Frequently Asked Questions
Get Answers To Your Tax, Financial Planning And Accounting Questions
Frequently Asked Questions
Tax Preparation FAQs
1. How long will it take to receive my refund?
If you have the IRS direct deposit your refund, you may receive your refund in 8 to 10 business days. There are cases where it can take 21 days or longer, maybe up to 10 weeks if the IRS is doing further review.
If you are receiving a check from the IRS, you can expect the check to be mailed in 3 to 4 weeks. Again if the IRS does a review, it can be 10 weeks before a check is mailed.
2. Why would my tax return be reviewed?
It is one of the unknowns of the universe. I have called the IRS several times on delayed returns only to get the response, “the taxpayer’s refund could take up to 10 weeks for a review.” The IRS employee can offer no explanation as to why, because their system does not have the answer. Often there is no notice sent to the taxpayer. The IRS will only send a notice if more documents are required.
3. Can I have the tax preparation fee deducted from my refund?
No. You will need to pay for your tax return in full or enroll into one of our success packages in the prior July or August. The success packages include preparation of your tax return.
4. How much do you charge to prepare tax returns?
We do not offer just tax returns for our clients. We use a custom process that helps our clients systematically achieve their individual and business goals faster. This process includes preparation of your tax return and taking care of your accounting work.
5. How does the custom process work?
We start by understanding what you want most from your business and financial life. Next, we put together a defined strategy for how we can achieve the goals faster together. Then, we manage the steps and action items in your plan, that includes taking care of your taxes and accounting. Lastly, we provide year-round service to pro-actively provide solutions to your needs and to provide access to our team at no additional cost.
6. What if I only want my taxes prepared?
We can do just your tax return. The minimum fee is $220. You will be enrolled in our reporting only package.
7. Can I do my taxes with just my last paycheck stub?
No. The IRS requires that we have a W-2 from all your employers for the year before we can prepare your tax return.
8. I have bought and sold cryptocurrency during the year, can you prepare my tax return?
Yes. We will need a complete record of all your purchases and sales (including
if you used cryptocurrency to make any purchases).
9. Do you to estimates of refund?
No, we do not do estimates of refunds.
10. I purchased a new home, how much will you charge for this on my tax return?
There is no additional fee for the purchase of a home. We recommend you provide us with your closing documents for us to copy to our permanent file.
11. We are new to your firm, what documents are required to prepare my tax return?
New clients need to bring at least one year prior tax return; photo ID for the taxpayer and joint taxpayer; Social Security Cards for the taxpayer, joint taxpayer, and all dependents; and birth certificates for dependents to be claimed on the tax return.
All W-2’s, 1099’s, and the 1095-A if you had health insurance through a health insurance exchange.
12. Do you offer loans?
13. Can I claim my mother who lives with me?
Yes, if you meet all the tests for dependency. These tests include residence and proof of providing 50% or more of your mother’s support.
14. I have only Social Security income, do I have to file?
No. Social Security retirement or disability income is not reportable if it is your only source of income.
15. I am receiving Social Security; can I claim the Earned Income Tax Credit?
No. Social Security is not considered earned income for the qualification to receive the Earned Income Tax Credit.
16. What deductions can I take on my tax return?
We provide a free tax organizer, that lists all the deductions you can take. You
can download an organizer from the Client Resources section. Contact the office and we can share an organizer with you electronically or on paper.
17. How much do I have to make before I have a filing requirement?
This depends on your filing status: Are you Single, Married Filing Jointly, Married Filing Separately, or Head of Household? The source of your income also determines if you with have a filing requirement.
Frequently Asked Questions
1. How much are your payroll services?
Our basic fees is $30 per pay period and $2.35 per check. Quarterly payroll compliance reports are $100 per quarter. Annual W-2’s are $5 per W-2.
All these fees are waived when enrolled in the business success package or the accounting success package.
2. Can we just use your payroll service?
Yes. Though we do recommend you enroll in one of our success packages to get the full benefit of the services we offer.
3. Is direct deposit available?
Yes. You can have just one or all your employees enrolled in direct deposit for no additional cost.
4. How do the payroll taxes get paid?
All clients are required to prefund and have the payroll taxes deducted from their account with each payroll. The funds are then sent to the IRS on or before the due date for the payroll taxes.
5. How do you handle the quarterly payroll reporting?
All of the reports that can be electronically filed are automatically filed for the client. Any reports that have to be paper filed are uploaded to the client portal for the client to print, sign, and send a check if needed.
6. Does your payroll service integrate with Quickbooks?
Yes. A free integration tool and paid guidance is provided to help you download information from Payroll Relief into Quickbooks.
7. How are the W-2’s and other annual filings handled?
These forms are automatically calculated and filed. Copies uploaded to the client portal for employers. Employee W-2’s can be printed by the employer or released to the employee portal for employees to print themselves.
8. Do you provide employee portals for paystubs and W-2’s?
Yes. All is needed is the employee’s email address. Access to the portal can be granted for the employee access copies of paystubs and W-2’s.
9. Can I have more than one pay period?
Yes. We can setup as many different pay periods as you need.
10. Can I do my own payroll or does Cash Tracks Financial have to do my payroll?
You make the choice. Do your own payroll with our system using your personal log in or send us the information to process.
11. Do we need to provide printed checks for payroll?
No preprinted checks are needed to print payroll. All we need is your bank information and signature to use MICR printing onto blank check stock that we keep on hand.
12. What payroll reports are available?
A complete payroll report set is available with each payroll and uploaded to the client portal.
13. How are my payroll service fees paid?
For payroll only services, an automatic ACH is processed with each payroll for the applicable payroll fee.
Frequently Asked Questions
1. For what size of businesses do you provide accounting services?
We work with businesses from start-ups to mature businesses with annual sales up to $5 million.
2. Do you provide software?
Yes. We use cloud-based software that we set up for our clients with a chart of accounts. This allows clients to enter transactions, while we monitor the books and prepare reports.
3. Are balance sheets and profit and loss statements included with your services?
Yes. We prepare and upload these monthly reports to the client’s portal.
4. Can I keep using my existing software?
Maybe. We check for compatibility with our software. We review each of these cases individually.
5. Can vendors, customers, and inventory be transferred to your system?
Yes, we can transfer each of these from your prior accounting system to our system.
6. Can I use my existing check stock?
Yes. We just check to proper box in the software to get the correct check to print.
7. Can we do payroll outside of your systems?
No. All accounting clients are required to use our payroll system which integrates with the accounting system.
8. Will you need access to our online banking?
Yes. The accounting system will need to download your daily and weekly transactions.
9. How much does accounting services cost?
The monthly fee varies depending on the needs of each client. After a free mutual exploration session, we can usually provide a monthly price for accounting services.
10. How do I pay my monthly accounting fee?
All monthly fees are paid with an ACH from your business bank account. You select the deduction date from the 1-28.
When you need help to prepare your tax return or to solve your tax issues contact Cash Tracks Financial Inc., serving Lamar, Colorado and Colorado Springs, Colorado.