Follow Us x
How do I notify the IRS my address has changed?
Go to www.irs.gov and under the Forms & Instructions tab search for the form 8822, then fill that out and send it in to the address provided.
Is there an age limit on claiming my child as a dependent?
Yes there is, if your child is UNDER age 19 (or UNDER age 24 and a full time student) On Dec. 31st of the tax year you can claim your child as a dependent.
To qualify for head of household filing status, do I have to claim my child as a dependent?
Yes , you have to claim your child as your dependent to claim the HOH filing status. You can't claim the same child for the HOH filing status as the child's other parent. Here is a link to the IRS Interactive Tax Assistant webpage, which will lead you through a step by step process to see if you can file using the HOH Filing status. https://www.irs.gov/help/ita
What should I do if I made a mistake on my federal return that I've already filed?
If you discover a mistake on your tax return after you have filed it you can file a Form 1040X which is an amended tax return. Feel free to contact us if you have trouble filing the form 1040X. You will not be able to efile the form 1040X.
What is an EIN?
An EIN is an Employer Identification Number, which is basicly same as the business's Social Security Number.
What's the best way to run payroll?
This depends on how you do your bookkeeping. If you use Quickbooks to keep record of your business income and expenses you can run payroll through QB, however there are some payroll tax forms to file as well as just running the payroll. And you have your payroll tax deposits to make too. This is something that varies per business, there is not a one size fits all plan.
Am I allowed to pay employees in cash?
Yes you are allowed to pay your employees in cash but you still have to with hold there taxes and report their income to the IRS if you pay them more than $600.
Do I need a bookkeeper if I have an accountant? What's the difference between the two?
The main difference between a bookkeeper and an accountant in that a bookkeeper enters the data into your bookkeeping software and an accountant looks over your books to see if you have entered everything correctly and usually takes care of the payroll forms that need to be filed and takes care of filing the tax return for the business. If you enter the data yourself into the bookkeeping software you wouldn't really need a bookkeeper.
Do you do payroll?
Yes we offer payroll services.
How does your coaching process work?
There are several steps that we go through with the first step is that I set up a time for an interview to see if we are a good fit to work together, and then I will send you some forms to fill out to help me get an idea of where you are at financially and set up an appointment to go over the information that you gave me, and then I will make some recommendations based on where you are at financially.
Why do people hire a financial coach?
Most of the time when someone is looking for a financial coach they realize that they are stuck in the same rut day after day and are ready to make a change. Sometimes people realize that there has to be a way to get ahead and I don't know how. Another reason to get a financial coach is to help you stay out of the ditches so to speak. Then there is the person or couple that realize they are getting older and I have only 5 or 10 more years until I'm old enough to retire and I don't know if I or We will be able to retire without having a full time job.
