services do you provide?
A. . We prepare all tax returns including individual, corporation, LLC and LLP, non-profit, estate and trust, partnership, payroll, sales tax, property tax, and other taxes. We also sell computers and software as well as offering training. We offer bookkeeping, financial statements, accounts payable, and accounts receivable processing--in fact, any office function, including setting up an office, as part of our services.
A. The information found on this website is general in nature and may not apply to the reader's situation. Therefore, the reader should not rely on the information on this website alone. For specific advise, please call us at (206) 363-9918. Thank you.
Q. What is a reasonable wage for S corporation owners.
A. It is very difficult to determine what a “reasonable” wage might be. The IRS has held that in the case of personal service businesses if the owner provides the service then all of the profit could be considered wages. I suggest that if the profit before your salary is greater than the maximum for social security, then you could use the maximum earnings for social security as a salary amount and the remainder as a dividend.
Q. Which items qualify for a cafeteria plan deduction?
A. The main items consist of Qualified dependent care costs, disability income * accidental insurance, group-term life, dental, & health insurance premium costs, and medical cost not covered by insurance. Any unused amounts in a particular category are lost by the employee and reverts to employer by the end of the plan year
Q. Do I need to visit your office to have my taxes prepared?
A. It is not necessary to visit our office. Many clients utilize the mail or express services to send their information to us. For new clients, we encourage a meeting so that we can discuss your unique tax situation.
Q. Should I keep my old tax returns? If so, for how long?
A. Yes, you should keep your old tax returns for at least 6 years. When a return contains information pertaining to the basis of property owned, it should be kept until that property is sold. One of the benefits of keeping your tax returns from year to year is that you can look at last year’s return while preparing this years. If you do throw out an old return you may fill out form 4506, Request for Copy or Transcript of Tax Form, and send it to the IRS service center where you filed your return.