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FREQUENTLY ASKED QUESTIONS

Welcome to our Frequently Asked Questions page of our website.

This page will answer questions about our main departments, the services within each department, standard operating procedures for each service, how get further assistance.

2020 TAX DROP-OFF SERVICE


Here are answer to some frequently asked questions regarding bookkeeping and tax preparation services:

You’ll need to know the following: • Where they should send files. • Who they contact for questions. • How they can contact you with issues. • How soon you’ll reply to their requests and emails. • Your responsibility and ours regarding transaction entry or responding to a payroll issue.

What Files do I send for my Personal Income Tax Return?

 

Here are a list of Tax Documents to send over to us if any apply:

1. (B) Wages or Salary? (Form W-2) If yes, how many jobs did you have last year?
2. (A) Tip Income?
3. (B) Scholarships? (Forms W-2, 1098-T)
4. (B) Interest/Dividends from: checking/savings accounts, bonds, CDs, brokerage? (Forms 1099-INT, 1099-DIV)
5. (B) Refund of state/local income taxes? (Form 1099-G)
6. (B) Alimony income or separate maintenance payments?
7. (A) Self-Employment income? (Form 1099-MISC, cash, virtual currency, or other property or services)
8. (A) Cash/check/virtual currency payments, or other property or services for any work performed not reported on Forms W-2 or 1099?
9. (A) Income (or loss) from the sale or exchange of Stocks, Bonds, Virtual Currency or Real Estate? (Forms 1099-S, 1099-B)
10. (B) Disability income? (such as payments from insurance, or workers compensation) (Forms 1099-R, W-2)
11. (A) Retirement income or payments from Pensions. Annuities, and or IRA? (Form 1099-R)
12. (B) Unemployment Compensation? (Form 1099G)
13. (B) Social Security or Railroad Retirement Benefits? (Forms SSA-1099, RRB-1099)
14. (M) Income (or loss) from Rental Property?
15. (B) Other income? (gambling, lottery, prizes, awards, jury duty, virtual currency, Sch K-1, royalties, foreign income, other property or services, etc.)

What Files do I send for my Corporate Income Tax Return?

 

Here are a list of Tax Documents to send over to us if any apply:

1.

Where do I send my files?

Send all of your related tax documents to intake@2020taxdropoff.com, Be sure to include in your subject line: "First Name, Last name, Tax Year, Document name" EX: "Tony Tiger, 2020, W2"

How do I send my files for tax return preparation?

You can scan your document(s)  your smartphone via CamScanner or similar app in your app store or play store.

Once you have it scanned your documents you can email your documents to intake@2020taxdropoff.com attention Crystal Colon, Tax Drop-Off Service Manager.

Once we have reviewed your sent documents you will receive a Receipt of Documents Submitted for your records.

Who do I contact if I have any questions?

If you have any questions or need a copy of a past year tax return please contact:

2020 Tax Drop-Off Service

Crystal Colon, Service Department Manager

intake@2020taxdropoff.com

T: (844) 863-8638

F: (469) 533-3630

Are bookkeeping fees included in Tax Preparation?

No. Each subscription for bookkeeping and tax preparation is sold separately. Any Bookkeeping that we prepare for you is simple once you enroll in your desired subscription for a Pay-as-you-go; monthly rates starting at $125.00USD.

Business Development Services

Frequently Asked Questions about Business Development Services

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BUSINESS FORMATION SERVICE

Business Formation

  • Sole Proprietorship – A Sole Proprietorship is easy to form, but it offers little liability protection, funding options, and opportunities for future growth.

  • Partnership – A General Partnership is the most basic form of partnership. It is comparable to a sole proprietorship, but it must have at least two owners or partners.

  • C Corporation – The C Corporation is the most common form of corporate entity. The C Corporation is owned by shareholders. The shareholders elect a board of directors to create and direct the high-level policies of the business.

  • S Corporation – An S Corporation is different from a C Corporation in two significant ways:  (1) An S Corporation makes an election to be taxed as a “pass-through entity” and (2) An S Corporation has limitations on ownership.

  • Limited Liability Company – A Limited Liability Company is a popular business structure because it combines the liability protection offered by incorporation while retaining some of the tax advantages of a Partnership or Sole Proprietorship.

  • Professional Corporation – Individuals who provide a professional service can also benefit from forming a Professional Corporation. Where a business provides a professional service, most states have special filing requirements when incorporating.

Annual Compliance

Initial Filing Revenue Opportunities

  • Limited Partnership – Initial Filing (Some US States)

  • C Corporation – Initial Filing, Initial Reports, and Publication Fees

  • S Corporation – Initial Filing, Initial Reports, and Publication Fees

  • Limited Liability Company – Initial Filing

  • Professional Corporation – Initial Filing, Initial Reports, and Publication Fees

Annual Compliance is Great Recurring Revenue

  • Limited Partnership – Annual Reports (Some States)

  • C Corporation – Annuals Reports, Annual Meetings, and Meeting Minutes

  • S Corporation – Annuals Reports, Annual Meetings, and Meeting Minutes

  • Limited Liability Company – Annual Reports

  • Professional Corporation – Annuals Reports, Annual Meetings, Meeting Minutes, Additional Licensing or Board Certification (May be Required)

Don’t Forget All-Inclusive Packages

LLC Set-up, DBA Registration, Licensing, Tax Permits, and Compliance

  • Standard Processing 20-30 Business Days

  • Expedited Processing 10-15 Business Days

  • 24 HOUR Rush Processing 2-3 Business Days

Corporation Set-up, DBA Registration, Licensing, Tax Permits, and Compliance

  • Standard Processing 20-30 Business Days

  • Expedited Processing 10-15 Business Days

  • 24 HOUR Rush Processing 2-3 Business Days

Fictitious Business Name Registrations with Notice of Publication (aka DBAs or FBNs)

Standard Processing 20-30 Business Days

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