FREQUENTLY ASKED QUESTIONS
THE ANSWERS YOU NEED
CAN THE TAX PREPARATION FEE BE TAKEN FROM THE TAX REFUND?
Yes. These are called “bank products”. With a bank product, you get a refund in 10 to 16 days, with all fees deducted from the refund. The refund can come in the form of a direct deposit to your account or as a check printed in our office.
CAN THE TAX PREPARATION FEE BE PAID OUT OF POCKET?
Yes. You will still get your refund deposit within the same 10-16 days, but the direct deposit will come directly from the IRS. If you choose to get a check from the IRS, then the turn-around time is about 4 to 6 weeks. Using this alternative, you pay all fees by cash or credit card.
IS IT POSSIBLE TO GET A 24-HOUR TAX REFUND?
The former “rapid refunds” in 24 hours are no longer available. The standard wait time is 10 to 16 days.
WHAT ARE THE DUE DATES OF PERSONAL TAX RETURNS?
Generally, personal tax returns are due April 15. However, this year they will be due April 17. If an extension is needed, it will have to be submitted by this date.
WHAT ARE THE DUE DATES FOR CORPORATE TAX RETURNS?
Corporate returns are due March 15. If an extension is needed, it will have to be submitted by this date.
WHAT ARE THE DUE DATES FOR SUBMITTING 1099-MISC FORMS?
The 1099-misc form must be given to the subcontractor by January 31. Those forms must be submitted to the IRS by Feburary 28.
HOW MUCH DO YOU CHARGE FOR PERSONAL TAXES?
The charge depends on the complexity of the tax. We charge by what is considered a per-form basis. What this means is basically the more forms that have to be filled out the more the cost can be, likewise the less forms that have to be filled the less expensive it is. The fee of the tax return can be taken directly out of the tax return so that there is no out of pocket expense to the client. While the price ranges, on average the price of the tax return is between $200 – $300. Amendments are $300 if we did not do the original and $150 if we did the original tax. Amendment fees are out of pocket.
HOW MUCH DO YOU CHARGE FOR CORPORATE TAXES?
Corporate Taxes start as $300, although depending on the amount of activity on the return the price can increase or decrease. A no activity or very little activity corporate tax can be as low as $200. Now if a corporate tax has a lot of activity or if a profit and loss has to be prepared before the corporate return can even be started then the price can increase depending on the work involved.
WHAT IS A PROPER TYPE OF VALID IDENTIFICATION FOR TAYPAYERS?
There are five types of valid identification. There are a State ID, Driver’s License, Military ID, US Passport and Resident Alien ID.