TAX FAQ

Why should I have my return professionally prepared/I have heard the commercials for Turbo Tax Online, what makes you better?

• Even questions as simple as “Are you married or single” are not always that cut and dry. 
• We are professionals, not a computer program.  We can help make sure you understand the questions, give the right answers, understand the impact of the answers and direct you to the best way to record the information, as MANY items have multiple ways of being handled.  
• We can consult with you about your PERSONAL situation.
• We take the liability for entry errors.
• There is no substitute for a live human being.
• There are hundreds of changes in the tax law this year…have you kept up with them to know how to answer the software questions?

How much does it cost?

• It is impossible to quote. The price depends on the complexity of the return, and often people underestimate how complex their return is…
• We do offer a free 15 minute consultation appointment with one of our preparers who will be able to give you a ballpark idea for your specific return.  For this appointment, please come prepared as if we were filing your return so that we can more accurately estimate the cost.  If you would like to go forward, then we proceed at that time.
• Our prices are very competitive, we feel, based on the value of services you will receive
• The prices of a return increase based on:
  • Earned Income Credit, due to the complexity and liability
  • Tax credits
  • Itemizing Deductions
  • Small business Ownership
  • Rental Property
  • Stock sales
• We will not use unnecessary forms, and we will do our best to provide you with a complete, accurate return featuring the lowest legal tax liability – which often means the largest possible refund.

What forms of payment do you accept?

• Cash
• Checks NO LONGER POST DATED ALLOWED
• Visa
• Mastercard
• American Express
• Debit Card with a Visa or Mastercard logo
• We can also take our fees out of the refund, but there is an extra fee for this service.  It is anywhere from $25 to $42 depending on how you get your $$$ (direct deposit, check, federal and or state…)

 

Do you Electronically File? And Do you have same day refunds?

• Yes, we electronically file, but is this what you are really asking?
  
  
  • Electronically Filing is transmitting the return to the government.  Because the return is filed electronically, it goes through the system faster, resulting in quicker refunds, made even faster with direct deposit.  Refunds are received within as little as 10 days WITH NO ADDITIONAL FEES.
  • Same day refunds is the concept of getting your money within a day or two.  This is REALLY A LOAN secured by your refund.  Like any loan, it comes with fees.  These fees vary but they usually add several hundred to the cost of the return.  Though we offer this product, we discourage its use as the fees, when translated to an interest rate, are often several 100%.   Remember, you are only getting the refund a week early and paying a lot extra for it!

What do I need to bring to an appointment?

• The specifics vary, but generally we need:
  • All documents that come in the mail marked “Important Tax Document” such as 1099’s, W2’s, mortgage interest statements, etc.
  • Name, address, birthdate and social security number of anyone appearing on the return – copies of social security cards if this is the first time we are preparing the return.
• Check the tax checklists link on our website for more detailed information
• Last 2 Years return, if we did not prepare.
  
  

How long will it take to get my taxes done?

• Typically, an appointment lasts about an hour, and you walk away from the appointment with a completed return.
• Exceptions:
  • Business entity returns (Corporations, partnerships, LLC’s)
  • Returns where during the interview we come across additional areas where information is needed.  We then send the taxpayer off with “homework.”  The preparer will let the person know whether they should schedule a follow-up appointment (at which time the return will be completed) or just bring in the information.  The return is completed shortly after receiving the “homework.”

Can I call and talk to someone and ask some questions?

• This is a tough one.  We would love to pass every caller through to a preparer, but that is not fair to the person with whom the preparers are with, and they are scheduled quite tightly.  However, the administrative staff can take your questions down and review them with the first available preparer and return to you with answers.
• Alternatively, you can make an appointment.  Consultation fees will apply, if the appointment exceeds the 15 minute consultation.
• They can email info@allaboutnumbers.com, though in this busy season, I can not guarantee how long it will take to be able to respond. 
• I really wish I could just take every call, answer all the questions, and help, but it is just not possible.

I filed my tax return on XX date, I still have not received my refund. 

• This one has many possible issues:
  
  
  • Was there an offset on the return that caused the refund to go to pay another debt?  IF that is a possibility, they need to call the IRS debt offset department at 800-304-3107.
  • Has the right amount of time passed?
    • Check the files for the date they were accepted, look this up on the chart, and make sure they really are due their refund now.  If it has been more than 3 weeks, and we have verified that the return was accepted, they need to call the IRS at 800-829-4477.
  • Did the refund go to the right place?
    • Verify the address on the return
    • If direct deposit, verify the routing number and account number and type of account
  • Sometimes, people forget they went direct deposit and need to check with their bank.
  • I got my federal or state refund but not the other
    • They do not come together.  The federal government releases money on Fridays.  The state of California has a seemingly random schedule and does not publish time tables.  Generally, the California return is within 14 days of acceptance.
      

I sold my house this year, how much money will I owe?

• Oh, Oh, Oh.  This is such a HUGE area of confusion.  In most cases, if a person sold their house after living in it and owning it for at least 2 of the past 5 years, there is no tax unless the profit was more than $250,000 per owner, or unless it was ever used as a rental or an office in home, in which case the depreciation claimed is reversed or “recaptured.”
• IF this is not true, you still may not owe taxes!  If an unforeseen circumstance forced them to sell their main home within 2 years, there may be a pro-rated amount of credit.
• For the 100% answer, they need to talk to their preparer in the appointment.