FAQs

  • How can I check the status of my refund?
    • Use the ‘Where’s My Refund’ tool on the IRS website for the most up-to-date information regarding the status of your refund. This tool is updated every 24 hours.

  • Do I need to file a tax return?
    • You must file a tax return if your income is greater than the standard deduction for your filing status and age. It is important to remember that filing a tax return could be in your best interest even if you are not technically required to do so. As always, you should contact our office or check the IRS website to find out if you need to file a return and get the most current information about tax filing requirements.

  • What documents do I need to do my taxes?
    • Most individuals will need a W-2 from their employer or a 1099-MISC if you are self-employed. You will also need information such as social security numbers and birthdates for you, your spouse, and your dependents. Our office will send you a tax organizer to assist you in gathering your tax documents

  • Is an e-filed return safe?
    • Yes, most consider e-filing a safer practice than mailing a return. We recommend you e-file your tax return when possible so you will receive your refund faster.

  • Is there a penalty for filing my taxes after the deadline?
    • The late filing penalty is normally 5% of the additional taxes owed amount for every month (or fraction thereof) your return is late, up to a maximum of 25%. If you file more than 60 days after the due date, the minimum penalty is $135 or 100% of your unpaid tax, whichever is smaller.
  • Who can I claim as a dependent?
    • You can deduct your own children on your tax return, as well as other qualifying people such as elderly parents, significant others, or other relatives. They’ll have to meet certain requirements to qualify.

  • How do I know if I have to file quarterly individual estimated tax payments? 
    • Generally, you must make estimated tax payments for the current tax year if you expect to owe at least $1,000 in taxes after subtracting your withholding and refundable credits.

  • When is a Form 1099 required?
    • You must file a Form 1099 for each person or entity to whom you have paid more than $600 during the year that is not a corporation.  Payments that require a Form 1099 include rents, services, prizes, and other income payments. If those entities are not on your payroll and tax is not being withheld, you will be required to file a Form 1099 to record the total payment for the year.

  • How do I know what the best entity structure is for my business?
    • There are many considerations when selecting the most tax efficient entity structure for your business. For example, what are your long-term goals for the company? What is your tolerance for risk to personal assets? How do you want the IRS to tax your business profits? What does your management structure look like? Because of the variety of factors that affect the decision around entity structure, we strongly recommend meeting with a CPA to review you specific situation and get professional advisory guidance.
We believe that business owners deserve to focus on their business without worrying about what they don’t know. And, they should have the knowledge and data to make the best financial decisions for themselves, their families, and their businesses.
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