As tax and accounting professionals in the financial industry, we here at Senter CPA recieve lots of questions during our client consultations and reviews. Providing thoughtful advice taylored specifically to our client is our expertise. We take much pride in assisting individuals and businesses alike and as a result, we’ve decided to share 8 of the top most frequently asked questions in this weeks blog.
Are you available year round?
We sure are! Senter CPA is always here when you need us and that means, year round. Rest assured that we adhere to a 24- hour turn around response policy on all calls and emails. Our dedication to our clients is our top priority.
Senter CPA also makes ourselves available to serve our community year round as well. We are active members of the Clarkston and Waterford Chamber of Commerce, Clarkston Rotary Club and more.
What other services do you provide?
Our services are inclusive of tax planning and preparation, but did you know that we also offer client accounting services for small businesses and corporations, as well as consultation services. Consultations vary from personal financial planning to mergers, acquisitions & sales for businesses.
What do you need from me to complete my taxes and what is my deadline?
For new clients, we always request two prior years of individual and/or business tax returns to review. It’s important for us to gain an understanding of how you filed in years past and the effects it could have on the current year.
For both new and existing clients, we kindly request all tax and income documentation related to your current year filing.
For our business clients, we request business expense information, financial statements and depreciation schedules.
If we ever need more information along the way, we will contact you directly to request those items.
Please click on the following link to determine your filing deadline, per the IRS.
What will my tax bracket be for 2020?
Per the IRS, for the tax year of 2020, the tax brackets are as follows:
- 37% for individual single taxpayers with incomes greater than $518,400 ($622,050 for married couples filing jointly).
- 35%, for incomes over $207,350 ($414,700 for married couples filing jointly)
- 32% for incomes over $163,300 ($326,600 for married couples filing jointly)
- 24% for incomes over $85,525 ($171,050 for married couples filing jointly)
- 22% for incomes over $40,125 ($80,250 for married couples filing jointly)
- 12% for incomes over $9,875 ($19,750 for married couples filing jointly)
- 10% for incomes of single individuals with incomes of $9,875 or less ($19,750 for married couples filing jointly).
Should I change my tax withholding for 2020?
Your tax withholding should be evaluated each year to ensure you are on the right track. Several components such as marriage, retirement, deductions and tax credits all play a very critical role in dollar amounts withheld each paycheck.
Please visit “Tax Withholding for Individuals” on the IRS website to use their Tax Withholding Estimator and obtain necessary forms if you determine you need to adjust your current withholding.
Should I make estimated tax payments?
If you earn or receive income during the year, then taxes must be paid by either withholding or estimated tax payments.
Estimated tax is used to pay income tax, self-employment tax and alternative minimum tax, amoung others.
If you don’t pay (enough) tax through withholding and/or estimated tax payments, you may get hit with penalities and interest from the IRS. Same applies if you are late to make your estimated tax payments, even if you are due a refund.
Please read our blog “How to Make Your Upcoming Estimated Tax Payments” or for more information please read, Estimated Taxes via the IRS website.
What should I look for in a CPA firm?
When researching, or perhaps interviewing, CPA firms, be sure to consider those with experience, high integrity, and a commitment to service and results.
One last crucial bit of advice: be selective. Properly vet your CPA and ensure compatibility with your personality and commincation style.
Do you offer virtual or remote services?
Absolutely! Senter CPA was a virtual firm long before we needed to be due to the COVID-19. We’ve carefully chosen secure, high performance tools and technologies, which allow us to best service our clients.
For additional details on all our virtual services offered, be sure to read our blog “Senter, CPA: A Virtual Firm.”