Faqs

Download the 2015 Tax Calendar

Isn’t a CPA Only for the Rich and Famous or Buiness Owners?

CPAs act as advisors to individuals, businesses, financial institutions, non-profit organizations, and government agencies on a wide range of financial matters. Many individuals turn to a CPA for help with tax preparation, personal financial planning, and planning for college funds, retirement, and estates. Business owners and managers depend on CPAs for tax preparation, auditing services, consulting on developing accounting systems, management problems, growth, and implementing new ways for data processing and management information.

What’s the Difference Between an Accountant and a CPA?

While there are some amazing accountants out there that are not CPAs, a CPA is a licensed professional that has to meet certain professional and educational standards to maintain that license. The AICPA and other agencies that manage the licensing established guidelines to protect you, the client. The goal is to provide you with the confidence that your CPA has the knowledge, experience, and ethics to give you the best quality work possible.

What Should You Know Before Selecting an Accountant?

1) Is the individual a certified public accountant?
2) Is the individual licensed to practice in your state?
3) What professional organizations does the CPA belong to?
4) Are your needs compatible with the CPAs personality and expertise?
5) Does the individual have experience with your situation?
6) How much do they charge for their services?

SMD Consulting & Accounting, LLC will set up a 1 hour free appointment for prospective new clients. It is our goal to be sure that we can do what you need done and that we will work well with you and/or your staff. If you are interested, you may call 469 252-4547 to set up an introduction.

When Are My Taxes Due?

There are several types of taxes due, each has their own due date. The most common are:
1) Individual Income Taxes (State and Federal)
2) Business Income Taxes (State and Federal)
3) Payroll Taxes
4) Property Taxes
5) Sales & Use Taxes

Some of the major deadlines for 2013 are as follows:

How Long Will it Be Before I Get My Refund?

It depends how you filed. Filing by paper it will take approximately six weeks, filing by mail but getting refund by direct deposit it will take three weeks, Bullet list filing electronically but getting refund by check it will take three weeks, please filing electronically but getting refund by direct deposit it will take 10 days You can check the status of your refund directly by going online to www.irs.gov. There will be a place on their home page to track your return, just type in the taxpayers Social Security number and the amount of your return and it should bring up the information you need.

How Much Does it Cost?

In general, fees depend on the type of services that you require, the CPA’s level of experience, the prevailing cost in the community, and the complexity of the work. We charge an hourly rate for our services based on a standard rate schedule. If you would like an estimate of what it would cost to provide you with the services you require, we’d be happy to do so after meeting to learn more about your unique situation.

What Type of Entity Should I Establish for My Business?

There is no quick and easy answer for this question. There are a number of factors to consider ranging from the number of owners, the expected growth of the business, the number of employees, and the state in which you reside. We recommend that you speak with both an attorney as well as a CPA before making this decision.

What Services Do You Provide?

Please reference the tab above for a summary of the services we offer.

What Types of Clients Do You Serve?

We help individuals with their cash flow, future planning, and tax returns. Additionally we help small to medium sized business owners with their bookkeeping, growth management, cash flow, tax preparation, process improvement, and other services. Our experience ranges from the billion dollar company to the individual working part time while in school. Our specialty is helping the closely held business with the wide variety of challenges they face.

Do You Work with New/Start-Up Companies?

If there is one client to which we can add the most value, it is the new business owner. Not only can we provide you with the tax and bookkeeping advice you may need, but we can also draw upon our years of experience of working with other business owners to assist you with avoiding pitfalls and maximizing opportunities.

How Long Should I Keep My Old Tax Returns and Documentation?

We recommend that you keep this information for at least seven years. The IRS reserves the right to adjust your returns for up to seven years, and having this information on hand could be useful should they attempt to do so.

Will You Represent Us in Communications with the IRS?

We’d be happy to assist you in any communications you have with the IRS, the state, or any other taxing agency.

When Do I Need to Get You My Information to Prepare My Tax Return?

The sooner the better. We operate on a first come first serve basis when preparing tax returns for clients. The sooner you provide us with the information we need, the sooner we will be able to turn around that return for you.

How Long Does it Take to Prepare a Tax Return?

This depends largely on the completeness of the information you provide to us and when you provide it to us. We do our best to get returns processed in a timely and efficient manner, and we will communicate with you throughout the process to keep you up to date on its status.

What Bookkeeping Software Should I Use for My Business?

This depends on the type of business you are operating, its size, and your budget. We have experience with a wide range of accounting softwares, but the ones used by most small to medium business owners are Quickbooks Pro and Peachtree. If you are trying to decide what best suits your business, please feel free to contact us, and we’ll help guide you through that decision process.