Frequently Asked Questions
Questions about Bookkeeping services for your business:
Yes! Your dedicated bookkeeper will help you set up your accounts. Our complicated process is simplified for you. A few clicks and done! All plans offer support for setting up and anything else you may have on your mind.
For pricing purposes, we will need all monthly expenses associated to your company. Payroll, distributions, cost of goods/services sold.
Absolutely! Your dedicated bookkeeper will work with both your invoicing and bill pay schedule. We take your routine & tailor more efficient processes for your company. Our team is also trained in customer service, we will email your customers in a professional way to get ahold of late payments. Any questions or concerns your customers ask that is out of our reach will be forwarded straight to you.
Our team utilizes professional software that is currently working with banks to make it easier to display monthly bank statements for our bookkeepers. Eligible banks will automatically be visible to our bookkeepers for reconciliations, without showing your usernames or passwords. If your companies bank accounts or credit cards are illegible, we will work with you and suggest solutions.
Our team integrates Quickbooks Online software due to its versatility and seamless capabilities. If your company currently uses other software, your dedicated bookkeeper will guide you through exporting your data to Quickbooks. We simplify the process for you.
1. Electronic access to transactions.
2. Access to your company expenses, invoices, and bills through software.
3. No mixy matchy of personal expenses.
You have a couple of options for your fiscal year taxes.
Your first option: During tax season, our bookkeepers work with our tax professionals and will deliver all your books to them for you. We will quote you a price, and you decide if it is right for you.
Your second option is to use a firm of your choice. Our bookkeepers will work with your tax professional and send all your books to them in a timely manner, at the end of the fiscal year. This handoff is provided at no additional cost to your bookkeeping plan.
The answer depends on how you filed your return. The IRS should issue your refund check within six to eight weeks of filing a paper return. If you chose to receive your refund through direct deposit, you should receive it within a week. If you use e-file, your refund should be issued between two and three weeks.
You can check on the status of your refund by clicking on the links below.
Check your Federal Refund… click here
Links to useful websites and advises:
www.irs.gov – Contains a complete list of tax forms and publications available for direct download. Provides tax resources, including software, preparation tips and forms, and tax information for individuals, businesses and organizations.
IRS Withholding Calculator
If you are an employee, the Withholding Calculator can help you determine whether you need to give your employer a new Form W-4, Employee’s Withholding Allowance Certificate to avoid having too much or too little Federal income tax withheld from your pay.
Tips For Using This Program
Who Can Benefit From The Withholding Calculator?
General Tax Information
- Back Taxes and Delinquent Taxes Haven’t filed taxes in a while? See what your next steps should be.
- Estimated Taxes Get important withholding information here.
- Income Tax Filing Status Determine which filing status best suits your tax situation.
- Taxable and Non-Taxable Income See what income is considered taxable and what income is not.
- Gift Tax Before giving a gift, first see how your taxes may be affected.
- Overlooked IRS Deductions More of your hard-earned income can stay in your pockets if you can claim these overlooked deductions.
- Tax Law Changes See tax code changes for the current year.
- Where’s My Refund? With one click, get up-to-date information concerning the status of your refund.
- Publications and Forms
- Frequently Asked Questions
- Latest IRS News
- What’s Hot
- Understanding Your IRS Notice or Letter
- Taxpayer Rights
- Where’s My Amended Return? tool
- Tax Information for Individuals
- Self-Employed Individuals Tax Center
- Current Year EITC Assistant tool (English)
The Earned Income Tax Credit (EITC) helps low- to moderate-income workers and families get a tax break. If you qualify, you can use the credit to reduce the taxes you owe – and maybe increase your refund.
Third Round of Economic Impact Payments Status Available
Find out when your third Economic Impact Payment is scheduled to be sent, or when and how we sent it with the Get My Payment application. Get My Payment updates once a day, usually overnight.
Do not call the IRS.
How long is long enough to keep tax records and books?
Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the "three-year law" and leads many people to believe they're safe provided they retain their documents for this period of time.
However, if the IRS believes you have significantly underreported your income (by 25 percent or more), or believes there may be indication of fraud, it may go back six years in an audit. To be safe, use the following guidelines.
Create a Backup Set of Records and Store Them Electronically. Keeping a backup set of records -- including, for example, bank statements, tax returns, insurance policies, etc. -- is easier than ever now that many financial institutions provide statements and documents electronically, and much financial information is available on the Internet.
Even if the original records are provided only on paper, they can be scanned and converted to a digital format. Once the documents are in electronic form, taxpayers can download them to a backup storage device, such as an external hard drive, or burn them onto a CD or DVD (don't forget to label it).
You might also consider online backup, which is the only way to ensure that data is fully protected. With online backup, files are stored in another region of the country, so that if a hurricane or other natural disaster occurs, documents remain safe.
- Bank Statements
- Paycheck Stubs (reconcile with W-2)
- Canceled checks
- Monthly and quarterly mutual fund and retirement contribution statements (reconcile with year end statement)
- Credit Card Statements
- Medical Bills (in case of insurance disputes)
- Utility Records
- Expired Insurance Policies
- Supporting Documents For Tax Returns
- Accident Reports and Claims
- Medical Bills (if tax-related)
- Property Records / Improvement Receipts
- Sales Receipts
- Wage Garnishments
- Other Tax-Related Bills
- CPA Audit Reports
- Legal Records
- Important Correspondence
- Income Tax Returns
- Income Tax Payment Checks
- Investment Trade Confirmations
- Retirement and Pension Records
- Correspondence with Customers and Vendors
- Duplicate Deposit Slips
- Purchase Orders (other than Purchasing Department copy)
- Receiving Sheets
- Stenographer’s Notebooks
- Stockroom Withdrawal Forms
- Employee Personnel Records (after termination)
- Employment Applications
- Expired Insurance Policies
- General Correspondence
- Internal Audit Reports
- Internal Reports
- Petty Cash Vouchers
- Physical Inventory Tags
- Savings Bond Registration Records of Employees
- Time Cards For Hourly Employees
- Accident Reports, Claims
- Accounts Payable Ledgers and Schedules
- Accounts Receivable Ledgers and Schedules
- Bank Statements and Reconciliations
- Cancelled Checks
- Cancelled Stock and Bond Certificates
- Employment Tax Records
- Expense Analysis and Expense Distribution Schedules
- Expired Contracts, Leases
- Expired Option Records
- Inventories of Products, Materials, Supplies
- Invoices to Customers
- Notes Receivable Ledgers, Schedules
- Payroll Records and Summaries, including payment to pensioners
- Plant Cost Ledgers
- Purchasing Department Copies of Purchase Orders
- Sales Records
- Subsidiary Ledgers
- Time Books
- Travel and Entertainment Records
- Vouchers for Payments to Vendors, Employees, etc.
- Voucher Register, Schedules
While federal guidelines do not require you to keep tax records “forever,” in many cases there will be other reasons you’ll want to retain these documents indefinitely.
- Audit Reports from CPAs/Accountants
- Cancelled Checks for Important Payments (especially tax payments)
- Cash Books, Charts of Accounts
- Contracts, Leases Currently in Effect
- Corporate Documents (incorporation, charter, by-laws, etc.)
- Documents substantiating fixed asset additions
- Depreciation Schedules
- Financial Statements (Year End)
- General and Private Ledgers, Year End Trial Balances
- Insurance Records, Current Accident Reports, Claims, Policies
- Investment Trade Confirmations
- IRS Revenue Agents’ Reports
- Legal Records, Correspondence and Other Important Matters
- Minute Books of Directors and Stockholders
- Mortgages, Bills of Sale
- Property Appraisals by Outside Appraisers
- Property Records
- Retirement and Pension Records
- Tax Returns and Worksheets
- Trademark and Patent Registrations
- Car Records (keep until the car is sold)
- Credit Card Receipts (keep with your credit card statement)
- Insurance Policies (keep for the life of the policy)
- Mortgages / Deeds / Leases (keep 6 years beyond the agreement)
- Pay Stubs (keep until reconciled with your W-2)
- Property Records / improvement receipts (keep until property sold)
- Sales Receipts (keep for life of the warranty)
- Stock and Bond Records (keep for 6 years beyond selling)
- Warranties and Instructions (keep for the life of the product)
- Other Bills (keep until payment is verified on the next bill)
- Depreciation Schedules and Other Capital Asset Records (keep for 3 years after the tax life of the asset)
Work with us
If you are interested in a prosperous future from a personal and/or business standpoint, reach out to our team of dedicated specialists. When considering accounting, audits, tax or business consulting, one call can make all the difference. Click here to get started – we look forward to working with you!
* We have the right to use the Professional Tax Agent logo! The logo can only be used by persons who have the status of an Enrolled Agent and meet all the requirements of Circular 230.