases, the IRS has had an interdepartmental communication breakdown and the needed form is missing. The first thing to do is see what tax issue they are requesting more information on (Payroll, Income, etc), you can then contact the people who take care of that for you. When we are helping you with the issue it is best to have you send us a copy of the letter so we KNOW what is going on and we can address the issue.


Q. How much should I be withholding on my paycheck?

Ans: It depends on what sources of income you have and what deductions you are allowed to take. For our business clients we generally recommend withholding the maximum amount to not only cover your personal income, but your business income that you will pay the taxes on personally. The IRS has a calculator to help figure what amount you should withhold. IRS Withholding Calculator»


Q. How long should I keep my old tax records?

Ans: This seems like a simple question but is a bit more complicated. For most people the answer would be 3 years but can stretch up to 7 years or even indefinitely in some situations. See IRS Link»


Q. I had a foreclosure, how is that going to impact my taxes?

Ans: For tax purposes, a foreclosure is treated as the sale of property. What will need to be considered is any income tax that may be due on the cancellation of debt or forgiveness. You may receive a 1099-A or a 1099-C in the mail from the bank. Please make sure you bring it to your tax appointment.


Q. Can you help me with my 401K or retirement plan?

Ans: We do not actually set up any 401K or retirement plans, but we have financial planners here in our office that we work hand-in-hand with. Our clients get the best of both worlds under one roof. We are able to work directly with the financial planners to make sure the plan meets our client’s financial and taxation needs.


Q. I’m retiring soon, how is that going to impact my taxes?

Ans: Congratulations, it’s the time to start enjoying life. This is one of those questions that are best answered individually. It will be best to develop a personalize tax plan that works for your situation and retirement needs.


Q. I own my own business. What am I allowed to deduct?

Ans: The IRS has a whole list of guidelines for allowable deductions. Basically, if the expense is something you would have with or without the business, than you can't take it. All other items directly related to the business activity are allowable. See IRS Link»


Q. Can I write off my Dry Cleaning and Hair cuts?

Ans: Usually, no. There is a lot of grey area in the tax code and if you can prove these are required for your business and that you otherwise would not have needed to pay for these services, then maybe they can be included. Keep in mind: the more grey your return has, the higher your audit risk.


Q. I work out of my home, what can I deduct on my tax return?

Ans: In order to claim a business deduction for your home you must use a portion of your home exclusively and regularly as your principal place of business. You can deduct the entire amount of expenses that are related specifically to your business activity. You may also be able to deduct a portion of the expenses to maintain your home


Q. I’m a single member S-Corp. Why do I need to do payroll?

Ans: A S-Corp requires that officers pay themselves a "reasonable salary." The reasonable wage should meet the industry standards, with payroll taxes paid by the company.


Q. You filed an extension for me, when do I need to file my return?

Ans: The IRS has made business returns due 1 month before the personals are due. So you have until September 15th or October 15th respectively. Our home page has the breakdown in days. Countdown Link»


Q. I haven’t filed a tax return for the last few years, what do I do now?

Ans: You’ve completed the first step, wanting to get back on track is great. You will want to file the oldest return as soon as possible before the IRS does it for you. The IRS only gives refunds for tax returns going back 3 years but you can minimize your liability by doing it yourself. If you don’t remember all your information or misplaced it, we can request transcripts from the IRS to help complete the tax return. Once the late returns are filed, you may receive a letter from the IRS telling you the returns were filed late, there may be some penalties and interest due.



2019 Tax Returns are Due in: - Personal:   | - Business: