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Did you know The Burdette Smith Group, P.C. can provide tax compliance services in all 50 United States? These services often include income, franchise, payroll, sales, personal property and business licenses.
Your questions are important to us. The following are answers to questions that come up most often. We hope this will information will be helpful in guiding you through the tax return process.
When should my individual tax return be filed?
Federal tax returns for individuals are due April 15th.
Extended federal returns are due October 15th.
State tax returns have varying due dates. Maryland and DC returns are due April 15th.
Virginia returns are due May 1st. State extensions are available.
When should my business tax return be file?
Federal tax returns for calendar year corporations are due March 15th. Federal calendar year partnership tax returns are due April 15th. The extended due date for these returns is September 15th.
State tax returns have varying due dates from March 15th through May 15th. State extensions are available.
When are my estimated tax payments due?
Estimated quarterly payments for individuals are due:
April 15th
June 15th
September 15th
January 15th
What are the benefits of e-filing my tax return?
E-file is a secure, easy and accurate method of filing your tax return electronically with the IRS and state taxing authorities. We use a secure connection through our tax preparation software that enables us to transmit your information and receive an electronic confirmation of the acceptance of the information.
The payment of taxes due or a tax refund can also be processed electronically. You can receive your electronically processed tax refund in as little as two weeks.
We do not send anything to the IRS without your permission. Therefore, you will receive a paper copy of your returns that you should review before sending us your written approval permitting us to e-file your return(s).
Can I file my own tax extension online?
You cannot file an extension electronically without special tax preparation software. If you are not able to get all your tax documents to us in time to prepare your return, we can prepare an extension for you.
When will I get my refund?
When you receive your refund depends on several factors, including the time of year and the volume of returns that the taxing authorities are processing. E-filing your return is quickest way to expedite your refund and E-filing can result in your refund arriving in as little as two weeks. Refunds on paper filed tax returns or amended tax returns can take as much as 16 weeks.
If you have not received your refund, you can check the status of the refund online.
Federal Tax Refunds:
https://sa1.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp
Virginia Tax Refunds:
http://www.tax.virginia.gov/site.cfm?alias=WhereIsMyRefund
Maryland Tax Refunds:
https://interactive.marylandtaxes.com/INDIV/refundstatus/home.aspx
District of Columbia Tax Refunds:
https://www.taxpayerservicecenter.com/individual/Ind_RefundStatus_Logon.jsp
Can I pay my taxes by credit card?
You can pay your taxes by credit card using one of the IRS approved credit card providers. You will have to pay a fee, which is usually about 2.5% to 3% of the tax payment (in addition to the interest that your credit card company will be charging).
Another option is to request an installment plan from the IRS. However, the IRS will charge a penalty plus a variable rate of interest on the amount due until the tax is fully paid.
Because of the high cost to you, we recommend that you consider other sources of funds before taking either of these options.
What is the Tax Notebook?
The Tax Notebook is an online alternative to the paper Tax Organizer that we provide to you for assembling and reporting your information for us to prepare your tax returns. You will submit your information to us via the internet on a secure website. If you would like to use this method for tax preparation, please contact us. We will provide you with a personal password to log in to the program.
We will still need to receive the source documents from you in the event you elect to use our Tax Notebook.
Should I meet with an accountant at The Burdette Smith Group to go over my assembled tax documents?
We would be happy to meet with you in person or schedule a phone conference to go over any questions you may have. Please call us to schedule an appointment. During tax season February to April, our office has extended office hours (including Saturday hours) to make it more convenient for scheduling your appointment.
We also encourage you to call us at any time during the year if you have questions or concerns regarding upcoming financial plans you may have and the tax consequences associated with those plans. It is best to have these planning conversations BEFORE you take steps that will affect you financial well being.
We have had a death in our family, how can you help?
We can help you with all the necessary tax preparation, such as the decedent’s final 1040 and any estate tax returns. We can also prepare fiduciary income tax returns for estate and trusts.
Additionally, we can assist you with the probate issues that the county may require you address. We can prepare the notices, inventories and court accountings that the county requires.
Can you help me with preparing delinquent tax returns?
We can prepare tax returns for past years. We can also represent you before the IRS or the state tax authorities if you are having a problem communicating or negotiating with them. If you can show reasonable cause, we are often able have potential tax penalties abated.
Can you help me respond to a notice, letter or bill from the IRS or state?
Most IRS and state correspondence can be dealt with easily with a response letter. We can offer you two options: We can draft a letter for you to send, or we will prepare a letter on your behalf which we will send. Either way, our goal is to deal with any tax issues as quickly and simply as possible.
Do you handle household employee payroll issues?
We have the expertise to assist you with reporting the wages of household employees. If necessary, we can assist you with correcting prior years reporting.
Can you provide me with advice on business or personal tax planning issues?
In addition to preparing tax returns, we are here to help you achieve long-term goals for financial success including business and personal tax planning. We can consult with you on an hourly basis if you prefer to prepare your own tax return. However, we are most effective in our planning if we prepare your returns.
Can you help me start a new business?
The Burdette Smith Group, P.C. specializes in assisting start-up businesses navigate the difficult paths of the first few years. Whether you need accounting advice on a choice of entity, how to set up your accounting system, or figuring out the financial and tax consequences of various forms of employee benefits, we can help you.
Should I take money from my IRA account to pay expenses if I have not reached retirement?
Withdrawals from your IRA account will be taxed as ordinary income. In addition to Federal and state taxes, you may be subject to a 10% excise tax if the funds are withdrawn before you reach retirement age (generally 59 ½). There is limited exception to the 10% excise tax: if you need money for medical expenses or to pay for college, you can withdraw the funds from your IRA without penalty. You will still owe Federal and state income taxes on the withdrawals, so before you make the decision to use retirement funds, you should talk with us about other alternatives and their tax consequences.
How long should I keep my records?
Generally, you must keep supporting tax documents for seven years after you file your tax return.
Please contact us for more specific guidance.
The Burdette Smith Group, P.C. is here to serve our clients. If you did not find the answer to your question, please call us. We will gladly take the time you need to answer your questions. We look forward to partnering with you in growing your financial future.
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