Below is a list of the questions and answers most asked by New Clients and those considering our services:
1. Can you service out of state clients, “NOT” in your area or city?
Truth Induced Financial INC. is licensed and certified to serve clients in all 50 states, Alaska and Hawaii. We offer a “Client Portal” to our clients which allows the company to receive taxpayer information, no matter where you are”, behind encrypted security ensuring taxpayer information is protected and secure from identity theft.
2. Do you prepare state taxes, business taxes and individual taxes as well? And if so, do you charge separately?
Truth Induced Financial INC. can handle “ALL” your tax filings including state and business tax filers, 1120 C Corp, 1120 S Corp, 1065 Partnerships, 990 Non Profits as well. Our fees include all forms and taxes needed to complete the file. The only separate fee is for bookkeeping and accounting services. And should taxpayer have to file in a different software package.
3. How much do you charge?
Software charges for every form that is needed to complete the taxpayer file. Without knowing what forms, services or amount of work to be done to complete the file, our office can only inform you our fees range from $0-$600.00 for the tax preparation. Each file is individual and fees will be discussed well before the tax file is electronically filed. Business tax filings have a flat fee of $600.00. This fee does include state filings as well for clients that are required to file.
4. How do you collect your fees?
Taxpayers “RECEIVING A REFUND”are allowed to have fees deducted from their refund, therefore, no money out of pocket. Should you “NOT BE RECEIVING A REFUND” taxpayers can pay for services on company website,and fees must be paid before the work is started.
5. How long does it take for you to complete the taxes?
Turnaround on most files are same day or next day, peak tax season, give 2 days.
6. How long before I can expect my refund?
The bank advises us to inform the taxpayer to expect a 8-10 business day wait for taxpayers with no issues. However, know that the IRS has 21 days before they ask you to contact their office.
Amendments must allow 6-8 Weeks due to this being a mail out file.
7. How do I check on my refund?
Taxpayers can utilize the irs.gov “Where’s My Refund?”, 72 hours after being ACCEPTED by the IRS to view if a deposit date is available.
Amendments look for “Where’s my Amended Refund?” on irs.gov
8. Do I need a DBA, EIN or business bank account before I am allowed to file my business?
NO. This information is “strongly encouraged” to have all 3 by this financial firm, however business owners with a legitimate business, actively participating with a profit/loss of business expenses, may file with Truth Induced.
9. What all can I write off?
Each business receives deductions according to the business code assigned their product or service. Truth Induced provides an outline profit/loss spreadsheet with a list of deductions taxpayers may qualify expenses incurred in the course of their business. Each business owner must provide “Yearly Totals” of expenses on the spreadsheet, should you have multiple businesses, multiple profit/loss spreadsheets will be required. Bookkeeping and Tax Preparation are separate services and we are also an accounting firm. It is requested to address all bookkeeping questions to that branch of our company. Allowing our Accountants to answer your questions. Email your bookkeeping questions to firstname.lastname@example.org.
10. What is the process if I am ready for your firm to prepare my taxes?
Our process has changed this year due to the new law changes, Truth Induced Financial INC. collects client information with the “Client Portal”. The client portal allows Truth Induced to receive information behind encrypted security to ensure the clients identity is protected. Once the taxpayer has registered for their client portal, access to the “Documents” will be available for printing. Each client will have to “Print and Upload” all necessary information into their portal, (for ex: Print and complete company application ensuring you “Sign” the application, include a copy of your drivers license and social security cards, spouse as well if married and all dependents on file a copy of their social must be uploaded with application, also a copy of ALL financial forms that need to be filed W2, 1099, 1098 Mortgage Interest, Social Security, Student Loan, Church Tithes, Charity etc.)
*Business Owners: complete same process just include copy of Profit/Loss Spreadsheet signed with qualified business expenses with yearly totals.
Once ALL information is collected, application completed and signed, ID copies included, upload info into your “Client Portal”(note:) collating pages into 1 document when uploading quickens the processing of your tax file.