Frequently Asked Questions
What are the most important tax deadlines?
April 15- Personal Tax Return & 1st Estimated Tax Payment
June 15- 2nd Estimated Tax Payment
Sept. 15- 3rd Estimated Tax Payment
Jan. 15- Final Estimated Tax Payment
Oct. 15- Individual Tax Extensions
Jan. 31- Distribution of W2s &1099s
- Prior 4th Qtr. 941, DE9 & DE9(c)
- 940 Annual FUTA Form
March 15- Calendar Year Corporate Tax Returns
April 30- 1st Qtr. 941, DE9 & DE9(c)
July 31- 2nd Qtr. 941, DE9 & DE9(c)
Oct 31- 3rd Qtr. 941, DE9 & DE9(c)
Sept 15- Filing of Calendar Year End Tax Return on Extension
When is the deadline on an extension?
If you filed a tax extension for your 2015 individual or small business the extension deadline is Oct. 15 2016. Please be sure that you have provided us with all of your information needed for the return.
Is E-filing advantageous for me?
E- filing is now the easiest & most accurate way to file your taxes and ensure a speedy refund. When we file electronically, all you have to do is sign. Any refund or payments will be processed within 2 weeks versus 4-6 weeks traditionally.
Are health insurance & medical expenses tax deductible?
If you spend more than 10% of your adjusted gross income on medical expenses, such as insurance (but not your pre-tax premiums), prescriptions, other out-of-pocket expenses, and mileage to and from medical facilities, then you may deduct the amount that exceeds that figure. Keep in mind, you must itemize to claim medical deductions. Call us today, let us take away the guess work for this valuable but rarely used credit.
The Affordable Care Act, better known as "Obama Care" can impact your tax liability as well. We are here to assist you with understanding your potential tax consequences.
Can you write off Job Searching expenses?
If you choose to itemize instead of the standard deduction, the IRS gives a break to those who are trying to get out of the unemployment line. If you are applying for jobs in the same line of work which you were previously employed, you can deduct the cost of printing and mailing your resume. You can also deduct any fees incurred from employment agencies. Travelling expenses can be deducted as well: parking fees, tolls roads, and gas (56 cents per mile driven).
Keep in mind that these deductions ARE subject to the 2% limit, meaning that you can only claim the expenses that are more than 2% of your adjusted gross income. However, other miscellaneous expenses, (see IRS Publication 529) are factored into this as well.
If you are taking the standard deduction and not itemizing, you can still qualify for a deduction for any expenses from moving to a new residence for your new job. To qualify, your new job must be at least 50 miles further from your home than your old job. If the job is your first job, then it must be at least 50 miles from your current home. This could include the costs of renting a truck or hiring a moving company. Additionally, 23 cents per mile driven can be deducted. Hotels or other forms of lodging can be deducted as well, and the cost of a month of storage space for belongings.
For more info, see IRS Publications 521-529.
Did you know that victims of identity theft could be assigned an IRS employee to track the victim’s case?
In another effort to curb identity theft, only the last four digits of the social security number will be on the W2's for employees. Of course, the IRS continues to receive the complete number. These are just some of important news that you will want to know.
What should I bring to my initial consultation?
For Tax Clients please bring:
Copy of your prior years tax return
Real Estate Closing Statements
Any other supporting documents (schedules, checkbooks, etc.
Any tax notices received from the IRS or Franchise Tax Board
For Bookkeping Clients, please bring your bank statements, check register, payroll register, credit card statements, and your sales journal for the past three months (or since your business start date).
How can I make an appointment?
You can also send us an e-mail to: firstname.lastname@example.org
Or call us at: 1-310-540-2358
How do you charge?
Our initial consultation is $50 where we will discuss your needs and plan the level of services needed. Fees are determined monthly or quarterly depending on the volume & size of your business.
I just started a business, do I need a Bookkeeper or a CPA?
Yes, absolutely. As an owner you should be participating in your business doing what you love and have a professional handle your accounting. Reliable accounting reports are the backbone of a successful business. We’ll get you started, keep you on the right track and help you grow.
I’m an existing business owner, what can you do for me?
We do everything from Payroll and balancing your books to Sales, Income and Business taxes. By choosing to work with us we can save your time doing the payroll and your money by avoiding late fees.