Q. How much do you charge?
A. Our fees are based on the number of forms and schedules needed and the amount of time involved in the preparation of your return. If you call us, we can get a feel for how complicated your work is and provide you with an estimated fee. Our fees are less than typical CPA firms and are comparable to the "fast food" chain of commercial tax preparers you may see advertised on television. With a combined total of over 100 years of experience we believe we offer the best professional value in town.
Q. How quickly can I receive my tax refund?
A. Within 2-3 weeks, if you use direct deposit service and e-file your return. Your refund will be deposited directly into your bank account within 2-3 weeks, at no additional charge.
Q. What if I have a tax question during the tax year?
A. As a regular tax preparation client you may contact us as often as necessary during the year for tax planning advice. There is no charge for brief telephone, fax or email questions or advice. For more detailed consultations, which require specific research, worksheets or written opinions we will, at our discretion, charge at an hourly rate of $100.00. The initial meeting regarding financial planning is $50.00.
Q. What do I do if I haven't received my refund?
A. The Internal Revenue Service hasboth a website www.irs.gov,. and a toll free number to handle your refund inquiries. It is 1-800-829-4477. Please have your social security number, your filing status, and the whole dollar amount of your refund handy. Also, please allow from 4 to 6 weeks before calling. NYS REFUND, call 1-800-321-3213 for direct deposit service,1-800-443-3200 for all others.
Q. I cannot pay my tax bill this year? What can I do?
Internal Revenue Service provides for individuals, who cannot
pay their bill in full, to pay in installments, for up to
five years .Contact IRS on 1-800-829-1040 and negotiate with
them payment plan that fits your budget.
Q. How long do I keep my tax records?
A. The Internal Revenue Service suggests 3 years from the due date of your last return. However, we suggest that you discard receipts, bills and credit card statements after 3 years. However, your tax returns, W-2s, 1099s from banks and mutual funds or brokerage firms or any contract for an asset you still own should be made a part of a permanent file. It is important to keep closing statements and remodeling bills on your home so that at time of sale certain expenses may be added to the basis of the property and thereby limit the capital gains of the sale.
Q. What if I get a letter from the IRS?
A. If you receive a letter relating to a federal or state tax return we have prepared, send or fax it directly to us immediately and we will respond accordingly. We do not charge for responding to tax notices when the return was correct as originally filed, or if we made an error. If we have to prepare additional forms or schedules or an amended return, We may have to charge an additional fee.
Q. What do you need to prepare my tax return?
A. We will gladly send you, via email, fax or postal mail, a list of the specific information we will need to properly prepare your tax return. E-mail or fax your request.
Q. How can you save me money?
A. We have years of experience to draw from in tax planning and business advice. We explain various tax-saving ideas in plain language and let you choose which ideas you would like to implement to save you money. Most of our clients save much more than the cost of preparing their tax returns.
Q. When I sell my personal residence, how long do I have before I must buy a replacement home?
A. To avoid paying capital gain taxes, you no longer have to buy a replacement home when you sell your personal residence. In 1997 Congress passed new laws concerning the sale of personal residences. If you have lived in your home for 24 of the last 60 months when you sell it, you do not pay any tax on up to $250,000 of gain ($500,000 if you are married filing jointly), even if you do not buy another home. Also, you are now allowed to do this every two years and there are no age limitations.
Q. How do I contact E&R Tax?
Telephone (631) 475-3322, Fax (631) 475-7810, E-mail: firstname.lastname@example.org,
Mail: 197 E Main Street, Patchogue, NY 11772.