Frequently Asked Questions
How do I know if we are a good fit?
I am here to provide peace of mind and top-quality services to everyone I work with. To ensure a superior level of proactivity and communication, I limit the number of new clients I take on each year for both taxes and bookkeeping. This allows me to build a firm that recognizes the needs of each individual or business and provides tailored services on a personal level. Accounting and tax preparation are not one-size-fits-all commodities; therefore, it is important to evaluate your expectations and discuss a plan of action that provides you with comfort and fits your lifestyle and/or business practices. Visit our Contact page to schedule a discovery call!
I want to get my taxes done. How does that work?
First, you will need an account created on our portal, which serves as your go-to during the tax preparation process. The next step is to fill out our smart e-organizer within the portal system. This will allow us to collect vital information and ask for important documents required to prepare your tax return. It is easiest to upload your documents during this process; however, you may upload documents at any time in the documents section of your account. Once you have completed your organizer and all documents needed have been uploaded, please click the "finished uploading" bell in the upper right-hand corner of your portal profile, and I will schedule a brief due diligence call to discuss the information you have provided, ask questions, and then provide a proposal for the preparation of your taxes.
The engagement proposal is sent and signed within the portal. You will also receive an invoice from our accounting program to your email separately. If you do not see the invoice arrive the same day, please check your spam folder. Once I receive the signed engagement and the invoice payment, your return is added to the queue for preparation. The portal features a messenger program where we can communicate if questions arise during the process, and you can track your return job status on the profile page.
Once your return is complete and ready to be reviewed, it will be uploaded to the portal to be viewed at your convenience. Please do not approve the return or sign for your return until you have asked any questions you may have, or if you need to request updates or changes upon review. Once your approval is received, I will upload your signature documents for e-signing. Once completed, I will e-file your return and post a message in the portal once notification from the IRS is received that the e-file is in processing. This completes the engagement.
Note: To guarantee tax filing by 4/15, all information must be submitted, the engagement signed, and the preparation fee paid by 4/1. Returns not ready by this date may be placed on extension, subject to availability.
The engagement proposal is sent and signed within the portal. You will also receive an invoice from our accounting program to your email separately. If you do not see the invoice arrive the same day, please check your spam folder. Once I receive the signed engagement and the invoice payment, your return is added to the queue for preparation. The portal features a messenger program where we can communicate if questions arise during the process, and you can track your return job status on the profile page.
Once your return is complete and ready to be reviewed, it will be uploaded to the portal to be viewed at your convenience. Please do not approve the return or sign for your return until you have asked any questions you may have, or if you need to request updates or changes upon review. Once your approval is received, I will upload your signature documents for e-signing. Once completed, I will e-file your return and post a message in the portal once notification from the IRS is received that the e-file is in processing. This completes the engagement.
Note: To guarantee tax filing by 4/15, all information must be submitted, the engagement signed, and the preparation fee paid by 4/1. Returns not ready by this date may be placed on extension, subject to availability.
How much should accounting cost my business?
There is no magic formula for determining how much a company should spend on its accounting functions. The typical cost is 1-5% of revenue depending on the size and complexity of your business. Factors that influence these costs are: the size of your business, volume of transactions, services required, industry complexity, frequency of services and complexity of payment systems. The simpler the set up, the simpler/less costly the accounting.
How do I know if I should make an S-Corp election?
If your business is making a substantial profit (75-100k+) after expenses, I would normally explore making an S-Corp election dependent on other factors. It's important to consider; number of owners, active involvement, stability of income from year to year, and administrative complexity. There are additional costs associated with bookkeeping, payroll, and tax filings that must also be considered. Book a consultation if you're considering making a change to discuss the ins and outs, as well as any potential tax implications.
What is an EA and how is that different from a CPA?
Both Enrolled Agents (EA) and Certified Public Accountants (CPA) are licensed professionals who can effectively handle the tax issues of an individual or a business. The primary difference between the two lies in the fact that the license of an EA is authorized by the federal government, i.e., the US Department of the Treasury while the CPA license is issued by individual states.
Apart from preparing and filing tax returns, a CPA can do auditing and is able to give wealth-related financial advice. An enrolled agent (EA) is an IRS-authorized professional with a focus on tax. EA is considered highly coveted as it is the highest credential awarded by the IRS. Being a federal license holder, EAs can represent any taxpayers from any part of the country to any IRS office without restriction, including practice overseas.
Apart from preparing and filing tax returns, a CPA can do auditing and is able to give wealth-related financial advice. An enrolled agent (EA) is an IRS-authorized professional with a focus on tax. EA is considered highly coveted as it is the highest credential awarded by the IRS. Being a federal license holder, EAs can represent any taxpayers from any part of the country to any IRS office without restriction, including practice overseas.