I am an existing client, who do I contact about my individual tax filing?
How do I check the status of my refund?
What is the deadline to file individual taxes?
Individuals have a due date of April 15. If the 15th falls on a Friday, Saturday, or Sunday, the due date will be pushed back to the following Monday.
Should my spouse and I file joint or separate?
Individuals benefit from filing joint almost all of the time. You should consider asking your preparer for a comparative analysis.
I am an existing client, who do I contact about my business tax filing.
What is the status of my tax filing?
Can you file an extension for me?
Sure! For existing clients with a current tax agreement on file, we automatically file an extension. If you are a new client, we will get you set up as a client, obtain a signed tax agreement to keep on file, and then we will proceed with filing an extension.
How do I securely send my documents and any sensitive information to my accountant?
Please scan your documents and send them through our SafeSend portal here.
Can I pay my bill online?
Yes! We accept debit card, credit card, and ACH payments online. To make a payment click here.
Do you take your payment out of my refund?
No, we do not have access to take the payment out of your refund. Payment must be made separately, we accept cash, check, debit, credit, and ACH.
I cannot afford my tax payment, what should I do?
If you have an amount due while filing your taxes, you have two options for the following year. One option is to have more withheld from your paycheck, which means less take-home pay throughout the year. The other option is to make tax estimate payments which are due quarterly. If you can’t afford your current tax bill, interest will start accruing and you must make payments or settle with the IRS.
Why should I consult with an accountant versus doing my own taxes?
There are numerous tax benefits that you may not know about. These benefits can be forfeited by avoiding a tax specialist. An accountant can also ensure compliance.
Are you accepting new clients?
Do I need an appointment to bring my taxes in?
When meeting with new clients for the first time, we like to sit down with them and go through all their paperwork. After the initial meeting, any future meetings regarding tax preparation are at the client’s discretion. If you prefer to just drop off your paperwork or meet in-person, virtually, or via conference call, we are happy to accommodate your request.
How much does tax prep cost?
Our starting rate is $250 for a “simple” individual tax return, but typically we charge by the hour as our cost is calculated based on the amount of time it takes our accountants to complete your work.
What is a Tax Agreement and why do I have to sign one?
A Tax Agreement is a standard document detailing the nature of our work for you. We believe it is important for you to have an understanding of the nature and scope of our tax services so that our services can meet or exceed your expectations.
Will I receive my taxes the same day I meet with the Accountant?
At MBE CPAs we have a very detailed process to ensure you get the most out of your tax filing based on your qualifications. Your tax filing is also reviewed by more than one Accountant for accuracy.
Typically a personal tax return could take two weeks or more to complete depending on the complexity of your situation.
Do you have industry specialists?
Yes, we have several accountants and CPAs that specialize in various industries and services such as:
- Agriculture & Forestry
- Food & Beverage
- Hospitality & Tourism
- Individual Tax
- Medical & Wellness
- Non-Profit & Government Agencies
- Real Estate & Professional Services
- Trucking, Automotive, & Repair
- Trust & Estates
Contact us today to work with one of our industry specialists!
What is a business partnership?
A partnership is a business consisting of two or more partners. The partnership itself doesn’t pay any taxes, but rather the income is passed onto the owners and they pay the tax on their income on their individual return.
What is the difference between a S-Corp and a C-Corp?
C-Corporations are subject to taxation at the corporate level as well as on the individual level, whereas S-Corporations, much like partnerships and sole proprietorships, are only taxed on the individual level.
How do I choose the right retirement plan for my business?
Most small-business owners share a variety of critical priorities, such as managing taxes, attracting and rewarding valued employees, and establishing a long-term strategy to ensure their own financial security. Fortunately, small-business owners also share an option that could help address all of those goals: sponsoring a workplace retirement plan. There are three broad categories of retirement plans available to small businesses: SEP IRAs, SIMPLE IRAs, and Qualified Plans (ie 401k, profit sharing, etc.). The one you choose should reflect your company’s size, financial situation, and ability to comply with regulatory oversight and administrative responsibilities. You may want to consult a financial professional to help you choose a plan that’s right for you.
What is the difference between a traditional and Roth IRA?
Both traditional and Roth IRAs provide generous tax breaks but it’s a matter of timing when you get to claim them. Traditional IRA contributions are tax-deductible on both state and federal tax returns for the year you make the contribution, while withdrawals in retirement are taxed at ordinary income tax rates. Roth IRAs provide no tax break for contributions, but earnings and withdrawals are generally tax-free. So with traditional IRAs, you avoid taxes when you put the money in, and with Roth IRAs, you avoid taxes when you take it out in retirement. The decision to use a Traditional, Roth, or combination of both is best addressed by a thorough discussion with your CPA and financial advisor.
Should I have a trust or will?
Even if you are a person of modest means, you have an estate—and several strategies to choose from to ensure your assets are distributed according to your wishes and in a timely fashion. The right strategy depends on your individual circumstances. For some, a living trust can be a useful and practical tool. For others, it may be a waste of time and money. When choosing, remember that one size does not fit all, and for many, it comes down to a combination of both. What is right for one person may not be right for everyone. Your estate plan should be prepared in a way that best meets the needs of you and your family. Consulting with a competent attorney can help you make the right decision.
What different QuickBooks platforms are available?
- QuickBooks Online options: Simple Start, Essentials, Plus, and Advanced.
- Simple Start ideal for solo entrepreneurs with small businesses who only sell services, no accounts payable function, but offers financial reporting; Limit 1 user
- Essentials is the most common subscription selected to track income and expenses, along with the ability to track sales tax, 1099 vendor information, and process Account Payable through QBO; Limit 3 users
- Plus has the advantages of Essentials, plus Inventory tracking and sales and profitability tracking by location; Limit 5 users
- Advanced is the most robust and offers all of the above, plus additional customization options on users and reports and smart reporting; Limit 25 users
- QuickBooks Desktop options: Pro, Premier, and Enterprise.
- Pro is the most basic desktop software available but still is able to cover the needs of many small business owners.
- Premier has several specialization options including, but not limited to, QuickBooks for Contractors, Retailers, and Wholesalers.
- Enterprise is the most robust system and is geared toward businesses that need to store a large number of inventory items, customers, and vendors.
For more information or assistance choosing the right software for your business, contact one of our ProAdvisors!
What are the perks of using QuickBooks Online (QBO)?
In this digital age, QuickBooks Online has so many great perks! It allows for QuickBooks access from any device at anytime, anywhere. If you travel for your job, this makes invoicing your customers quick and convenient. Utilizing QBO bank feeds make it easy to ensure all income and expenses are captured! Have an accountant that prepares your tax return? Grant them access and they can see your data instantly!
I’ve heard of “Apps”, but what does that mean for my business?
An app is a 3rd party solution to assist with different aspects in running a business. These include, but are not limited to, Bill pay solutions, Time tracking, Receipt capturing and Inventory tracking. These apps integrate directly into QuickBooks, helping streamline your business’ accounting.
I just purchased QuickBooks and would like training – where can I go for that
Our firm offers 1-on-1 QuickBooks training sessions to assist in tracking your finances properly from the start. We have several certified ProAdvisors who can train business owners or bookkeepers, on the different financial tasks that come with running a business.
What is a QuickBooks ProAdvisor?
Our ProAdvisors are certified in a variety of QuickBooks programs, and also have access to software discounts exclusively for our clients! Additionally, ProAdvisors have the ability to reach out to the QuickBooks Support Team on behalf of our clients for assistance with unique software issues and troubleshooting.