What do you charge for a tax return?
The cost of a return depends on the forms that are filed and the complexity of the return. For an accurate quote, please call our office with a copy of last years return.
What do I bring to a tax appointment?
What to Bring to Tax Appointment-Personal Clients
What to Bring to Tax Appointment – Business
Does my spouse have to come with for the appointment?
Both spouses are welcome to attend; however, only one spouse is required to attend as long as they have the necessary information.
I received a letter from the government pertaining to taxes, I am not sure what I should do.
Anytime our clients receive documentations from a Government Agency, we encourage you to send them to us so that we can explain the notice and take any necessary actions to protect you.
What do I do if I can’t pay what I owe for state and federal?
Both Federal and State Agencies have programs to make monthly payments. You can call our office to help you set up these plans.
What is the mileage rate for 2021?
The standard mileage rates are 56 cents per mile for business use of an automobile and 16 cents per mile for use of an automobile as a medical or moving expense. The standard mileage rate for charitable miles is 14 cents per mile.
What is the mileage rate for 2022?
| Purpose | Rates 1/1 through 6/30/22 | Rates 7/1 through 12/31/22 |
| Business | 58.5 | 62.5 |
| Medical/Moving | 18 | 22 |
| Charitable | 14 | 14 |
What documents are needed to process my company’s bookkeeping?
For each month, we need bank statements and credit card statements, copies of checks written, copies of your check register, and documentation for asset purchases.
My ex-spouse already claimed our children on their tax return and they should have been claimed on mine. What do I do?
Unfortunately, the tax return cannot be efiled. You must file a paper tax return. In a few months, you and your ex-spouse may receive a notice stating a child was claimed by each of you. The dependent may be disallowed on your return as well as your ex-spouse. Please bring in the notice when you receive it and we can go from there.
What is the deadline to file my Property Tax (M1PR)?
Property Tax Refunds are due by August 15th of the following year.
Where’s my Refund?
Internal Revenue Service – go to www.irs.gov and click on “where’s my refund”. Be sure to have you a copy of your return handy for reference.
Minnesota Revenue – go to www.revenue.state.mn.us and click on “where is my refund”. Be sure to have you a copy of your return handy for reference.
What can I do if I have not received my W-2 from my employer?
- Contact your employer. Make sure your employer has your correct, current, information.
- Contact the IRS if you have not received your W-2 by February 16th.
- You must still file your tax return or request on extension by April 15th.
- If you receive your missing W-2 you may need to file an amended tax return.
Frequently Asked Questions of New Business Clients
Should I incorporate?
See “Choosing your type of business entity” page
Can I write off my vehicle if I start a business?
In order to take vehicle expenses, you must keep a mileage log tracking your business miles. Two methods are available to deduct expenses:
Standard Mileage Rate: 54 cents/mile (2016), 57.5 cents/mile (2015)
Actual Expenses: depreciation or section 179, fuel, repairs, insurance, tabs
How do I get money out of my company?
You may take money out using two methods:
Payroll: You must declare a reasonable salary if you have income.
Draws: You may take draws up to your basis in the company.
Do I pay estimates?
If you form an S Corporation, you pay income taxes through withholdings from salary. If you form an LLC, you must pay quarterly estimated payments.
How do I organize my records?
You should keep a record of all income and expenses for the year. We recommend using QuickBooks to track these accounts. You should also keep all receipts and documentation to support your expenses. You should organize these by expense type, make a total for the year, and keep them for four years.
If I do business out of my home, can I write off house expenses?
Only sole proprietors can take Business Use of Home as a deduction. It is an IRS audit flag and you must recapture depreciation when the house sells. If you form an S-corporation or and LLC, you should deduct all directly related expenses: office furniture, business phone line, internet costs, etc.
How often do we meet?
We can meet as often as client needs. We should meet twice a year at minimum if you would like to determine a mid-year estimate of taxes owed. We do not charge for quick phone calls throughout the year.
How much do you charge?
Individual tax preparation rates can very considerably. The following links provide some of our general fee schedules that are reliable.
2017 Schedule of Hourly Rates
2017 Payroll Rates
Can I pay my kids and save payroll taxes?
If your kids work in the business, document wages and hours. You must pay all payroll taxes if you are an S-corporation or an LLC. You can save payroll taxes if you are a sole proprietor, but there are age limits.
How do I get money to start my business?
We recommend the following banks: Klein Bank, Coon Rapids; Village Bank, Ramsey, Oak Grove & St. Francis; The Bank of ER, ER. You may apply for a SBA loan through these banks.
How do I pay my taxes?
You pay your income tax through your personal return.
What do I do with money I spent before I started the business, or before I started making sales?
You should reimburse yourself from the business when you open the account, or you may record a Note Payable to you at the start of the business.
What are the steps to starting my own business?
There are many issues involved in starting a new business. That is why we offer free consultation to anyone seeking information on starting their own business. Call our office today to schedule your appointment. 763.421.1819
What kind of records should I keep for my small business?
Business transactions often require various documents to support the entries in your books and on your tax return. IRS.gov has information on the types of records you should keep as supporting documents.