When are my federal quarterly estimates due?
Generally, your quarterly estimates are due April 15th, June 15th, September 15th, and January 15th.
I gave items to Goodwill. What value should I assign to those donations?
In order to be deductible, any donated clothing or household goods must be in good used condition or better. (Publication 561) You should assign a value to your donated items representing their fair market value (i.e. the value you could get for the item if you tried to sell it).
My marital status changed this year. How do I know which filing status I should use?
The IRS uses December 31st as the date to determine which filing status you should use.
What is the current standard business mileage rate?
Effective January 1, 2017 the standard business mileage rate is 53.5 cents per mile.
Can I write off both the standard business mileage rate and my gasoline charges?
No. The IRS allows you to deduct either actual expenses or the standard mileage rate.
I am moving to another state. Do I need to find a new CPA?
We have filed tax returns for almost every state. You can mail or e-mail your tax paperwork to us in order to have us continue to prepare your return.
I receive a huge refund every year and would like to adjust my withholding. How do I do this?
You will need to file a new W-4 with your employer. The IRS has an online tool available on their website at irs.gov to help you know which number to use. We are also frequently hired by our clients to help them analyze their situation.
I volunteered my time to a charity. Can I write this off?
You can not write off the value of your time even if you normally charge for similar services.
I received additional tax paperwork in the mail after you e-filed my tax return for me. What do I do now? Will you charge me an additional fee to fix my return?
You need to let us know about this. It is possible that we may be able to understand what you received simply by speaking with you on the phone. In other cases, we will need you to come by, mail the paperwork, or e-mail it to us. Sometimes the information may be either informational only and not affect your tax return or a duplicate of information you already provided. We will help you determine whether the information affects your taxes and whether we need to amend the return. We usually charge to amend tax returns in such situations, but we will talk to you about what is in your best interest before preparing.
Am I required to e-file my individual tax return?
Due to the number of tax returns we prepare, we as preparers must follow a government mandate to e-file your 1040. Most of our clients absolutely love e-filing. The return is filed faster, and there is less chance for error in the mailing or processing of the return. There are certain circumstances where we can not e-file because a certain circumstance is not supported by our software. In those cases we will let you know that you need to paper file. We are also allowed to let you opt out of e-filing. We do not recommend this, but feel free to let us know if you are more comfortable with filing a paper return.
Why didn’t I get as big of a refund as I got last year?
There are many things that can affect your tax situation. We can help you determine what specific changes affected your return so that you can plan accordingly for the following year. We also offer tax planning year round if you would like to engage us to help you proactively plan for tax savings before the year is over. We especially recommend this if you have had some type of major change (e.g. sale of property, new business, job change, huge raise, etc.).
Do you perform audits?
We do not currently perform audits for our clients, but we can refer you to other accounting firms offering the service.
Can you provide me with electronic copies of my tax returns and/or financial statements?
We are able to do this. We would appreciate as much notice as possible when you need these for a banker, mortgage broker, etc.