FREQUENTLY ASKED QUESTIONS

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Individual Tax Services & Support

 

Do you prepare taxes? For what State?

Yes, We can prepare federal and state individual tax returns for all 50 states and Puerto Rico. 

 

How do we get started and how long does it take?

You can start by scheduling a brief 15 minute or less call with us in order for us to better understand your personal tax situation. From there, we will give you an estimate, and a checklist of documents that we will need for us to prepare your return. All Documents should be uploaded to our secure portal and we will contact you with the final return. Once you approve and sign your return, we will electronically file your return and add a copy for you to your portal account. Once we have all your documents, your return will be ready in a day or so.

 

I am far from you, can you do my taxes? Can you work with me remotely?

Absolutely! We work remotely with all of our clients. Our team will serve you from our Florida office. They’ll communicate with you in the ways you prefer, including but not limited to phone, email, whatsapp, and web meetings. As long as you have internet, you can be on an airplane and we can still get you taken care of. 

 

Who Needs to File US Taxes?

US citizens (living in the US or abroad), including Accidental Americans

Green card holders

Permanent Resident / Resident Aliens of the USA

Non-Resident Aliens who have US income

 

How much does it cost?

Our Tax Returns & Support Packages are customized to fit your specific needs and you only pay for the services you need. Your customized price will be provided based on your answers to our questionaaire and adjusted accordingly. Generally, the cost will vary depending on the forms you need and the complexity of your return or support needs.

 

Will my data be secure?

Yes. Our Team and our Secure Portal follows industry standard security practices. We’ll be pleased to share more details with you during your consultation.

 

 

 

Business Services, Bookkeeping & Accounting

 

My business is located far from you, can you still keep my books?

Absolutely! We work remotely with all of our clients, and can conduct meetings over phone and video calls. As long as you have internet, you can work from your swimsuit at the beach and we can still keep your books.

 

Why is Bookkeeping Important for my Business?

Bookkeeping is essential for several reasons:

Financial Management:  Accurate bookkeeping is essential to track your business’s financial health, manage you cash flow, and plan for the future.

Compliance:  Acurate bookkeeping ensures you comply with tax laws and regulations, avoiding penalties and possible legal issues.

Decision-Making:  Organized financial records allow you to make informed decisions about investments, expansions, and other strategic moves.

Loan and Investment:  Lenders and investors require accurate financial records to assess your business’s viability.

 

Do I Need a Bookkeeper or an Accountant?

Both bookkeepers and accountants playimportant roles in managing your business's finances.

Bookkeepers: Handle financial transactions, maintain records, ensure accuracy, and prepare reports.

Accountants: Analyze financial data, prepare financial statements, provide tax planning and filing, and offer strategic financial advice.

We handle the services for both Bookkeepers and Accountings in One location. We can handle everything from day to day operations all the way to your tax return and beyond.

 

How Often Should The Books be worked on?

The frequency of bookkeeping tasks depends on your business’s size and complexity:

Daily / Weekly:  Recording & reviewing accounts receivable/payable and other financial and bank transactions.

Monthly:  Reconciling bank statements, Preparing financial statements, ensuring all records are up-to-date and correctly classified.

Quarterly:  Reviewing financial performance and preparing for tax filings if necessary.

Annually:  Conducting a comprehensive financial review, preparing year-end financial statements, Prepare, File and Pay any tax returns.

 

Can I Do My Own Books?

While it's possible to manage your own books, hiring a professional has its advantages:

Experience & Expertise:  We have the knowledge and experience to handle complex transactions and ensure accuracy.

Time & Headache Saving:  Outsourcing allows you to focus on running your business.

Accuracy:  Professionals can minimize errors and ensure compliance with tax laws and regulations.

Insight:  Professional  provide valuable insights into your business’s financial health.

 

What Software is Best for Bookkeeping?

The best software depends on your needs and budget. Popular options that we work with include:

QuickBooks Online: Cloud-base and widely used and versatile, suitable for various industries in various sizes.

Xero: Cloud-based and user-friendly, ideal for small to medium-sized businesses.

Wave:  Free software with essential features, great for startups and very small businesses.

FreshBooks:  Easy to use, best for service-based businesses with basic invoicing needs.

Each software has unique features, so it’s essential to evaluate which one aligns with your business’s requirements.

 

How Much Do Bookkeeping Services Cost?

The cost of bookkeeping services varies based on several factors, including:

Business Size: Larger businesses with more transactions typically incur higher costs.

Complexity: Businesses with complex financial needs (e.g., multiple revenue streams, inventory management) may pay more.

Service Frequency: Regular, ongoing services cost more than occasional or one-time assistance.

Contact us today for your Estimate.

 

How Do You Ensure Data Security?

Reputable Companies implement several measures to ensure data security:

Encryption: Using encryption technology to protect data during transmission and storage.

Access Controls: Limiting access to financial data to authorized personnel only.

Secure Software: Using secure, reputable software with strong security features.

Regular Backups: Conducting regular backups of financial data to prevent loss.

Compliance: Adhering to data protection regulations and industry standards.

 

What Are Common Mistakes to Avoid in my business?

Mixing Personal and Business Finances

Neglecting Regular Updates

Incorrectly Categorizing Expenses

Not Reconciling Accounts

 

Can you help with Payroll? What about Sales Tax?

Yes to both. We can help you set up Payroll for yourself and your employees and/or Contractors. We will handle the necessary Federal Tax, Social Security, Medicare, State Employment Tax and all of the weekly, biweekly, bimonthly, monthly, quarterly and annual tax reporting and payments. We can also handle your monthly or quarterly tax reporting and payments.

 

 

 

Technical Support 

 

What is a VPN?

A Point to Point VPN (Virtual Private Network) creates a secure, encrypted connection between two specific devices or networks over the internet

Think of it as a private tunnel that ensures data travels safely and securely between two points.

*Dedicated Connection: Unlike traditional VPNs that connect multiple users to a network, Point-to-Point VPNs offer a dedicated line, ensuring robust security and consistent performance.

Key Features:

*Secure Data Transfer: Data transmitted through the VPN is encrypted, protecting it from unauthorized access and cyber threats.

*Remote Access: Ideal for connecting remote users to a company's network, allowing them to access resources as if they were on-site.

*Reliable Connectivity: Ensures a stable and reliable connection, which is crucial for businesses and individuals who need consistent access to network resources.

 

How can you recover my data on a damaged or broken computer or drive?

Tier 1 – Logical Recovery – Simple

Tier 1 is where we get started. This is generally for any basic data recovery cases. Cases that fall into this level are for hard drives, USB drives, and SD cards that have no hardware issues and a customer has either accidentally deleted files, needs deleted files or folders recovered and or needs lost data. Some cases often include drives that have been accidentally formatted with no new data written to it. This tier also includes simple permissions issues or simple filesystem or partition corruption.

 

Tier 2 – Logical Recovery Moderately Difficult

The majority of drives with software or logical issues fall into this category. These cases that fall into this level are for drives that moderate software issues and minor or no hardware problems. This tier is for hard drives that have RAW Recovery, lost partitions. This level also covers the need for deleted files or folders recovered, an operating system that has been installed (by a Windows or macOS re-installation) on a drive that needs recovery, drives or media that have some overwritten data, and severely corrupted file systems fall in this range also. This tier is often used for SD cards, USB drives that have an accidental deletion or been formatted. Often these cards or USB flash drives also can have file system corruption caused by improper ejection or a small number of bad sectors causing a malfunction for the media.

 

 

 

Notary & Document Services

 

What types of Document Services do you handle?

A list of typical documents we can handle are on our services page. Certain Documents and applications require Authentication and or Notarization. We have you covered. We can get your Documents translated, authenticated, notarized and back in your hands in a timely manner. We are not lawyers and will let you know beforehand if a particular document is out of scope based on state and federal rules and regulations. Contact us for more details.

 

 

 

Expatriate Services

 

What is an Expatriate (Expat)?

An expatriate is a person who resides outside their country of citizenship. For US Income tax purposes, this is an American or a US Green card holder that is living and/or working outside of the United States.

 

How do I determine if I am an expat or simply a taxpayer who is outside of the US?

BONA FIDE RESIDENCE TEST A U.S. citizen satisfies the bona fide residence test if you reside in a foreign country for an uninterrupted period that includes the entire tax year. However, just being in a foreign country for one full year does not automatically qualify you. For example, a person who relocates to a foreign country to work a particular job for a specified period of time will not be treated as a bona fide resident of the foreign country, even if they are present for more than one year fulfilling the work assignment. The length and nature of your stay overseas are just two factors the IRS will consider. Other factors include whether you purchased a home overseas, any declaration you may have made to the foreign authority indicating that you are not a resident of the country, and whether your family lives abroad with you.

 

PHYSICAL PRESENCE TEST You will qualify under the physical presence test if you are present in a foreign country for 330 full days during a period of 12 consecutive months. The 330 days do not need to be consecutive.

 

I am in the Military and stationed outside of the US, am I considered an Expat?

For the most part, United States military members living abroad are eligible for the same tax deductions that members living domestically are. For example, they are eligible for certain moving deductions because military members relocate frequently. Although you may be living abroad as a United States military member, you’re still considered a U.S. resident in the eyes of the IRS. 

 

Who Needs to File US Taxes?

US citizens (living in the US or abroad), including Accidental Americans

Green card holders

Permanent Resident / Resident Aliens of the USA

Non-Resident Aliens who have US income

 

What is an Accidental American?

You may be an Accidental American and file US taxes if you were or are in the following situations:

Born in the US to foreign parents

Born outside the US to American parents who were unaware of their status as US citizens and claimed US citizenship for you.

Born abroad to at least one US citizen parent who claimed citizenship for you.

Obtained a US birth certification or citizenship around the time of your birth, even if you have been living abroad more than in the US

 

What is the deadline to file a US expat taxes?

American expats can file later in the game due to an automatic extension to June 15th. This automatic extension is only for filing, not for payment of taxes owed.

If you can’t file by that date or need more time, we can file for an additional tax extension (Form 4868) which will give you until October 15th.

If you need more time, We can mail a special request extension to the IRS before the October 15th deadline that may grant you an additional 60 days until December 15th.

 

I don't work in the US, do I need to file a tax return?

Yes, if you are a U.S. citizen or a resident alien living outside the United States, your worldwide income is subject to U.S. income tax, regardless of where you live. However, you may qualify for certain foreign earned income exclusions and/or foreign income tax credits.

 

If I live abroad, do I still need to file State taxes?

In some states, the threshold is very low and a person can very easily break his ties with the state. In other states, such as California, the threshold can be very high and an individual may physically move overseas but nevertheless still be considered a resident of California. Keep in mind that even if your move is sufficient to sever your ties with the state and terminate your resident status, if you move in the middle of the year, you will still be required to file a return for the part-year period in which you still lived in the state.

 

What is Double Taxation and how can I avoid being Double Taxed?

Double taxation happens when you have to pay taxes on the same income twice. For example, you could be working as a Nurse in Italy as a US citizen. Then when tax season hits, you have to pay Italian taxes and US taxes from the same source of money. This is double taxation. Luckily for US expats, there are benefits such as Foreign Earned Income Exclusion and the Foreign Tax Credit with the help of treaties that can help prevent being double-taxed. 

 

I live in the US but I have a Foreign Bank Account and/or Foreign Assets, do I need to do anything?

Every foreign bank account you open as an American abroad means you have a connection to the FATCA law, otherwise known as the Foreign Account Tax Compliance Act. This law allows the US Department of Treasury to access your bank account to ensure no illegal activity. If you have over $10,000 in total from all of your foreign bank accounts at any one time during the year, you’ll also need to fill out an FBAR.

Under the FATCA law, you must fill out Form 8938 if the total value of all your specified foreign financial assets in which you have an interest exceeds the appropriate reporting threshold. The threshold starts at $200,000 for US taxpayers living abroad who file as single or separately from their spouse. The filing thresholds double if you are filing with your spouse.

 

Will I still have to file and pay US taxes if I Renounce my US Citizenship?

While renouncing US citizenship is possible, it’s not recommended. If you give up your citizenship, finding a job in the US will be difficult, and you may lose the opportunity to pass your citizenship on to your children, who could gain US tax benefits. 

All US expats must do four things to renounce US citizenship:

*Have to be tax compliant for five years (no skipping filing and paying taxes!)

*Appear in person before a US consular or diplomatic officer (US Embassy or Consulate)

*Sign an oath of renunciation in person

*Pay an exit fee 

Giving up your US Citizenship does not mean you are entirely done yet with US taxes. You will still need to file a final US tax return with exit form 8854 and comply with all the requirements. Otherwise, you might still need to file US taxes even without US citizenship.

 

Can I just Abandon my Green Card? 

Renouncing your Green Card is also known as abandoning your residency status with the US. You must file Form I-407, which is an application for abandonment. Form I-407 can be filed in any country with the US embassy or with the US immigration office. You also have the option of sending a letter to abandon residency status with your Green Card enclosed in the letter. However, it is highly recommended that this is done at any US embassy or official office. 

Whatever you do, make sure to keep a documented copy of your I-407 Form or letter, Green Card, and postal information. It could be needed as proof that you are no longer a Green Card Holder.

 

What do I do if I am a Self-Employed US Expat?

If you are your own boss and have control over the services you provide, you are considered self-employed, and the income earned from these particular services is liable to self-employment taxes. 

The threshold for filing US taxes as a self-employed person is very low. Therefore, if your net earnings met or exceeded $400 in the tax year you must file your taxes. Additionally, you may need to file a Schedule C form, which is a form that reports your profits and/or losses from your company to the IRS.

 

What about my Foreign Corporation or if my company has a Foreign Partner?

If you own a foreign corporation, you’ll need to fill out Form 5471. If you have involvement in a foreign partnership, you’ll have to file Form 8865.

These forms can be pretty complex and incur high penalties. Contact us for further assistance with your foreign corporation or foreign partnership