When should I book a tax preparation appointment?

Obviously, the sooner after you receive your tax documents the better. Call or come by for a visit to start the process. Tax season practically begins the first of February, so the quicker you come in the faster we can have a result for you. If you are a new client we would like to hear from you as soon as it is practical for you to get together with us. We offer year round financial and tax planning for existing clients and allow our clients to visit year round with Randall with tax planning questions, financial issues, estate questions without an additional fee. 

Do I need to file a tax return every year?

Good question, no matter how much you earn or if you are retired there still might be good rational for filing a return yearly. A quick visit with Randall can verify the wisdom of either choice. If we recommend that you don’t need to file a return, you don’t get charged for the service. 

What does it cost to have you’ll prepare my tax return?

We believe our fees are competitive and compare favorably with the temporary tax prep store fronts. In fact we are often surprised when we prepare a return that in prior years was prepared by one of these places and that our fees are less for a similar return in many cases. Our average individual tax return is about $275 and simple returns can average $125-$150. Business returns (1120, 1165 or 1120S) can be as little as $500. Naturally the more complex your return you fee will be higher. And we are here year round, not just Feb – April. We can usually quote you a price for preparation of your return during our initial interview.  

What do I do if I receive a notice from the IRS?

Don’t panic. Bring the entire notice to us; let us review the information for an appropriate response. Do not ignore, and most notices are readily handled and disposed of by a timely response back to the IRS.  As a CPA, Randall is qualified to represent you before the IRS and the State of Texas and can go to work to minimize or remedy your tax issues. 

I have a small business; do I need to “keep books”?

Often when people start a new business venture about the only thing they do is get a bank account and start operating the new business. While some can juggle the numbers in their head and know that they are making money (after all there is money in the bank!) often that is not the case. A proper set of books (and we recommend QuickBooks – which we can assist you in setting up, teaching you how to operate the program and can even monitor your activity for you) will allow you so much more information that can and will assist you in being profitable and have organized data to provide good information come tax time. (This saves you professional fees vs a “brown paper bag with receipts”. 

What kind of business organization is best for my business?

Another good question and one that there is not one single solution to the question. Sole proprietorship, Joint Venture, Partnership, LLC, Corporation all come into play in this issue. Number of owners? How capable and willing are the owners to keep reasonable books? What are the liability issues involved in the business venture? What tax considerations need to be addressed? Etc.  All of these can be easily considered and discussed with a conference with our team. A good start to your business will help assist in its success. 

My mom/dad/uncle/aunt just passed away…what do I need to think about?

First, visit with your attorney as soon as you can (if you don’t have an attorney, call us, we work with them constantly and can recommend a lawyer that can help you). Then if you are somehow in charge of the deceased affairs, come see us to discuss what financial and tax reporting issues need tending to. Randall has assisted in numerous estates over the years and can get you on the right path to completing your responsibilities as an executor, administrator or trustee. 

What is forensic accounting? How can forensic accounting benefit me?

Forensic Accounting is a specialized field in accounting that is used by a legal team to provide added support in a dispute. Tracing the money, was there potential fraud, who took what and when, what is the community issues involved and other investigative methods and reports can provide discussion and debate in a court proceeding (we like to think of it as detective accounting). More specifically, it involves the review and analysis of financial information to determine their effect and intent and disposition.

If you find yourself involved in a complex court matter where finances are a key component, we can be a strong asset for your legal team. For example, performing a forensic investigation to determine the amount of rent owed in a lease dispute would an essential piece of evidence in the court proceedings. Normally the attorneys involved will retain the forensic accounting team. We have significant experience in this field.  

Other questions?

Surely we haven’t answered all your questions, so give us a call, email or come by and visit soon!