What Documents do I need to bring for Taxes?
Please download our tax organizer from the Documents tab or click here. Our organizer will ask all of the questions we need answered and list all of the documents that we need to prepare your taxes.
What makes you better than other accountants?
What sets us apart from other companies is our compassion for our clients and experience. We do not just fill in forms and charge you a fee, we work WITH YOU to ensure you maximize your savings and are in the best position going forward you can be. Our extensive experience lets us go far beyond simply asking about deductions Turbo Tax or most accountants ask. Schedule a free consultation with us and see what we can do for you.
Why switch from my current accountant?
The word is complacency. We are sure your current provider is happy to meet with you once a year, sign your annual tax return and pass you an invoice, but are they really looking to help you succeed? We are nothing like this. We want to help you achieve your business goals. We have a vast array of business knowledge in many different industry sectors, which could apply to your firm. Remember when you took the bold risk and started your own business and what you wanted to achieve, our aim is to exceed those goals!
Availability – If you have to wait a week for a response each time you have a question, then you need a new accountant. You want an accountant you can talk with when you need to. It will directly affect the performance of your business. We attempt to respond to e-mails and phone calls within one hour.
DO YOU HAVE LONGER HOURS DURING TAX SEASON?
Yes, We are open 7 days a week during tax season. M-F we are open 8 to 7 or by appointment. Just call and make an appointment for weekends and evenings.
WHERE ARE YOU LOCATED?
3121 S. Country Club Way Ste. 101
Tempe, AZ 85282
CAN YOU SAVE ME MORE MONEY THAN TURBO TAX?
Yes. Many people come to us each year saying that they thought their refund would be higher than that calculated by Turbotax. We typically calculate a higher refund or less tax due than Turbotax since we know how to look for tax deductions that Turbotax did not suggest.
WHAT IF I’M MISSING PAPERWORK?
We can help you obtain any missing paperwork you may need to have your taxes prepared.
WHAT INFORMATION DO I NEED TO KEEP?
You should keep all tax information you receive to provide to your tax preparer. Examples are W-2 forms, broker statements, bank interest statements, 1099 forms, end of the year Social Security statements, K-1 forms, etc. After you submit them to us, we will scan them and retain them for 7 years in the event you need them in the future.
WHAT BUSINESS EXPENSES CAN I DEDUCT?
We can provide you with a list of standard business expenses. Basically, you can deduct the money that your business directly spends on services, rental space, equipment and other items. As long as there is no gray area, such as is with home-based businesses, an expense will usually qualify as deductible.
HOW MUCH OF MY HOME OFFICE IS DEDUCTIBLE?
This is an important question if you work from home. You can deduct utility and mortgage or rent amounts that you spend on your home office, but there are certain guidelines you must follow. As your tax preparer, we will know the exact answers that pertain to your situation.
HOW MUCH OF MY TRAVEL EXPENSES ARE DEDUCTIBLE?
While most business-related travel expenses are tax deductible, there may be exclusions or special rules if you brought your family along or turned it into a mini-vacation for yourself.
DOES THE LEGAL STRUCTURE OF MY BUSINESS MATTER WHEN FILING TAXES?
Yes, each entity type is treated in a different way for taxes. Maybe you are a sole proprietor looking to incorporate or trying to decide between LLC and S Corp; either way, you will want to know how your choice is going to affect you when filing taxes.
DO MY EMPLOYEES COUNT AS INDEPENDENT CONTRACTORS OR TRUE EMPLOYEES?
This is a very important question because you have more responsibilities for a true employee, such as withholding income taxes and paying a portion of the employee’s employment taxes. In order to determine the answer to this, you will need to discuss your specific situation in order for us to provide you with the best way to treat those providing services to you.
WHAT SHOULD I DO IF I RECEIVE A LETTER FROM THE IRS?
If you receive an IRS Notice:
- Contact our office immediately so we can address and resolve the issue for you.
- Don’t panic.
- The IRS notice may contain incorrect information.
- Read the notice carefully.
- DO NOT IGNORE the notice or throw it away. IRS notices contain a reply by date and they must be followed.
- Never represent yourself.
I DO MY OWN PAYROLL, WHY SHOULD I PAY FOR THE SERVICE?
Having an accountant prepare your payroll will ensure that you are withholding the proper tax amounts and paying the payroll tax amounts. It will also ensure that all of the necessary payroll reports are correct and timely filed.
I USE ANOTHER PAYROLL SERVICE. WHY SHOULD I SWITCH TO YOURS?
You may not need to switch to our payroll service. We will look at the service you have and many times we recommend you stay with that service if they are providing good payroll service at a reasonable cost. However, if they are too expensive or not meeting your needs, we will explain how we can reduce your costs and provide the payroll service that is right for your needs.
WHAT SPECIFIC PAYROLL SERVICES DO YOU OFFER?
We offer the following payroll services:
- Pay hourly, salary and contract employees via direct deposit or paper check
- Handle new employee reporting
- Track paid time off (PTO) accrual and use, including vacation and sick
- File accuracy-guaranteed payroll taxes
- Deduct 401(k), Flexible Spending Account (FSA), Individual Retirement Account (IRA) and Health Savings Account (HSA) contributions
- Handle various earnings and deductions, like bonuses, reimbursements, commission, tips and garnishments
WHAT IS YOUR PRICING STRUCTURE?
We charge for services when they are performed. We charge to process the payroll, prepare and file reports as well as a subscription fee. However, our fees are competitive with other payroll services and many times less than major payroll providers. We do not charge a per employee fee.
HOW DOES YOUR SERVICE HANDLE PAYROLL TAXES?
We do not deduct your total payroll taxes from your account as like most other payroll services. We schedule your federal payments to be withdrawn from your account via EFTPS on the due date. We schedule state payments to be withdrawn from your account of the due date via E-pay. You will receive an email notifying you of the amounts and dates the funds will be withdrawn and to whom they will be paid.
I WANT TO START A SMALL BUSINESS. WHAT DO I DO FIRST?
The first step you should take when starting your small is business is to contact us at Master Accounting and Tax Service to schedule a free initial consultation so we can explain all of your options and what would work best for you. We will then lay out a plan of what we can do for you or what you need to do to get your new small business from idea into reality.
HOW SHOULD I ORGANIZE MY BUSINESS?
This is not an answer that can be answered without asking several questions. The best option would be to schedule a free consultation with us to gather more information from you in order to provide you with an intelligent fact-based opinion of how you should organize your business.
WHAT KIND OF RECORDS SHOULD I KEEP FOR MY BUSINESS?
The records needed to manage the business and the records required by the IRS may differ. While the business owner is interested in where and how income is generated and where expenses are incurred, the IRS requires records that will allow for the preparation and documentation of a completed tax return. There are, however, basic financial records all businesses keep: journals and ledgers, such as a checkbook register, accounts receivable, accounts payable, records of sales, inventory, cash receipts, and cash disbursements. Records must also document mileage, meal expenses, and entertainment. If the business hires employees, additional records are required. Remember that all financial records are historical documents. This includes tax returns and the documentation for those returns. Business documents such as filing of the business name, incorporation/partnership papers, sales tax permit, federal employer identification number, and insurance records must be retained indefinitely. Some of these records, such as incorporation papers and tax permits, must be kept for three or more years after the business closes. For yearly tax returns, the IRS says to keep the records for three years after the filing of that years taxes. Records involving property must be kept for the entire time the property is owned plus an additional three years minimum.
MY RECORDS ARE A MESS AND HAVE MOUNDS OF PAPER. WHERE DO I START?
You’re not the first person to say their records are a mess and you are embarrassed for anyone to see the paper mounds let alone organize them.
You should start by contacting us. We can organize your records, set you up on QuickBooks Pro and get you organized and your accounting up and running. Do not be ashamed of paperwork. We love paper!
WHAT SETS YOU APART FROM YOUR COMPETITION?
Master Accounting and Tax Service has a strong, solid foundation in GAAP (Generally Accepted Accounting Principles) as well as QuickBooks Pro software knowledge (QuickBooks Pro Advisor) which allows us to handle any kind of bookkeeping or accounting issue. Therefore we do not require any “hand-holding” by the client; we are able to jump right in, find out what needs to be done with proper assessment, then roll up our sleeves and complete the work efficiently.
IF YOU DO MY BOOKKEEPING, WHAT REPORTS DO I GET?
We will usually provide you with a balance sheet and profit & loss as well as other reports based on your needs.
WHAT KIND OF ACCOUNTING SOFTWARE DO YOU USE?
We use QuickBooks as our basic accounting software. We also work with other outstanding software such as Peachtree.
WHAT INFORMATION DO YOU NEED?