Frequently Asked Questions
Q. How long should I keep tax records?
A. It depends on the purpose. We can speak to tax purposes most clearly. Often, there may be other reasons to hold on to records for a longer period of time. The IRS has three years from the due date of your tax return to challenge, audit or change the total tax owed. All tax related records should be kept for at least four years after the filing deadline.
Q. After what date can I safely throw records away?
A. Corporations, partnerships, trusts and exempt organizations should keep all records at least seven years. Records of all stock purchases, mutual fund, bonds, other investments, land, property, buildings, vehicles, machinery and other business property must be kept at least seven years after those items are sold.
Q. What do I need to bring to my tax appointment?
A. All W-2's, 1099's, 1098's, investment statements, income & expense reports for home-based businesses, records of tax payments made (estimated payments), your previous tax year statement, and updated personal information. We provide an organizer to help you with this process. Contact our office and we will be happy to mail one to you.
Q. How much do you charge for personal tax preparation?
A. Our fees are based on the forms required and the complexity of the return. Most of our fees range between $100 and $250. Some of our fees are below $80. About 1/2 are between $100 and $250. A few range up to $400. Those with investments, rental property, tuition payments, or home-based businesses will incur the higher fees. We provide an organizer to help you know what information to bring or send. We also look for ways to simplify your tax return and keep fees to a minimum.
Q. What are the charges for financial planning?
A. Piecemeal planning can cost as little as $300. A complete personal financial plan with all the modules can go as high as $2,000. Most fees are between these numbers, depending, as always, on facts and circumstances.
Q. How do we set up an appointment?
A. Call 520 748-1806, fax 520 748-1807. Try our introductory free initial one-hour appointment.
Q. Do I need a CPA to do my payroll?
A. A Certified Public Accountant can help you to properly withhold and remit taxes. One of the biggest causes of business failure is to become delinquent on your payroll taxes. These taxes are not discharged by bankruptcy and will be assessed to the owner, partners, officers or in some cases stockholders. The IRS can be very tough on businesses and individuals that fail to remit payroll related taxes, so let a professional Certified Public Accountant handle your payroll.
Q. Should I use a CPA or a Bookkeeper?
A. Although bookkeepers can and will perform this type of work, there is no governing body assuring the bookkeeper is trained in the latest laws and techniques. When you hire a CPA, you are guaranteed the individual has an accounting degree and annually state mandated training. Go with a CPA and have peace of mind when it comes to your livelihood.
Q. What is the difference in tax preparers?
A. There are five main categories of preparers:Independent preparers:This group includes anyone preparing tax returns. Only California has regulations in place for these preparers. In the other states preparers are not required to have any education or qualifications in order to prepare tax returns.Commercial preparers:This group is comprised of large nationwide organizations that hire individuals to work for them during tax season. It also includes independent commercial preparer
