INCOME TAX FAQ
Income Tax FAQ
Frequently Asked Questions About Income Taxes
Below are some of the most common questions about income taxes and hiring a CPA to do your income taxes.
What are income taxes?
Based on how much money you earn in a year, you are taxed by the government. This includes your salary, interest, dividends, rents, lottery winnings, unemployment compensation, earnings from a business you own, and more.
Am I required to file a tax return?
When it comes to filing income taxes, not everyone must do so. If your total income for the year is less than certain thresholds, then you will not be required to file a federal tax return. This may depend on your income, age, and filing status. Call our team to determine if you need to file income taxes.
Why do I need a CPA to complete my income taxes?
Taxes are complicated and can become confusing very quickly. Tax codes are constantly changing. By hiring a Rudolph M O'Neal III, you can rest assured that everything will be handled correctly without having to learn the tax laws yourself.
Can a CPA really save me money on my taxes?
CPAs know certain deductions, credits, and write-offs that are available to you. When you hire Rudolph M O'Neal III, you can increase your chances of keeping more money in your wallet instead of passing up deductions and essentially giving your money to the government. Our team will help you get the maximum return and ensure no mistakes are made during the filing process.
What do I need to bring to my appointment?
If you are a new client, you will need a copy of last years return, SS card, photo ID, and income and expense documents. If you are a returning client, you'll need to bring any updates like address and family changes. Income and expense documents will be needed as well.
How does a 1099 form affect my taxes?
If you are an independent contractor and not an employee of a business, you may get sent a 1099. There will not be any withholdings, employee benefits, or payroll taxes deducted from these, meaning you'll have to pay taxes on 1099 forms, instead of a W-2.
Do I need to keep my tax returns forever?
It is recommended that you keep your tax returns for seven years. After that, you should not be audited on those returns.
If a client’s income tax return does get audited, can you help them?
Audits can happen to anyone, even those who complete all of their tax filings correctly. When you work with Rudolph M O'Neal III, you’ll have someone on your side if the IRS has questions about your return. Some tax consultants can even provide IRS representation to ensure that your rights are protected at every stage of the process.
Contact Our Accounting Firm for Quality Tax Preparation Services
If you have any additional questions or concerns about your income taxes, contact our accounting firm to schedule a consultation with our tax consultant. Whether you’re preparing your personal or business taxes, we’re here to help. Our CPA accountant has years of experience in providing quality services for clients across Anderson, SC and the surrounding communities. No matter your needs, rely on our CPA accountant to guide you through the tax preparation process. We look forward to providing the innovative accounting services you deserve to get through the tax season!