What are your business hours?
Monday – Friday from 10:00 am to 6:00 pm by appointment only.
When are taxes due?
Each year, you’re required to file your federal income tax return for the previous calendar year by Tax Day. Usually, the filing deadline is on or around April 15, though if the 15th falls on a weekend or holiday the deadline can be bumped to the next business day.
When will I get my refund?
According to the IRS, most refunds are issued within 21 days for taxpayers who e-filed and who are having their refund directly deposited. Refunds take up to six weeks if you submitted paper returns. Claiming certain credits or deductions might delay your refund. You can check the status of your refund on the IRS “Where’s My Refund” website.
How long should I hold on to my tax returns?
Generally, the statute of limitations for the IRS to assess taxes on a taxpayer expires three (3) years from the due date of the return or the date on which it was filed, whichever is later. However, I suggest holding on to your taxes for at least 5 years.
What if I can’t afford to pay the tax I owe?
If you can’t pay your tax liability, you can do what is called Offer in Compromise. This is the situation where you tell the IRS or State what you can afford. If you are truthful and the offer is reasonable considering your situation, the offer will be accepted.
As a small business owner, what receipts should I save for taxes?
In general, hold onto your gross receipts because they show the income for your business, which you must include when you file your taxes.
Gross receipts to save for taxes can include:
- Cash register tapes
- Deposit information
- Receipt books
- Invoices.
In addition, don’t forget to save your receipts for business purchases and expenses:
- Sales slips
- Paid bills
- Invoices
- Receipts
- Deposit slips
- Canceled checks
- Account statements
- Credit card receipts and statements
- Petty cash slips.