Frequently Asked Questions (FAQ's)I
have prepared a substantial list of my favorite questions that have
continually been asked by customers over the many years I have been in
this business. Please take some time to look for your question by
category, and click on it to get started with your solution.
Call me at any time--I'm here to assist
you, at 515-965-6995.
Categories for Questions:
Individual Income Tax Preparation
Q. - How much will it cost to have my individual income tax return prepared?
A. - The cost will vary depending upon the number of forms required to prepare a complete tax return and the overall complexity of your return. Please review the "Individual tax preparation price list," to determine an approximate price. If you would like an exact price quote, please contact my office for a free initial consultation between April 16 and December 31.
Q. - How do I prepare for my tax appointment?
A. - You will need to organize all of your important tax documents related to all of your income and deductions. Please refer to your prior year's income tax return and the form,
"How to prepare for your tax appointment." This form can be found on this website.
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Q. - How long will it take to get my tax return prepared?
A. - Normally we can complete the preparation of your individual income tax return during a tax interview. Generally, tax interviews are completed in 30 to 40 minutes, but may require more time if you have a complex tax return. If all of the information required to prepare your return is available at your tax interview, then your return will be prepared and electronically filed that same day. If it is necessary for you to provide us additional information after the tax interview, then we will make a commitment to complete your return within one week.
Q. - When will I be required to pay for preparation of my tax return?
A. - Payment for services is due upon preparation of the return. Other payment arrangements are available. Please ask me to make such arrangements.
Q. - Do I need to schedule a tax appointment?
A. - If you are an existing client, I will pre-schedule a tax appointment. You will receive this notice during the first week of January. If the date and time fit into your schedule, then we suggest that you keep the appointment. If it is not a convenient time, then please call our office to reschedule a better time.
If you are a new client, please contact our office to arrange a tax appointment time that is agreeable with your schedule.
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Q. - How long will it take to get my income tax refund after electronically filing my income tax return?
A. - Both your federal and state income tax refunds should be received within three weeks.
Q. - What should I do if I do not receive my income tax refund within three weeks?
A. - Please call my office so that we can research the reason for the delay. We will then return your call and verify for you the status of your income tax refund.
Q. - I have computed my taxes myself. Will you file my return electronically for me?
A. - No. We only electronically file tax returns that we also have prepared.
Q. - How long will it take to get my income tax refund if I send my tax return through the mail?
A. - It will take six to ten weeks. Occasionally processing times are shorter or longer depending upon work loads at the Internal Revenue Service and Treasurer - State of Iowa.
Q. - I have prepared my income tax return, but I cannot pay the entire amount owed. Would it be better not to file my income tax return until I have the money to pay the taxes owing?
A. - Absolutely not! If you cannot pay the taxes owing, always file your tax return timely. That is, by the original due date (April 15) or legally filed extension date. (October 15.) A failure to file penalty is assessed when you file your tax return after the original due date, or legally filed extension. That penalty is 5% per month, of the tax owing, up to 25%. If your return is filed more than 60 days past the due date, this penalty plus the paying tax late penalty can total 100% of your tax owing. The IRS and State of Iowa will work out a payment plan with you.
Q. - What value do I assign to non-cash gifts donated to charitable
organizations?
A. - The value will depend upon the condition of the items and ultimately
a reasonable value established by you. Please see our "Non-cash
Contributions Price Sheet" on this website for further guidance
in this area.
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Business Income Tax Preparation
Q. - How much will it cost to have my business tax return prepared?
A. - The cost will vary depending upon the number of forms required to prepare a complete tax return and the overall complexity of your return. Please review the "Business tax preparation price list," to determine an approximate price. If you would like an exact price quote, please contact my office for a free initial consultation between April 16 and December 31.
Q. - How long will it take to get my business tax return prepared?
A. - Normally my work schedule does not permit the preparation of business tax returns between February 1 and March 15. In addition, completion of business tax returns is dependent upon the accuracy and completeness of your accounting records. If your business records are ready to prepare a tax return, then we will complete preparation of your business return within one week. I strongly recommend business clients regularly maintain their business records, or make arrangements with my office.
Q. - I have not filed my business tax return for several years. What should I do?
A. - Please come to our office and we can help you organize your records and file any business tax return not yet filed for any previous tax year. If you do not have the necessary information we can help you obtain those records.
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Q. - When will I be required to pay for preparation of my business tax return?
A. - Payment for services is due upon preparation of the return. Other payment arrangements are available. Please ask me to make such arrangements.
Q. - Do I need to schedule a tax appointment?
A. - If you are an existing client of mine, then I will pre-schedule a tax appointment. You will receive this notice during the first week of January. If the date and time fit into your schedule, then we suggest that you keep the appointment. If it is not a convenient time, then please call our office to reschedule a better time. If you are a new client, please contact our office to arrange a tax appointment time that is agreeable with your schedule.
Non-Profit Organizations Tax Preparation
Q. - How much will it cost to have our organization's Form 990 prepared?
A. - The cost will vary depending upon the number of forms required to prepare a complete tax return and the overall complexity of your return. Please contact my office for an exact price quote.
Q. - How long will it take to get my business tax return prepared?
A. - Completion of your organization's Form 990 will depend upon the accuracy and completeness of your accounting records. If your business records are ready to prepare a tax return, then we will complete preparation of your business return within one week. I strongly recommend business clients regularly maintain their business records, or make arrangements with my office.
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Q. - When will I be required to pay for preparation of our organization's Form 990?
A. - Payment for services is due upon preparation of the return. Other payment arrangements are available. Please ask me to make such arrangements.
Q. - Do I need to schedule a tax appointment?
A. - If you are an existing client of mine, then I will pre-schedule a tax appointment. If you are a new client, please contact our office to arrange a tax appointment time that is agreeable with your schedule.
Tax Representation
Q. - How much will it cost to have you represent me in an IRS or State of Iowa audit?
A. - My billing rate for such services is $75 per hour. This includes time to prepare for, attend the actual audit interview, and any follow-up necessary to complete the audit process.
Q. - When will I be required to pay for tax representation services?
A. - Billing for tax representation services is presented monthly. Payment for these services is due upon presentation. Other payment arrangements are available. Please ask me to make such arrangements.
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Q. - Can I represent myself in an IRS or State of Iowa audit?
A. - Yes. Many people prefer to hire a tax professional to avoid the fear and intimidation of an audit. A tax professional can better represent you in a tax audit than yourself.
Offers in Compromise
Q. - What is an Offer in Compromise?
A. - It is a formal agreement between you and the Internal Revenue Service, State of Iowa, or other taxing authority. Acceptance of the agreement will absolve you of all taxes, penalty, and interest owing in exchange for a payment and future tax compliance. Each tax authority requires a separate form and documentation
Q. - How much will it cost to have you prepare and represent my on an Offer in Compromise?
A. - My billing rate for such services is $75 per hour. This includes time to personally interview you, compile and prepare all necessary information, prepare the actual Offer in Compromise form, and perform any follow-up necessary to gain an accepted offer. The minimum charge on an Offer in Compromise is $750.
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Q. - When will I be required to pay for tax representation services?
A. - I require an initial payment of $500, due at the time we complete the initial interview. Fees for additional services are billed monthly. Payment is due upon presentation. Other payment arrangements are available. Please ask me to make such arrangements.
Q. - How long will it take to prepare, submit, and get an Offer in Compromise accepted?
A. - The processing time for each Offer in Compromise can vary greatly. However, the entire process will normally take at least six months, and can take as long as eighteen months. The work load at the respective taxing authority will determine the length of processing time.
Other tax problem resolution
Q. - I have not filed an income tax return for several years. What should I do?
A. - Please come to our office and we can help you organize your records and file any tax return not yet filed for any previous tax year. If you do not have the necessary information, that is, W-2, 1099, 1098, etc., to prepare any tax return, we can help you obtain those records from the IRS.
Q. - If I have not filed an income tax return for several years, does that mean I will be going to jail?
A. - No. Ordinarily, criminal charges are not pursued if you file the income tax returns in question, and pay all taxes, penalty, and interest owing. However, if authorities believe that you have engaged in criminal or intentionally fraudulent activities for the purpose of avoiding income taxes, they may pursue you on criminal charges. If after reviewing your circumstances, I believe that criminal charges are a possibility, I will recommend you secure the appropriate legal counsel.
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Q. - How much will it cost to have my individual income tax return prepared for any prior tax year?
A. - The cost will vary depending upon the number of forms required to prepare a complete tax return and the overall complexity of your return. Please review the "Individual tax preparation price list," to determine an approximate price. If you would like an exact price quote, please contact my office for a free initial consultation between April 16 and December 31.
Q. - How long will it take to get my individual tax return for a prior tax year prepared?
A. - Normally we can complete the preparation of your individual income tax return during a tax interview. Most tax interviews are completed in 30 to 40 minutes, but may require more time if you have a complex tax return. If all of the information required to prepare your return is available at your tax interview, your return will be prepared and ready for you to file within one business day. If it is necessary for you to provide us additional information after the tax interview, then we will make a commitment to complete your return within one week.
Q. - I currently owe income taxes for several years and I do not believe that I am going to be able to repay all of the taxes, penalties, and interest owing. What are my options?
A. - The first thing you should do is review your tax liability situation with a tax professional who can evaluate whether the amount owing is truly beyond your means. If it is, then your two basic options are an Offer in Compromise or filing bankruptcy.
Q. - What is an Offer in Compromise?
A. - It is a formal agreement between you and the Internal Revenue Service, State of Iowa, or other taxing authority. Acceptance of the agreement will absolve you of all taxes, penalty, and interest owing in exchange for a payment and future tax compliance. A separate form and documentation is submitted to each tax authority.
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Q. - When would it be better to file for bankruptcy?
A. - If the taxes, penalty, and interest you owe relate to a tax return filed more than two years ago, and your other liabilities are ponderous, then you may be a good candidate for filing bankruptcy. Before making the decision to file bankruptcy, you should consult with a tax professional and attorney specializing in bankruptcy law.
Tax Planning
Q. - How much will it cost to have you perform tax planning service for me?
A. - My billing rate for such services is $75 per hour. Between April 16 and December 31, the first initial one-half hour is free of charge.
Q. - How long will it take to get tax planning information?
A. - After the initial interview, and obtaining all necessary information, we will prepare a tax planning computation and letter of tax planning recommendations within one week.
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Bookkeeping, payroll processing, problem resolution
Q. - How much will it cost to have you perform accounting or bookkeeping service for me?
A. - My billing rate for such services is $50 per hour. Between April 16 and December 31, the first initial one-half hour is free of charge.
Q. - When will I be required to pay for accounting and bookkeeping services?
A. - Services will be billed either on a monthly or quarterly basis. Payment for services is due upon presentation. Other payment arrangements are available. Please ask me to make such arrangements.
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New business start-up
Q. - How do I start a new business?
A. - There are many decisions to make in getting started in a new business. A couple self-help resources can be found on the following webpages:
(www.state.ia.us/tax/business/newbus.html) (www.sos.state.ia.us) If you would like to discuss starting a new business, please contact my office for an appointment. I will provide a free 30 minute consultation from April 16 through December 31.
Q. - What services are subjected to sales tax in the state of Iowa?
A. - Please refer to the following website for a list of taxable services. (www.state.ia.us/tax/educate/78524.html)
Q. - I need help deciding the type of business entity from which to operate my business. Can you help me with that decision?
A. - Yes. I will help you determine the type of business organization makes the most sense from a tax strategy perspective. I recommend you consult an attorney as to the type of business organization makes the most sense from a legal aspect.
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Q. - I need to develop a business plan and operating budget for my business. Can you help me prepare such a document?
A. - Yes. I have several years of experience developing and writing business plans and operating budgets for various types of businesses.
Q. - I need to borrow money to operate my business. Can you help me get financing with a bank or other lending institution?
A. - Yes. I have several years of experience in the banking industry and understand what banks are looking for when you go to them for financing.
Small business consulting
Q. - I am looking to buy an existing business. Can you help me determine whether it is a fair purchase price?
A. - Yes. I can help you evaluate the fairness of the purchase price and help you avoid the many pitfalls of buying an existing business.
Q. - How do I start a new business?
A. - There are many decisions to make in getting started in a new business. A couple self-help resources can be found on the following webpages. (www.state.ia.us/tax/business/newbus.html) (www.sos.state.ia.us/) If you would like to discuss starting a new business, please contact my office for an appointment. I will provide a free 30 minute consultation from April 16 through December 31.
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Q. - What services are subjected to sales tax in the state of Iowa?
A. - Please refer to the following website for a list of taxable services. (www.state.ia.us/tax/educate/78524.html)
Q. - I need help deciding the type of business entity from which to operate my business. Can you help me with that decision?
A. - Yes. I will help you determine the type of business organization makes the most sense from a tax strategy perspective. I recommend you consult an attorney as to the type of business organization makes the most sense from a legal aspect.
Q. - I need to develop a business plan and operating budget for my business. Can you help me prepare such a document?
A. - Yes. I have several years of experience developing and writing business plans and operating budgets for various types of businesses.
Q. - I need to borrow money to operate my business. Can you help me get financing with a bank or other lending institution?
A. - Yes. I have several years of experience in the banking industry and understand what banks are looking for when you go to them for financing.
Frequently asked questions - Non-profit organizations
Q. - As a non-profit organization we are searching for funding sources. Can you help us identify funding sources?
A. - Yes. There are numerous funding sources for non-profit organizations. Local, state, federal government, individual and corporate foundations, business organizations, individuals, and even other non-profit organizations.
Q. - We need to develop an operating budget. Can you help us develop an operating budget?
A. Yes. I have several years of experience developing and writing business plans and operating budgets for various non-profit organizations. I can help your organization write a plan too.
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Q. - We need to find someone to write a grant on our behalf. Can you complete a grant application and grant request for our organization?
A. - Yes. I have written grants for several non-profit organizations and can write a grant for your organization too. I can also help you find other people who are qualified to write grants for your organization.
Q. - How much will it cost for your services to our organization?
A. - My fee for these services is $50 per hour. Fees for such services are billed monthly.
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