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Frequently Asked Questions

How much do you charge for Accounting Service ?

Our fees are based on your service needs, the complexity and the number of transactions required to satisfy your business needs. Each client is treated on a personal and individual basis and always with the goal of minimizing the client’s cost.

How do we get started for Accounting Service?

First, we will have a discussion on the services that are required, the documentation that is available, the schedule of the services, the communication channels, and the frequency of the services. Once all the items are discussed and there is a good understanding of the services required by the client, the schedule for the services and a fee structure is discussed and agreed upon. An engagement letter will than be prepared and presented to you.

How much do you charge for Tax Service?

Our Tax Service fees are based on your needs, the tax payer, and the number, type, and complexity of your tax return.

Do I need to have an appointment ?

In order to best serve you we strongly recommend that you ask for an appointment, which allows us to better understand and serve your needs.

Will I have some tax saving by filing separately rather than filing jointly with my spouse?

Yes you might benefit sometimes if one spouse has a larger medical expenses, miscellaneous itemized deductions, or casualty losses. It could also be beneficial for a couple to file separately if both of the spouses' income are about equal.

What type of records do I need to keep?

  • Gross receipts (Cash register tapes, Bank deposit slips, Receipt books, Invoices, Credit card charge slips, Forms 1099-MISC)
  • Purchases (Canceled checks, Cash register tape receipts, Credit card sales slips, Invoices)
  • Expenses (Canceled checks, Cash register tapes, Account statements, Credit card sales slips, Invoices, Petty cash slips for small cash payments
  • Travel, Transportation, Entertainment, and Gift Expenses
  • Assets (When and how you acquired the assets, Purchase price, Cost of any improvements, Section 179 deduction taken, Deductions taken for depreciation, Deductions taken for casualty losses, such as losses resulting from fires or storms, How you used the asset, When and how you disposed of the asset, Selling price, Expenses of sale)
  • Employment taxes

Referred from: ( http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/What-kind-of-records-should-I-keep)

How long should I keep these records?

Generally, you must keep your supporting records until the period of limitations (the period of time when one can amend the return to claim a credit or refund, or the period of time when the IRS can assess additional tax ) for that return runs out.

Note: Keep copies of your filed tax returns. They help in preparing future tax returns and making computations if you file an amended return.

  • You owe additional tax and situations (2), (3), and (4), below, do not apply to you;keep records for 3 years.
  • You do not report income that you should report, and it is more than 25% of the gross income shown on your return; keep records for 6 years.
  • You file a fraudulent return; keep records indefinitely
  • You file a claim for credit or refund* after you file your return; keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later.
  • You file a claim for a loss from worthless securities or bad debt deduction; keep records for 7 years
  • Keep all employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.
Referred from: (http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/How-long-should-I-keep-records%3F)