F-A-Q

 

When do I need to File:

Partnerships (1065) and S-Corp (1120s): need to be filed by March 15th

Non-Profit (990), C-Corp (1120) and Personal (1040): need to be filed by April 15th

All Fiscal year returns need to be filed 5 months after the fiscal year ends.

 

When are Estimated Taxes Due:

1st Estimated is due April 15th

2nd Estimated is due June 15th

3rd Estimated is due September 15th

4th Estimated is due January 15th

 

When are Quarterly Business Taxes Due:

1st Quarter is due April 15th

2nd Quarter is due July 15th

3rd Quarter is due September 15th

4th Quarter is due January 15th

 

What is the maximum contribution to a 401k can someone make: For 2022 the max contribution is $ 20,000.00

 

What is the maximum contribution to a Traditional or Roth IRA can someone make: For 2022 the max contribution is $ 6,000.00.  If you are 50 or older at the end of the tax year you can contribute $ 7,000.00

 

What is the maximum contribution to a Sep IRA can someone make: For 2022 the max contribution is 25% of the employee salary with a max dollar value of $ 59,000.00

 

What is the maximum contribution to a Simple IRA can someone make: For 2022 the max contribution is $ 14,000.00. If you are 50 or older at the end of the tax year you can contribute $ 17,000.00

 

Business Income Tax

 

What the service includes:

 

When you call to schedule your appointment, we will discuss your return and schedule a time for you to get your return done.  Most returns take about 2 hours, and you will walk out with a copy of your return.  All returns can be filed electronically for your convenience.  During your appointment we will go over your tax documents you bring.  We will then ask you about the business income and expenses that you accumulated during the year.  We want to prepare the most accurate return we can.  If you do not have time for an appointment, we can take drop offs.  We will call you when the return is completed to go over our results before we file the return.  We look forward to working with you soon.

 

Who needs to file:

 

 Any Registered Business or Individual that made money selling a product or service needs to claim that money as income.  The way you file determines on the way your business was structured at set up or an individual having a side job to make some extra money.  All income needs to be recorded and all expenses can be deducted from your income to give your business a profit or a loss.   

 

What is the cost:

 

All prices are base prices and subject to change

  • Long Form with a Schedule C starting at $ 260.00
  • 1120 or 1120S Corporation and 1040 Personal starting at $ 300.00
  • 1065 Partnership and 1040 Personal starting at $ 300.00

 

Please feel free to contact us for an appointment or with any of your tax questions

 

Ron Humphreys (410) 326-0198

Todd Humphreys (609) 203-6884

 

Personal Income Tax

 

What the service will include:

 

When you call to schedule your appointment, we will discuss your return and schedule a time for you to get your return done.  Most returns take about an hour, and you will walk out with a copy of your return.  All returns can be filed electronically for your convenience.  During your appointment we will go over your tax documents you bring.  We will then ask you about energy credits, school rebates or any medical costs to prepare the most accurate return we can.  If you do not want to sit for an appointment, we can take drop offs.  We will call you when the return is completed to go over your results before we file your return.  We look forward to working with you soon.

 

Who needs to file:

 

If your filing status is Single and under 65 years of age your income needs to be over $ 12,550.00.  If your age is 65 or older your income needs to be over $ 14,250.00

If your filing status is Head of Household and under 65 years of age your income needs to be over $ 18,800.00.  If your age is 65 or older your income needs to be over $ 20,500.00

If your filing status is Married filing Jointly and both are under 65 years of age your income needs to be over $ 25,100.00. If one taxpayer is 65 or older your income needs to be over $ 26,800.00. If both taxpayers are 65 or older your income needs to be over $ 28,500.00

 

What is important of 2022:

 

Yes, there was one stimulus back on April 15th of 2021.  You should have received an Economic Impact Letter (Form 6475) with your total that was received.

If you did not opt out of the Advance Child Tax Credit, which was money sent on or about the 15th of the last 6 months of the year, you should receive a letter (Form 6419) for each of the taxpayers on the return.  This letter will have the dollar value you received for each of your children.

 

What is the cost:

 

All prices are base prices and subject to change

  • Short Form Preparation $ 150.00
  • Short Form and Schedule A $ 185.00
  • Each additional Schedule or Form $ 75.00

 

Please feel free to contact us for an appointment or with any of your tax questions

 

Ron Humphreys (410) 326-0198

Todd Humphreys (609) 203-6884