FREQUENTLY ASKED QUESTIONS?
We have answers
TAX SUPPORT
Every clients situation is different, once you’ve picked out the service(s) you’re interested in, contact us so we can send you the necessary forms.
Simply visit https://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp to check on the status of your tax return.
We stand 100% behind all of the work we perform for our clients. Should you receive any notices from the IRS in relation to work we have performed, we will respond or assist you with a response and resolution at no additional cost. The only exceptions are for notices that relate to tax work we did not do or notices regarding information not provided to us at the time of preparation. But we can assist with that type of work if desired at a VERY reasonable rate.
If you did not claim the correct filing status or you need to change your income, deductions, or credits, you should file an amended or corrected return.
FINANCIAL SUPPORT
Bookkeeping is important for several reasons. First it is used as a tool in your business tax preparation. By keeping accurate records of your income and expenses you ensure taxes are paid only on your true net income. Secondly, bookkeeping allows you to keep a picture of how much your business earns and what you spend your money on. Having this info can assist you with setting future goals for profitability and/or sales. Having an accurate set of financials is imperative when attempting to secure business loans or establish business credit. In the event of an IRS audit, bookkeeping can be well worth the expense as IRS requires accurate financial records to be maintained. This will free up the time you spend putting your financials together and allow you to concentrate on running your business.
If you are incorporated as an S Corporation, you are required to run a payroll. In addition, if you pay someone to do work for your business, you become responsible for deducting payroll taxes based on the wages they earned. These taxes are then required to be paid to IRS and State agencies. Payroll reports are required to be filed quarterly and annually which can be time consuming and often confusing. By outsourcing your payroll, you will have more free time and be less worried about whether you are in compliance with the ever changing rules associated with payroll.
Communication is very important to us! With our service packages, different types of communication with us comes at no additional cost and we want to make it as easy as possible to do so. It’s also important that you have access to all your financial information whenever needed so you will have unlimited access to your QuickBooks Online file with many reporting options you can run anytime. Our staff will send you monthly financial statements direct to your email on a recurring schedule. You will also receive monthly updates of your tax liability so far for the year with strategies to reduce that amount from Tax Planner Pro.
When your tax returns are complete and approved, our office will send you copies of the final return(s) and detailed instructions with how to make payments along with copies of payment vouchers if this applies.
The Credit Card Authorization Form along with your business owner package contract allows us to run your credit card each month at the agreed upon rate. We want to be flexible so you can pick the day it bills each month if desired. Once set up, it will automatically recur each month with no further action needed.
CRYPTO FAQ's
Crypto is a digital form of money that cannot be printed like traditional money via central banks. It’s similar to the digital funds that show in your normal online banking account.
“Do your own research”. If you decide to invest, the first investment needs to be made in your research. Never rely on anyone else’s information without fact checking for yourself.
“NFTs” or Non-fungible tokens, are pieces of digital content linked to the blockchain, the digital database underpinning cryptocurrencies such as bitcoin and ethereum. Unlike NFTs, those assets are fungible, meaning they can be replaced or exchanged with another identical one of the same value, much like a dollar bill.
“HODL”, as an acronym for “hold on for dear life,” has become a mantra among crypto enthusiasts denoting a long-term approach to cryptocurrency.
“FUD” also known as fear, uncertainty and doubt, when bitcoin attracts more than its fair share.
“Shilling” is when a person or group of persons promotes a particular cryptocurrency to create excitement for it. It is usually done in collaboration with social media influencers for a quicker and wider reach.
- Cold storage (or offline wallets) is one of the safest methods for holding bitcoin, as these wallets are not accessible via the Internet, but hot wallets are still convenient for some users.
2. Never give out your seed phrases.
3. Backup and store passwords in places only you will remember.
4. Secure your personal devices with 2fa.
5. Change your password regularly and use complex characters.
When you hold Bitcoin it is treated as a capital asset, and you must treat them as property for tax purposes. … Like stocks or bonds, any gain or loss from the sale or exchange of the asset is taxed as a capital gain or loss.
However, if you adopt other methods and strategies like trading, the taxation rules may change.
ADDITIONAL INFO
Bookkeeping is important for several reasons. First it is used as a tool in your business tax preparation. By keeping accurate records of your income and expenses you ensure taxes are paid only on your true net income. Secondly, bookkeeping allows you to keep a picture of how much your business earns and what you spend your money on. Having this info can assist you with setting future goals for profitability and/or sales. Having an accurate set of financials is imperative when attempting to secure business loans or establish business credit. In the event of an IRS audit, bookkeeping can be well worth the expense as IRS requires accurate financial records to be maintained. This will free up the time you spend putting your financials together and allow you to concentrate on running your business.
If you use part of your home for business, you may be able to deduct expenses for the business use of your home. The home office deduction is available for homeowners and renters, and applies to all types of homes.
To claim the AOTC, the taxpayer, their spouse or their dependent must have been a student enrolled at least half time for one academic period to qualify. The credit is available for four years of post-secondary education. It can be worth up to $2,500 per eligible student. Even if the taxpayer doesn’t owe any taxes, they may still qualify. Complete Form 8863, Education Credits, and file it with your tax return.
Taxpayers will have until, April 18, 2022 to file their 2021 returns and pay any taxes due. For those that file an extension, before the initial deadline will have an additional 6 months to file a timely tax return.
