Frequently Asked Questions
Here, you'll discover answers to the most frequently asked questions by our users, making it easy for you to quickly locate the information you need.
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Individual & Business Tax Questions
The deadline for filing your federal tax return is typically April 15th of each year. If this date falls on a weekend or holiday, the deadline may be extended to the next business day.
Common documents include drivers license or identification, social security cards for all dependents being claimed, W-2 forms from employers, 1099 forms for other income, receipts for deductible expenses (i.e. mortgage interest, student loan interest, and medical expenses) and records of any tax credits (i.e. Earned Income Tax Credit (EITC) and education credits) you plan to claim.
A tax deduction reduces your taxable income, thereby lowering the amount of tax you owe. A tax credit directly reduces your tax liability, offering a dollar-for-dollar reduction.
Whether to itemize deductions or take the standard deduction depends on your individual financial position. Therefore, your tax preparer will assess your financial situation and determine which is best for you.
Failing to file your taxes on time can result in penalties, interest on unpaid taxes, and potential legal action from the IRS. It's important to file even if you can't pay the full amount.
Our fees are structured based on the complexity of services provided, such as tax preparation, consulting, audit representation, and financial planning. We offer transparent fee structures and can provide detailed estimates based on your specific needs.
Incorporating your business can have tax implications related to corporate tax rates, deductions, shareholder distributions, and compliance requirements. Choosing the right entity structure requires careful consideration of your business goals and tax situation.
Yes, we can assist you in identifying deductible business expenses, ensuring compliance with IRS guidelines, and optimizing deductions while minimizing risks of audits.
Real estate investors can maximize deductions by properly categorizing expenses (like repairs vs. improvements), taking advantage of depreciation, utilizing Section 1031 exchanges for deferring capital gains, and staying updated on relevant tax laws.
Self-employed individuals may be eligible for deductions such as home office expenses, vehicle expenses, professional services, health insurance premiums, retirement contributions, and business-related travel and meals.
Need Personalized Guidance... Get A Consultation
If you still have questions about your taxes or need personalized business guidance, consider scheduling a consultation.
With our expertise, you can navigate the nuances of tax preparation confidently and ensure that you maximize your deductions while remaining compliant with tax laws. Don’t hesitate to reach out; getting professional assistance can save you time and money.
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Business Formation Questions
It allows businesses, especially sole proprietors and partnerships, to use a name that reflects their brand or services without forming a separate legal entity.
Registering a DBA does not provide legal protection for the name itself; it simply allows the business to operate under that name. To secure exclusive rights, a trademark may need to be registered.
When you incorporate your business you have four basic entity types to choose from:
- Sole Proprietorship
- Partnership
- Corporation
- Limited Liability Company (LLC).
There is no one-size-fits-all rule as to which entity is best for your business. Instead you should consult your CPA or tax professional and lawyer to determine which of these entities best fits your specific business needs.
When incorporating your business, two common business structures or entities is an LLC, or Limited Liability Company, and a Corporation. Both offer business owners protection of their personal assets. There are a variety of differences between an LLC and a Corporation and we are here to help.
Choosing a legally available business name involves several steps to ensure compliance and uniqueness. Transparency FS can help ensure that your business is set up and operates legally, reducing the risk of future legal issues.
A website is essential for establishing credibility, engaging with customers, and enhancing marketing efforts. It plays a vital role in the overall success and growth of a business in today's digital landscape.
Transparency FS is here to help you build your website.
Need More Help?
Our team is dedicated to providing the support you need to navigate any challenges you may be facing. Whether you have questions, need clarification, or seek additional resources, we are here to guide you every step of the way. Your success is our priority, and we’re committed to helping you achieve your goals.
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(832) 274-9833
