I keep getting phone calls from the IRS telling me I owe them a lot of money…HELP!

  • This is a scam. The IRS will NEVER call you. Do not give out any personal data and hang up immediately if you receive a call. Read more about it at IRS.GOV.

How can I find out how much Social Security income I received over the past year?

  • ​It used to be extremely difficult to get this information if you either never received a statement from the Social Security Administration or lost track of it. Thankfully, new technology put in place by the SSA now allows you to create an online account where you can find your statement, change your address and start or change your direct deposit information along with many other things. Sign up now!​

How long will it take for me to get my income tax refund?

  • ​Unfortunately, we cannot control this timeline, but the IRS has a tool called “Where’s my Refund?” that can give you a real time answer. All you’ll need to know in order to use this tool is your social security number, tax filing status and the exact amount of the refund you are expecting. Go to “Where’s my Refund?” now to inquire on the status. 

How many tax deadlines are there?

  • Contrary to popular belief, there are many more deadlines than just April 15th. While the April deadline is the most famous, every deadline is equally important to the IRS. Here is a list of many of the due dates that we keep track of for our clients:
    • January 15 – 4Q estimated tax payments for individuals for the prior year
    • January 31 – 1099s and W-2s must be sent out to recipients and IRS and SSA
    • January 31 – 4Q Payroll tax reports from prior year
    • March 15 – S Corp (1120S) and Partnership (1065) tax returns or their extensions
    • April 15 – Individual returns (1040), Estates and Trusts returns (1041) and C-Corp returns (1120) or their extensions 
    • April 15 – 1Q estimated tax payments for individuals
    • April 30 – 1Q payroll tax reports
    • May 15 – Texas Franchise tax returns and Non-Profit (990) returns or their extensions
    • June 15 – 2Q estimated tax payments for individuals
    • June 15 – US citizens living abroad tax returns or their extensions
    • June 30 – Foreign Bank Account Report for anyone who holds over $10,000 in foreign bank accounts
    • July 31 – 3Q payroll tax reports
    • August 15 – Non-Profit (990) returns final deadline
    • August 15 – 2nd extension for some Tx Franchise reports
    • September 15 – Final deadline for S Corp, C Corp, Partnership, Estate and Trust returns
    • September 15 – 3Q estimated tax payments for individuals
    • October 15 – Final deadline for individual tax returns (1040)
    • October 31 – 3Q payroll tax reports
    • November 15 – Final deadline for Texas Franchise tax returns and Non-Profit returns (990)

Why do I need a CPA?

  • ​Any time you have questions related to planning your financial future you would be well served to have a CPA working with you. CPA’s provide guidance on tax, estate, retirement, investment and business planning. They are up to date on the latest tax law changes and can explain to their clients how the laws will affect them and can also offer alternate courses that will create less of a financial impact.
  • Every tax return and person/family/business behind the return is unique, with situations and circumstances all their own.  With tax laws changing every year, it can be difficult to know all the rules that apply to your situation.  A CPA can help navigate and explain these changes and how they impact you, prepare and file accurate tax returns using professional tax software, and assist in planning future strategies to lessen the financial impact of the law changes where possible.

​Do I have to fill out a questionnaire every year?

  • Yes. We created the questionnaire to help us identify missing items early on in our process. This saves time and money by allowing you to collect the missing information before we get started on your return.

What is the average time it takes to process a tax return?

  • This answer is dependent upon the complexity of the return and completeness of the file when we receive it. Once we have all the information we need to prepare your return, our goal is to get your tax return completed within three weeks. However we are human, and do require sleep, so we may get to a point where we ask you to consider filing an extension.

Does filing an extension mean that I don’t have to pay my taxes until October?

  • No. An extension gives you 6 extra months to file your tax return, only. If you owe, you must pay your taxes due by the initial deadline of April 15. If payment is made after that date, the IRS will add on penalties and interest.

I’ve just found out that I’m coming into an inheritance, what should I do with respect to taxes?

  • The amount of the inheritance and the type of inheritance you receive could greatly affect your tax return for that year and future years. A CPA, along with a financial advisor can help guide you towards making smart tax and financial decisions for your situation, especially when you are the recipient of an unexpected windfall.

​How long should I keep my documents?

  • INCOME TAX RETURNS AND SUPPORTING DOCUMENTS (INDIVIDUAL AND BUSINESS)- The IRS has a 3-year window of opportunity to audit you, but in some circumstances this can be extended to 6 years.  Therefore, we suggest keeping tax returns and supporting documentation for 7 years.This recommendation applies to federal, state and franchise tax returns.
  • PURCHASE AND SALE DOCUMENTS - Keep for 7 years after the disposal of the asset. This recommendation applies to real property, stocks and securities, and other personal and business property subject to IRS examination.
  • ​​INSURANCE POLICIES AND CLAIMS DOCUMENTATION - Keep for 7 years after expiration.
  • LOAN OR LEASE AGREEMENTS - Keep for 7 years after maturity.
  • BUSINESS ORGANIZATION AND RELATED DOCUMENTS - Keep for 7 years after the entity’s dissolution. This recommendation applies to formation documents, operating agreements, annual minutes, business plans, changes in ownership, and termination documents.
  • RETIREMENT ACCOUNT RECORDS - Keep indefinitely.
  • ​ESTATE PLANNING DOCUMENTS - Keep indefinitely. This recommendation includes wills and trust documents, durable and medical power of attorneys, and beneficiary and guardianship designations.
  • VITAL RECORDS - Keep indefinitely.This recommendation includes birth, death, marriage, divorce, and adoption documents.

What do astrophysicists think about CPAs?

  • While most people tune in to the Emmy’s to watch their favorite actors, Sheldon has an entirely different group of role models.