faqs:
CA CORPORATE PEET LINK TO FTB FOR INFORMATION
Pass-through entity elective tax | FTB.ca.gov
When do I need to file my taxes by?
If extended, you have until 9/15 to file your business returns and 10/15 to file individual returns.
Do I need an appointment for tax filing?
If you prefer to speak to a tax preparer, please make sure to set up an appointment as we do not take walk-ins. We try to provide an outstanding level of customer support to ALL of our clients no matter how much money you make. This means we need to block off a window of time to DEVOTE to you to ensure you have our full attention for all of your needs. You may drop off, use our secure portal, fax, or mail in your tax documents to take advantage of our mail in service.
We also offer drop off service taxes. Once you have sent us all of your documents, let us know you are ready for one of our preparers to work on your returns. They will call you with questions or sign off on your taxes if your worksheets were properly filled in.
I don’t live near your offices, can I still be a client?
Absolutely! We have clients coast to coast and even overseas! We are here to provide you an unparalleled level of service no matter where you are in the world!
I need my refund, are you still working?
Absolutely! We are here to help! All meetings will be phone appointments only, as such we have clients coast to coast.
Can I come in for an appointment?
At this time, we will only take appointments over the phone. Please contact us to be connected to our SECURE portal where you can send us your tax documents. You may also mail your documents to us or drop them off through the mail slot on our door (suite 206 in Burbank, for Westlake instructions please contact our office 818-859-7378).
Will California AB5 affect me?
AB5 has may harsh penalties for failure to comply. If you hire anyone to work for you, please consult with an employment attorney. We are unable to provide guidance on how to compensate contractors/employees. Please carefully review the A. B. C. test before you pay anyone for their services starting January 1, 2020.
What do I send in prior to my tax appointment?
- Please make sure we have all tax documents in our office at least 3 business days before your set call for tax preparation.
- Your last year’s tax return copy. Both Federal and State (please note: We will need ALL depreciation schedules for both STATE and the IRS for all of your properties, this is very important to ensure we have the maximum deduction legally possible.)
-Income for the year we are going to prepare (w-2's, 1099's, interest income, dividends, k-1, rental income, stocks sold require cost basis, crypto currency transactions, contact us should you have any specific questions.)
-Expenses: (expenses are to be totaled up in advance. If you have your own method of keeping track, that is fine, should you want to see a worksheet for guidance please visit our 'Worksheets' page. Please total all income and expenses for each rental property separately.)
-Name, DOB, and SSN for any dependents or spouse (make sure they match up with the Social Security card)
-Your state driver’s license or identification card, your spouses as well if you are filing jointly.
-If you own a house: mortgage interest and property taxes paid
-If you recently purchased a house: the closing statement or final settlement statement from escrow.
-If you are still paying off any student loans: the interest paid may be tax deductible (Form 1098-E).
-Health insurance proof-for entire year, your employer should provide you with a statement if they provided coverage for you for said year. (FORM 1095-A, 1095-B 1095-C, 1094). Although the IRS is no longer charging a penalty for failure to have health coverage, California now requires health coverage for taxpayers.
What if I am not ready to file by the March 15th (businesses) or April 15th (individuals) deadline?
We can file an extension for you. We do recommend assessing tax liability to pay by this date if possible. Doing so will help save you money in "interest/penalties" charged by the IRS for taxpayers who owe money and do NOT pay by 4/15.
How can I book an appointment?
You can call 818-859-7378 or request one via email at: info@taxesbykd.com
Can I file an Offer in Compromise?
You may or may not qualify for an offer in compromise. Tax resolution is something many clients do not feel comfortable dealing with on their own. An OIC is not always the best route to take for delinquent taxpayers. Although MANY adds you hear and see get taxpayers hopes up, the best way to find out if you may qualify is to pay for a consultation with financial analysis before wasting thousands of dollars filing for an OIC and not getting approved. Tax problems can be a thing of the past if you have the right professionals on your team.
What is Tax Resolution?
Tax resolution is the process of navigating through a client’s tax issues and helping reach a resolution.
This can be a variety of things including, but not limited to:
-a compliance check, to see if you have any missing returns you may have forgotten to file
- setting up a payment plan for a taxpayer who owes more than they can afford to pay
-filing multiple years of tax returns
-removing tax liens
-requesting penalty abatement for reasonable cause
-OIC, if a client is an ideal candidate
-negotiating a lower payment plan if you are unable to pay the amount you are currently set to pay each month
We do offer the above services at an additional fee.
How long do I legally have to keep my documents for?
Federal law states the statute of limitations is 3 years from the due date of your return, or from the date filed (whichever comes later).
Do I still need to keep receipts under the new Tax Cuts and Jobs Act?
Absolutely! For many taxpayers, these expenses will still help LOWER your state tax liability. Furthermore-anyone with Schedule C income, self-employment, are still able to take deductions under the new tax code.
How can I pay for your services?
You may pay via check, VENMO, or Zelle due upon completion before any tax return is filed. You may also pay during the time of your tax appointment.