Have Questions?

Below you'll find answers to the most common questions you may have on Bookkeeping, Taxes, or your experience working with CAST. If you still can't find the answer you're looking for, just hit us up!

  1. What are the documents needed to start tax preparation?
  2. Do I need receipts?
  3. What accounting system do I need?
  4. What is needed from me to finalize the tax return?
  5. What is the best structure for my business?
  6. Are payment plans available for the tax amount due?
  7. Do I need to pay quarterly tax payments? How much should they be?
  8. Am I paying business taxes or personal taxes?
  9. What do I provide for documentation when they ask for business tax returns?
  10. What do I need to have prepared for our meetings? What documents do you need from me for our accounting meetings?

What are the documents needed to start tax preparation?

  • W-2
  • K-1
  • 1099-MISC
  • 1099-NEC
  • 1099-G
  • 1098
  • Unmasked copy of last year's filed tax return *most important*
  • Pictures of driver's license
  • Account number and routing number for refund direct deposit
  • Summary of itemized Deductions (medical expenses, charitable donations, etc.)
  • Summary of retirement account contributions

Do I need receipts?

We don’t actually need (nor want) receipts to prepare your tax returns. Receipts are more of reminders about what you spent your money on throughout the year. Further, you want to make sure that you have the documentation saved in case anyone asks a question about the tax deductions you presented on your return. So long story short, receipts are more for you not for us.

What accounting system do I need?

That will depend on what you are looking to do with your business long-term. We can talk about that in a full discussion but here’s a tidbit, QB self-employed is usually not the best option unless your business is very small and will remain that way.

What is needed from me to finalize the tax return?

We need your signature on the 8879, e-file authorization form for the Federal return. Most state returns utilize the same form but there are some that require their own in which case we need your signature on that one too.

What is the best structure for my business?

That depends on how much income you anticipate bringing in because the type of structure is going to dictate the tax strategy for your business.

Are payment plans available for the tax amount due?

Yes, there are payment plans available if needed.

Do I need to pay quarterly tax payments? How much should they be?

That depends on a lot of factors that we couldn’t possibly lay out completely in this blurb. A good rule of thumb to get started on calculating the amount of tax is to multiply your income by the self-employment tax rate, 15.3%. Also, don’t hold this in a savings account, pay it in!

Am I paying business taxes or personal taxes?

That depends on the structure of your business. If it is an LLC, partnership or S-corporation, income taxes are personal taxes.

What do I provide for documentation when they ask for business tax returns?

That depends on the structure of the business.
If LLC  ➤  Schedule C of the personal return
If Partnership  ➤  Form 1065
If S-Corp  ➤. 1120s
If C-Corp. ➤. 1120

What do I need to have prepared for our meetings? What documents do you need from me for our accounting meetings?

Mainly we just need your smiling face, along with your bank statements for the previous month.

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