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Individual Tax Questions
Do you do 1040 personal tax returns?
Yes. Lawhorn CPA Group provides individual tax services.
Do you provide individual tax services?
Yes. Plus, Lawhorn CPA Group offers a wide range of personalized individual services which go beyond traditional tax preparation. We can provide Federal and state tax return preparation, tax planning, retirement and financial planning, estate planning, and audit and tax notice resolution.
When will my tax refund be available?
Generally, once a tax return has been efiled and accepted, the IRS will issue a refund in less than 21 days. In many cases, taxpayers see their refund in less time. However, if you had to file your tax return on paper, it could take long to process your tax return and, therefore, will take longer to receive your refund. The IRS has an online tool called “Where’s My Refund?” which allows taxpayers to track their refunds once their return is in their system.
What if I can't afford to pay the tax I owe?
If you owe money with your Federal tax return, the IRS offers several payment options to those who qualify, including long-term and short-term payment plans. If you need a long-term payment plan, Lawhorn CPA Group can help you set up an installment agreement with the IRS. Keep in mind, there are setup fees and potential penalties and interest associated with an IRS payment plan.
What documents do I need to file my taxes?
When gathering your tax data, the documents you’ll need to provide will depend on your situation. We have compiled a tax document checklist which you can use to help you determine what documents you may need to provide. Examples of common forms you may need to consider include:
- W2s and/or 1099s showing wages or self-employment income
- 1099-INT and 1099-DIV showing interest and dividend income
- Mortgage Interest
- Personal Information (Names, dates of birth, SSNs)
- Dependent Information (Names, dates of birth, SSNs)
- Prior year returns (if prepared by a different firm)
When are taxes due?
If you are required to file a federal income tax return, the filing deadline is April 15th each year. If the 15th falls on a weekend or holiday, the deadline will fall on the next business day. If you are not able to file your return by the April 15th deadline, you can request a 6-month extension until October 15th. You will need to keep in mind that the extension to file your return does not extend your requirement to pay any tax owed should you owe with your return. If you expect to pay when filing your return, you should plan on making a payment with your extension.
How do I save on my taxes?
Business Tax Questions
Do you specialize in certain types of clients?
Lawhorn CPA Group works with business clients from a wide variety of industries, backgrounds, and locations. Our business clients range from small start-ups to medium-to-enterprise companies.
How often will we have meetings?
One of our core principles is unlimited communication. Whether over the phone, through teleconferencing, via email, or in person, an experienced accountant is always standing by to assist you with your business needs. Contact us today if you have questions or need assistance.
What entity should I choose for my business?
Determining the right business structure and entity type for your business can be difficult and involves strategic considerations. Because of the long-term financial and personal implications in setting up your business entity, you should seek the advice of an accountant or CPA before forming a business. Our guide on how to choose the correct business entity can give you some insights into which might be best for your situation. Contact us today to set an appointment to speak with an expert in entity setup.
How do self-employment taxes work?
Self-employed individuals do not receive a W-2 and, therefore, do not have taxes regularly deducted from their income. It is up to the self-employed individual to calculate what their income is and pay estimated tax on a quarterly basis. When filing your individual tax return, self-employment income/loss is calculated on Schedule C and then used on Schedule SE to calculate the amount of self-employment tax that should have been paid throughout the year. Self-employed individuals generally must pay self-employment tax (which covers Social Security and Medicare tax) as well as income tax. We recommend self-employed taxpayers work with an accountant who can help with tax-saving strategies, quarterly tax payment estimations, and filing tax returns.
How do I get self-employment tax deductions?
When figuring self-employment tax you owe, you get to reduce self-employment income by half of the self-employment tax before applying the tax rate. Self-employed filers can reduce their tax liability further by taking advantage of other tax deductions and benefits. Some of the more common deductions include mileage or vehicle expenses, home office expenses, utilities expenses and supplies. Contact us today to find out what tax deductions can work for you.
How to set up a federal tax payment plan?
If you owe money with your Federal tax return, the IRS offers several payment options to those who qualify, including long-term and short-term payment plans. If you qualify for a payment plan with the IRS, you can make your series of monthly payments in various methods, including:
- Direct debit from your bank account
- Payroll deduction from your employer
- Payment by EFTPS
- Payment by credit card via phone or Internet
- Payment via check or money order
- Pay with cash at a retail partner
If you need a long-term payment plan, Lawhorn CPA Group can help you set up an installment agreement with the IRS. Keep in mind, there are setup fees and potential penalties and interest associated with an IRS payment plan.
How do I make a payment to the IRS?
If you owe money to the IRS with your tax return, we can set up the payment with the return efile to be automatically debited (withdrawn) from your bank account on a specified date. You can also mail a check to the IRS using a payment voucher that instructs the IRS how to apply your payment (i.e., for tax year 2020). Businesses can also enroll with the Electronic Federal Tax Payment System to make secure federal tax payments. The IRS also accepts payments through its web site using bank account, debit/credit card information, and even wire transfers. Certain online payment methods have additional fees associated that should be considered.
How can I generate cash in my business?
Lawhorn CPA Group specializes in working with businesses to find innovative ways to generate cash flow, minimize cash outflow, and increase net profit. From implementing invoice workflows, to integrating payment technologies, to providing bookkeeping services through our Virtual Financial Office services, we have confidence that we can help your business generate and keep your cash.
How much salary should S corporation owners take?
When an officer of the company performs a service for the business and receives payment, that payment is categorized as wages. To determine what that payment should be, a good rule is to look at what’s reasonable for the work being performed in a similar sized business. The IRS guidelines suggest you look at the following factors to determine “reasonable” salaries for your corporate officers, including:
- Training and experience
- Duties and responsibilities
- Time and effort devoted to the business
- Dividend history
- Payments to non-shareholder employees
- Timing and manner of paying bonuses to key people
- What comparable companies pay for similar services performed
- Compensation agreements
- The use of a formula to determine compensation
Contact us today for more specific advice on how to set your S corporation owner’s salary while staying compliant with the IRS.
Can you help me form a C Corporation?
Yes. Lawhorn CPA Group has the tax experts and business advisers who understand what’s required to set up and maintain a C Corporation. We can obtain the new company’s EIN, create and file your articles of incorporation with the state, draft your corporate bylaws and shareholders’ agreement, and maintain corporate minutes to document the actions taken during board and shareholder meetings. Contact us now to turn your idea into reality.
What is the tax effect of a certain transaction?
There are a multitude of factors underlying the analysis of the best way to approach significant business transactions. Thus, business owners have many different options to take when faced with a particular transaction. Contact an accountant at Lawhorn CPA Group today to find out the choices you have on an upcoming business transaction.
Tax Form Questions
What tax form should I use?
The three basic tax forms for individuals are Form 1040EZ, 1040A, or 1040. Form 1040EZ is the simplest tax form and generally can be used when there are no dependents, no deductions to itemize, and taxable income is under $100,000. Using Form 1040A, the taxpayer can take certain tax breaks but is limited on certain tax credits and allowable deductions. Taxable income must still be under $100,000 but can include interest income and dividends among other things. If your income is greater than $100,000, you’ll fall into the category of those who file Form 1040. This form is more complex than the other two and will have the most options for you in the way of tax credits and deductions. Taxpayers with a more complicated tax situation will need to submit additional forms, called schedules, to calculate certain types of income or deductions that are then transferred to Form 1040. Contact Lawhorn CPA Group today to find out which tax forms your personal or business situation requires.
How do I notify the IRS my address has changed?
If your address has changed, you need to notify the IRS to ensure you receive any tax refunds or IRS correspondence. If your address has changed late in the year, you may consider waiting until you file your next tax return. Once your return is filed with your new address, the IRS will update its system. If you have moved in the middle of the year after filing your tax return, you can complete Form 8822, Change of Address, and mail it to the IRS. Contact us today for help filling out a Form 8822 and/or Form 8822-B.
What are some tax credits I can claim?
Some of the most common tax credits include:
- Earned Income Tax Credit
- American Opportunity Tax Credit
- Child and Dependent Care Credit
- Savers Tax Credit
Contact an accountant at Lawhorn CPA Group now to learn how you can maximize deductions and tax credits to reduce your tax liability while avoiding potential costly mistakes.
What's the difference between a tax credit and a tax deduction?
The essential difference between deduction and credit is that a credit directly decreases the amount of tax you owe, while a deduction lowers your overall amount of taxable income.
What is Section 199A and how can it be used to benefit my situation?
Section 199A of the Internal Revenue Code provides many owners of sole proprietorships, partnerships, S corporations, and some trusts and estates, a deduction of income from a qualified trade or business. The deduction, called the 199A deduction, can, in certain situations, provide up to a 20 percent tax deduction on one’s qualified business income. Income earned through a C Corporation or by providing services as an employee is not eligible for the deduction.
What are some tax deductions I can claim?
A few of the most common itemized deductions include:
- Medical and dental expenses
- Home mortgage points
- Work-related education expenses
- Charitable contributions
- State and local income, sales, and property taxes.
Contact a tax expert at Lawhorn CPA Group to understand what deductions you may be able to apply to reduce your tax liability while avoiding costly mistakes.
Business Intelligence Questions
Can you help me implement business intelligence in my business operations?
Yes. Lawhorn CPA Group has experience employing business intelligence (BI) to provide the reporting and analysis needed to help businesses save money, increase operational efficiency and productivity, and predict success. Employing BI into your business operations provides you with the tools to make smarter, data-driven decisions.
What is business intelligence?
Business intelligence comprises the strategies and technologies used to analyze business information. BI technologies provide businesses with historical, current, and predictive views of business operations allowing business owners to make smarter strategic decisions.
Financial Advisory Questions
Do you specialize in certain types of clients?
How do you charge for your services?
Lawhorn CPA Group has used value-based pricing to charge for our services for over a decade for our accounting, financial, tax, and business services. Value-based pricing allows us to put ourselves in your shoes to determine the value our team and expertise means for you and your business. It removes the pressure of the traditional billable hour so that we are focused on the work we do for you and the results we can provide. Contact us for more information.
Can you help with Roth IRA taxes?
How do I handle estate, trust, and inheritance issues?
How can I take advantage of gifting rules?
Proactive tax planning will help you weigh your gifting options and take advantage of gifting rules. Typically, gifts recognized by the IRS include gifts by married taxpayers, “Unified” credit for taxable gifts, gifts of appreciated assets. Contact Lawhorn CPA Group now for access to tax and estate planning expertise.
How much does your service cost?
Will we get a dedicated account manager?
Lawhorn CPA Group Support
How do I make a payment to Lawhorn CPA Group?
• Monthly Installments
• Electronic Funds Transfer
• Credit Card
Alternatively, you can mail your payment to or make payments in person at any one of our office locations. Please contact [email protected] with additional questions.
What's your experience with the IRS?
Who will be doing the work?
Teamwork is vital to our culture and the ability to service the needs of our clients. Our staff works together to complete client work on time. Additionally, with unlimited communication, we offer you the ability to contact any one of our team of accountants to discuss your business or individual tax issues.
How do you bill for your services?
Are you available year-round?
How often will we communicate about tax issues?
When we join your small business team as your tax and accounting experts, we provide your business with solutions customized for your needs. Depending on the services you need and your unique financial situation, we may communicate with you or your business team weekly, monthly, or quarterly.
Contact one of our accounting, tax planning, or business advisory specialists today to tap into tomorrow’s insights today. Everything Lawhorn CPA Group does is to help your business improve results by providing business services you need when you need them.