Here are the answers to some of the most Frequently
Asked Questions our firm receives.
Q. REMEMBER:
A. The information found on this website is general in nature
and may not apply to the reader's situation. Therefore,
the reader should not rely on the information on this website
alone. For specific advise, please call us at (516)
932-0216
Q. How do I get to your office?
A. Directions to our office along with a map are located on
our "Contact Us" page. Feel free to call for more
detailed instructions if necessary
Q. Do I need to visit your office to have my taxes
prepared?
A. It is not necessary to visit our office. Many clients
utilize the mail or express services to send their
information to us. For new clients, we encourage a meeting so
that we can discuss your unique tax situation
Q. What services do you provide?
A. We prepare all tax returns including individual,
corporation, LLC and LLP, estate and trust, partnership,
payroll, sales tax, property tax, and other taxes. We
offer bookkeeping, financial statements, accounts payable,
and accounts receivable processing.
Q. Can I ever save tax by filing a separate return
instead of jointly with my spouse?
A. You sometimes may benefit from filing separately instead
of jointly. Consider filing separately if you meet the
following criteria: One spouse has large medical expenses,
miscellaneous itemized deductions, or casualty losses. The
spouses' incomes are about equal. Separate filing may
benefit such couples because the adjusted gross income
"floors" for taking the listed deductions will be
computed separately.
Q. How do you charge for your services and how does
your cost compare to other tax preparation
firms?
A. We charge by the complexity of the return. We can give you
a quotation of our expected costs. When providing our
services, if we can help you reduce our time, we will tell
you how. Our overhead is kept low to allow us to pass
our cost savings onto our clients. Our charges are normally
less than other quality firms.
Q. How are Limited Liability Companies (LLC)
taxed?
A. A single-owner LLC defaults to being taxed as Sole
Proprietorship. Income/loss from the LLC is reported on the
owner’s personal income tax return. A multi-member LLC
defaults to being taxed as a Partnership. A Partnership tax
return must be filed. The profit or loss is then reported on
the owner’s personal tax return. Any LLC can elect to
be taxed as a corporation. To do so, one must file an
election within 75 days of creating the LLC.
Q. Should I keep my old tax returns? If so, for how
long?
A. Yes, you should keep your old tax returns for at least 7
years. When a return contains information pertaining to the
basis of property owned, it should be kept until that
property is sold. One of the benefits of keeping your tax
returns from year to year is that you can look at last years
return while preparing this years. If you do throw out an old
return you may fill out form 4506, Request for Copy or
Transcript of Tax Form, and send it to the IRS service center
where you filed your return.
Q. How do I know when certain taxes are
due?
A. You can give us a call or check out the Due Date Calendar
on this website.