FAQ – Personal Taxes:

1)Question: Do you offer rapid refunds?
Answer: Yes.

2)Question: Can I still get stimulus money if I haven’t filed my 2020- or 2021-income taxes?
Answer: Yes, you can claim the stimulus payments by filing those tax returns now even if you had no income.

3) Question: Can I receive a refund larger than the amount withheld on my W2?
Answer: Yes, tax credits such as the earned income tax credit (EITC), the child tax credit, education credit, (etc.) can produce a refund larger than what was withheld.

4)Question: What is needed to file my taxes ASAP?
Answer: You will need your W2’s or 1099’s if applicable or your last paystub if you know the employee identification number (EIN); or last year’s W2 and your last 2022 last paystub. You may also need proper ID, Dependents’ social security cards and DOB’s, etc.

5) Question: What is the best filing status for taxpayers?
Answer: The order is as follows – Head of Household (best), Single, Married filing Jointly and Married filing separately is the least desirable filing status.

6) Question: Who qualifies for the Earned Income Tax Credit (EITC)?
Answer: Taxpayers at certain income levels with or without dependents.

7) Question: What are the income levels?
Answer: The income levels range from $16,480 to $59,187 depending on the filing status and the number of children from 0 to 3 children.

8) Question: Do you provide audit support for your tax clients?
Answer: Yes, we provide year around audit support for our clients.

9) Question: Can I make an appointment?
Answer: Yes.

FAQ – Business Taxes

1)Question: What are the best business tax forms to file and why?

Answer: Sub-Chapter S (form 1120S) is the best form to file because the Sub-Chapter S tax corporation was created by the IRS for the purpose of providing small corporations tax benefits comparable to large corporations. It is the least audited of all business tax forms. Schedule C is filed as a part of personal taxes and it is the most audited of all tax returns. Chapter C corporations (form 1120) results in double taxation. Partnerships can be filed on form 1120S, Form 1065 or as form 1040 on schedule C.

2)Question: Should your preparer use the ‘cash method’ or the ‘accrual method’ of accounting on my business tax return?
Answer: The ‘accrual method’ of accounting should be used because it allows for more expense recognition which reduces taxable income and your tax liability. It is also favorable because it allows for estimates.

3)Question: Should you still depreciate business equipment including autos and trucks.
Answer: Equipment including autos and trucks used in the normal course of business can be expensed to the extent that it is offset by income (i.e. a loss is not allowed). This is referred to as ‘accelerated depreciation’ which reduces your tax liability.

4) Question: When are corporate taxes due to be filed?
Answer: March 15th but you can get an extension until September 15th.

5) Question: What documents are needed to prepare business tax returns?
Answer: A statement of income and expenses, 1099’s, W2’s, a copy of last year’s tax return if available.

6) Question: Do you provide audit support for your tax clients?
Answer: We provide year around audit support for our clients.

7) Question: Can I make an appointment?
Answer: Yes.