Frequently Asked Questions

Your yearly invoice is broken into four (4) equal payments made at the beginning of each quarter; January 1st, April 1st, July 1st, and October 1st. If you became a client mid-year, your remaining invoice will be billed collectively at your Q4 payment on October 1st.

If your business files a tax return, you will need to be enrolled in either our elite, business, or start-up package. The difference in these packages is the level of bookkeeping your business requires. The elite package offers custom bookkeeping, business package is semi-annual (July & March), while the start-up package offers year-end bookkeeping to file the business tax return in March.

If your business files a separate tax return you are an S Corporation or C Corporation. If you file your business return on your personal tax return, the business is a sole proprietorship.

For returning clients, all we need for you to bring is your tax organizer and any tax documents you received for the tax year. These will need to be submitted at once, any additional document uploads may result in your return being extended to be finished after the tax deadline. For NEW CLIENTS, we need your previous year’s tax return.

Items frequently forgotten are:

  • Vehicle Registration Fees
  • Non-Cash Charitable Contributions
  • Stock or Mutual Fund cost basis
  • Statements received from IRS or State Department
  • Estimated Tax payments made

If you use QuickBooks, we need an accountant’s copy so we can see your books. Otherwise, we need a printout of your business income and expenses. For small businesses, you can use our template. Don’t forget to bring any IRS notices you may have received.

Provide your accountant with the login of your bank account you would like to link to our software, and we will take it from there! Upon the set-up, an authentication code may be sent to you so please be aware and provide that as well.

An opportunity to arrange your financial affairs in order to minimize you tax liability. We recommend our clients set an appointment for late fall. This allows time to manage the current tax year’s liability and to strategize for the year to come.

The main difference between these types of entities is the taxation. A C-Corporation is a taxable entity so the corporation itself pays income tax. A S-Corporation is not a taxable entity. The profits are passed through to the shareholders who pay individual income tax on their portion of the business.

A S-Corp requires that officers pay themselves a reasonable salary. The reasonable wage should meet the industry standards, with payroll taxes paid by the company.

We do not actually set up any 401K or retirement plans, but we have financial planners here in our office that we work hand-in-hand with. Our clients get the best of both worlds under one roof. We are able to work directly with the financial planners to make sure the plan meets our client’s financial and taxation needs.

The IRS has a whole list of guidelines for allowable deductions. Basically, if the expense is something you would have with or without the business, than you can’t take it. All other items directly related to the business activity are allowable. See IRS Link »

Scan your document and send it to us! As a subscription client of TCPA PLC, we will communicate with the IRS on your behalf.

This seems like a simple question but is a bit more complicated. For most people the answer would be 3 years but can stretch up to 7 years or even indefinitely in some situations.

For tax purposes, a foreclosure is treated as the sale of property. What will need to be considered is any income tax that may be due on the cancellation of debt or forgiveness. You may receive a 1099-A or a 1099-C in the mail from the bank. Please make sure you bring it to your tax appointment.

Congratulations, it’s the time to start enjoying life. This is one of those questions that are best answered individually. It will be best to develop a personalize tax plan that works for your situation and retirement needs.

Usually, no. There is a lot of grey area in the tax code and if you can prove these are required for your business and that you otherwise would not have needed to pay for these services, then maybe they can be included. Keep in mind: the more grey your return has, the higher your audit risk.

In order to claim a business deduction for your home you must use a portion of your home exclusively and regularly as your principal place of business. You can deduct the entire amount of expenses that are related specifically to your business activity. You may also be able to deduct a portion of the expenses to maintain your home.

The IRS has made business returns due 1 month before the personals are due. So you have until September 15th or October 15th respectively. Our home page has the breakdown in days.

You’ve completed the first step, wanting to get back on track is great. You will want to file the oldest return as soon as possible before the IRS does it for you. The IRS only gives refunds for tax returns going back 3 years but you can minimize your liability by doing it yourself. If you don’t remember all your information or misplaced it, we can request transcripts from the IRS to help complete the tax return. Once the late returns are filed, you may receive a letter from the IRS telling you the returns were filed late, there may be some penalties and interest due.