Am I having the correct amount of withholding from my paycheck/retirement distributions?
We offer tax planning services to review your current withholding. Knowing your current and expected tax bracket can take the guess work out of withholding. Check your tax withholding here at https://www.irs.gov/paycheck-checkup and schedule an appointment today with one of our experts to review your current tax and withholding needs.
What is Itemizing and how does this help me?
The IRS issues a Standard Deduction amount annually, this is a no questions asked reduction to your annual income. If you have allowable deductions in excess of the Standard Deduction, you have the option to itemize. Itemizing allows you to reduce your taxable income even more than the Standard Deduction. Review allowable itemized deductions here and see how you stack up. https://www.creditkarma.com/tax/i/standard-deduction-vs-itemizing/.
Who qualifies as a dependent?
Dependents can be your child and, in some cases, other individuals that live within your household or that you provide for. This IRS publication outlines the various steps to determine who is your dependent. https://www.irs.gov/pub/irs-pdf/p929.pdf.
What is the child tax credit, has it changed with the new tax reform?
With the implementation of the Tax Cuts and Jobs Act of 2018, the Child Tax Credit has been raised from $1,000 to $2,000 per child under the age of 17. This act has also allowed for a $500 tax credit for other qualified dependents on your tax return. Read more on the tax changes https://www.irs.gov/credits-deductions/child-tax-credit-and-credit-for-other-dependents-at-a-glance.
What is a tax credit and how does that help me when I file my taxes?
Tax credits help to reduce your tax liability on an annual basis. Some tax credits are refundable becoming part of your refund and others only reduce your tax liability. Here is a list of IRS tax credits https://www.irs.gov/credits-deductions-for-individuals Schedule your tax planning appointment with one of our experts to see if you qualify.
What are the new tax brackets and tax rates?
Knowing your tax bracket and correct tax rate will help to determine how much you would need to withhold each year to cover your income tax liability. https://www.forbes.com/sites/robertberger/2017/12/17/the-new-2018-federal-income-tax-brackets-rates/#7a2bdd8e292a.
How can I check the Status of my refund?
The IRS will post the status of your refund within 24-48 hours of the date your income tax return was accepted electronically or within 4 weeks of the date that you mailed in your return. You will need information from your tax return to use their online or mobile app. https://www.irs.gov/refunds.
How do I make a payment to the IRS?
You can make your 1040-ES Estimated tax payments, Balance due payments or set up an installment agreement directly through the IRS website. They have various payment options available to taxpayers. https://www.irs.gov/payments.
How do I request a copy of my tax records or earnings statement?
The IRS has an online application that will allow you to request your tax return transcript, wage and income and account statement. This helpful link may be accessed all year long https://www.irs.gov/individuals/get-transcript.
I've started a new business. Can you help me with figuring out how much I will have to pay in taxes?
Yes! Tax Planning and Consultation is a service that we provide to business and individual clients who are in need of additional tax planning during the year. We review quarterly accounting and income documents to determine if changes are needed in anticipation of changes in the current year tax liability. We help our client navigate our complex tax system and identify areas that will need additional attention before the filing season begins.
Can you help me with my taxes?
Tax return preparation is a primary focus in our firm. We are here as a knowledgeable resource to help clients understand the U.S. tax code and educate them on how a deduction is calculated and what is allowable. We understand that tax preparation can be a complex process and we have the ability and due diligence to ensure that you are paying the proper amount of taxes each year. We specialize in small business and retirement taxes, but are equipped and able to handle numerous taxable situations. Call one of our knowledgeable staff members today to see how we can help you with your tax preparation needs.
• Federal & State Individual Income Tax Preparation
• Federal & State Business Income Tax Preparation (Forms 1065/1120/1120S)
• Federal & State Estate and Trust Income Tax Preparation
• Federal & State Non-Profit Tax Preparation
I just hired three new employees and I don't have time to do payroll anymore. Can you take that over for me?
Yes! We offer full charge in-house bookkeeping as well as sales tax and payroll processing to handle your weekly, monthly or quarterly bookkeeping needs.
I just bought Quickbooks for my new business and I just do't understand how to use it. Help!
We can certainly help you with that! We offer QuickBooks ProAdvisor training for you and your staff onsite or remotely.
I have questions for the IRS, but I don't know where to start. Do you have that information for me?
Check our Resources page for many of the links you may need for the IRS and the Florida Department of Revenue.
Updates IRS Child Tax Credit
Important changes to the Child Tax Credit are helping many families get advance payments of the credit:
- Half the total credit amount is being paid in advance monthly payments. See the payment date schedule.
- You claim the other half when you file your 2021 income tax return.