What do I need to provide if I, or my dependent, attended college?
The most important document that you need to provide is called a 1098-T form. Most schools do not mail this out anymore. Most of the time is it found in the student’s online portal or emailed to the student. Have the student find this form before coming into your appointment. In addition to the 1098-T, […]
I already did my taxes but I want to update my bank account before they send the refund.
Once your return has been accepted by the IRS and/or the state, it is not possible to update your bank account. What will happen is that they will send the funds to the account shown on your return. If the account is closed, the bank will reject the funds. Once the funds bounce back, the […]
I noticed that the account listed on my return is incorrect. It’s some weird long number that I have never seen before.
This is normal if you chose to pay our fees via your refund. When you choose this option, the process is a little different than if you had paid us out of pocket. Our partner bank creates a temporary account in your name (you’ll notice your SSN is part of the account number). This temporary […]
I am expecting a large bonus or I worked a lot of overtime and my coworker told me I should go exempt so I don’t get hammered on the taxes. Will I get in trouble? Is this OK?
Understanding taxes is crucial. Your tax withholding is like a savings account to cover your tax bill. If you withhold too much, you get a refund; too little, you owe. Going exempt means no money is withheld, and you risk owing later. Even if you’ve had enough withholding earlier in the year, we don’t recommend […]
I bought a new house. What do I need to bring in?
Make sure to bring in the following: Buyer’s final closing statement. This is given to you by the title company upon closing Form(s) 1098 (mortgage interest statement). These will show up usually in January or early February. Many times it’s an additional page in the regular mailing, so make sure to double check. It’s also […]
I am selling my property. Do I need to reinvest the proceeds to avoid paying taxes?
The simple answer is no (with one exception). Reinvesting the proceeds will not help you avoid paying taxes on the sale. Here are the most common scenarios: Selling your primary residence. If the home you are selling has been your primary residence for two of the last five years, you do not have to pay […]
I need to file some old tax returns and I do not have all of my paperwork. Can you help me?
Yes. If you do not have all of your information (or are just not sure if you have it all) the process is pretty simple. The first step is to request wage/income transcripts from the IRS. Here is a link to the IRS website where you can submit this request: https://www.irs.gov/individuals/get-transcript The quickest way is […]
I am being asked to provide my tax return transcript. Is that something you can provide me?
No. We only have access to your tax return that we prepared in our office. A transcript is something different. It can only be provided by the IRS. It’s the IRS’ version of your tax return. Here is a link to request transcripts. https://www.irs.gov/individuals/get-transcript The quickest way is to request them online, if that does […]
Third Party Verification Letters
Verification requests, often called comfort letters, or CPA letters, typically relate to a client’s loan or refinance. We are asked to confirm specific information, but it’s the lender’s responsibility to conduct their own due diligence. Our firm only prepares tax returns, so we can’t comment on a client’s creditworthiness or financial status, including business ownership […]
I have tried everything possible and still can not get my issue resolved. Please help!
It is rare but does happen now and then. Your return is stuck in some weird limbo where you have not received anything and can’t seem to get any answers on why. Or you were asked to send supporting documentation but it was denied or you have not heard back. Since we do not have […]