TAX TIME SAVERS


Preparing a Tax Return

What Every Client Needs to Know

Step 1:  Download an organizer to prepare your information

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Organizer - Individuals.pdf
Adobe Acrobat Document 468.4 KB
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Organizer - Rental Property.pdf
Adobe Acrobat Document 129.7 KB
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Organizer - S-Corp.pdf
Adobe Acrobat Document 322.1 KB
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Organizer - LLC.pdf
Adobe Acrobat Document 339.4 KB
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Organizer - Sole Proprietor.pdf
Adobe Acrobat Document 293.7 KB
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Organizer - C-Corp.pdf
Adobe Acrobat Document 345.1 KB

Step 2:  Understand our Process and Expectations!

Choosing the right Tax Professional is not easy and the client/advisor relationship has to be a good fit on both sides to be successful!  Not everyone prepares a tax return in the same way so we feel it is important to educate our prospective clients with the "WHY" behind our process and the importance of choosing a licensed and experienced tax advisor.  When done correctly, a tax return should be the same regardless of where you go or who prepares it.  However, there exists a large gap in the tax community regarding estimates, review of documentation, and the difference between 1) working to ensure as close to an audit-proof return as possible versus 2) preparing a return and "hoping you do not get audited".

 

We believe communication should be clear and concise so we outline our working conditions and are continually improving our own process flow.  Our goal is to ensure we use our knowledge and years of experience to find you every potential deduction and credit within the law to reduce your tax liability.  However, we also take measures to ensure we provide an accurate return that is as “audit-proof” as possible.  Where other firms may accept estimates or whatever numbers are provided, we require back-up documentation to help you, our client, be protected in the case of an audit and ensure you are in the best shape possible.  We also use an encrypted portal to ensure the transfer of information is secure, safe while also convenient for our out-of-area clients. Finally, we take our time with our tax returns, continually review the information to ensure everything is accounted for, and that our system accurately computed the data we entered.  We don't trust the software; it is a tool that we then double check to ensure accuracy and integrity of the process.  Sometimes this is not a fast process and a return can take weeks to complete depending on how complete the initial receipt of information is and depending on how many questions arise during the review process. We always strive to complete tax returns as quickly as possible, but without "rushing" the process as we never want to sacrifice quality for speed. 

 

Anyone with a PTIN number can prepare a tax return.  So it is important to know the type of license and experience your Tax Preparer holds. The rules change frequently and court cases update how deductions and credits may be treated from year to year.  This is why we employ Enrolled Agents, who are federally licensed with the IRS and focus solely on tax planning and tax preparation.  They stay up to date on the constantly changing laws to ensure your deduction is not just beneficial, but correct!  We also have recently hired a Florida licensed CPA to balance our team and each of our tax preparers adds their own individual expertise and experience to our One Stop family! 

 

BACK-UP DOCUMENTATION:

You may be asked to show back-up documentation to substantiate deductions and credits and these requests may include, but not be limited to, mileage logs, receipts, bank statements, adoption papers, and any other document required to ensure an accurate and complete tax return.

 

For mileage logs, you must maintain a written log (or if using an “App” the same requirements apply for the report that you will print) that includes documentation identifying the vehicle and proving ownership or a lease and a daily log showing miles traveled, destination and business purpose.

 

For charitable donations, any cash donation over $250 requires a written letter from the organization and any “good” donated requires a receipt with the amount (value) and what the donation is written on the receipt.  If I have substantial donations, it is your responsibility to ask One Stop at the time how to properly document these donations so they can be deductible.

SOME THINGS TO REMEMBER:

Tax Preparation is a dynamic process that requires on-going communication and dialogue.  It’s our mission to guide you smoothly through the process to ensure accuracy, understanding and compliance.  We do not prepare “same-day” returns as we believe more time is required for thorough review and completion.

 

Some things to remember about the process:

  1. It is the client's responsibility to provide all back up documentation and information so we can accurately prepare the tax return.
  2. It is the client's responsibility to review the return and sign/return the form 8879 (by uploading it to the client portal) that allows your return to be e-filed. Your return is not considered "filed" until that 8879 form is received and processed.
  3. If your return is not e-filed, it is the client's own responsibility to mail the return to the IRS and the appropriate State authority.
  4. It is important to understand that a Tax Return Extension (of time) is NOT an extension for payment.  Clients should pay any tax due by the 15th of the 4th month following your tax year-end (for individual returns) or penalties and interest may accrue.  
  5. Tax Planning and responding to IRS and/or State Notices that are not a direct result of any action taken by One Stop Consulting Shop, LLC, are above and beyond the scope of preparing your tax return and may require an additional fee for questions, research and written responses to IRS correspondence.

 

We welcome new clients and look forward to helping Families, Sole Proprietors, S-Corps and Start-Ups ensure compliance and peace of mind while reducing your tax liability!  If you are interested in a FREE consultation, please contact us today or book your appointment online!