Bring Your Pet along Message Board › Taxes & Billiards Fund Raiser for the American Pit Bull Foundation
|A former member||
Hi - Thank you for signing up for the Taxes & Billiards event. Below is some information that may help you prepare. Also, if you are able to fax to me the top page of your prior year 1040, I will get a small head start on the tax return. My fax (and phone) is 704-910-3377.
I look forward to meeting you. BTW, approx 20 people have signed up on other postings for this event.
Eura Tunstall, Certified Public Accountant, P.C.[/url]
11725 Ranburne Road, Charlotte, NC 28227 . (704) 999-1775 . www.EuraTunstall.com
"If Patrick Henry thought that taxation without representation was bad, he should see how bad it is with representation." – Old Farmers Almanac.
It is that time of year again. The following is designed to help you prepare for this year's tax season.
I am flexible in regards to scheduling an appointment. Many prior year clients like the ease of dropping off, mailing or sending a pdf with tax information. I welcome this approach. New clients, I suggest scheduling an appointment. Prior year clients where we swap numerous emails or phone calls, there may be a tax fee saving opportunity if you schedule an appointment.
Knowing what is taxable and deductible can be challenging. Please see notes below where I have provided some checklists you can review yourself or we can schedule an appointment and go through these checklists together.
· Extensions: Please email me if you wish for me to extend your personal or business tax returns.
· Checklist: My favorite checklist is the detailed information provided by my tax software website. Go to http://prep.1040.com/Eura and select "tax info".
If you prefer a quick list check out http://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/Tax-Preparation-Checklist/INF12048.html. PLEASE flip through your prior year tax return as a reminder of information needed as well. I also have tax organizers and proformas that most clients do not like. If you find yourself struggling to utilize the check list above and your prior year tax return as guidance for what data I need, please contact me and I will send you a tax organizer.
o If you are a first year client, please bring prior year's tax return and list each person's date of birth.
o Charitable deductions: Many clients do not provide the estimated value of non-cash donations (you can use an online valuation guide to determine estimated value) and original purchase price. Please read this article for more detailed information on the type of information needed for tax preparation: http://taxes.about.com/od/deductionscredits/a/CharityDonation.htm.
o Sell of investments – Please be certain to provide the basis (cost of) any stock or mutual funds sold in non-retirement accounts IF the cost information is not a part of the year-end 1099. Your financial advisor should be able to help you with this if you are unable to locate the investment statement when you purchased the stock/mutual fund.
· Business Clients: Please send me your final Profit and Loss and Balance Sheet (cash basis). Please know if you report auto expense using the actual method (actual gas expenses and depreciate auto) or the standard mileage method (provide me the ending odometer reading, total miles driven, business miles driven, personal miles driven plus any property taxes paid and car loan interest paid). Office in home deduction, please see the turbotax checklist above.
· Estimated Tax Payments: List estimated tax payments made during the year. Please list amount and when paid. Links to tax forms if you choose to do these yourself www.IRS.gov from 1040-ES http://www.dornc.com/downloads/individual.html ES-40 form. Please discuss with me during tax time if you should have prepared payments coupons for 2012.
· Paperless Office: I strive to be paperless. You will receive a pdf final version of your tax return the password is eura1775. Please save a copy as additional charges apply to resend another copy.
· Electronic filing: Most clients opt for electronic filing. As a result, I will need a signed copy of the form 8879/8878 E File Signature Form. By law, I am unable to submit returns until I receive the signed copy. Please provide payment for services when providing the signed E File Signature Form.
· Engagement Letters: All tax returns require an engagement letter with clients. Engagement letters are provided as part of your tax return. By agreeing to the tax preparation services you agree to the engagement letter. A key aspect of these letters is "You have the final responsibility of your tax return".
Fees are based on time spent performing the services and the level of expertise required. My CPA rate per hour is $125 and $75 for junior accountant work (bookkeeping primarily). To date, I have not had one client complain about their fees so my guess is I am well within the industry standard and perhaps even on the low side. The best way to keep your tax preparation fees reasonable is for you to be prepared. I have provided the check list above and point out where some clients burn through time. Also, feel free to ask me where I might be spending extra time on your tax return so you will know next year where to focus your efforts (if you are trying to keep your tax costs to a minimum).
Thank you to all for your business and your feedback. As always, I wish to tailor my approach to fit your needs. While I encourage educating taxpayers because I believe it makes you a more business/financially savvy, I can also take full control and steer the ship. Also, I work hard to provide you with best practices to keep your tax preparation and accounting fees to a minimum. Please continue to provide feedback to me so I know how to serve you best.
Thank you for your business,
Eura Tunstall, CPA, PC