Q. Can you file in multiple states?
A. Yes, HHL can file tax returns in all 50 states.
Q. What if I haven’t filed tax returns in previous years. Can you help me?
A. Yes we can. There are different filing requirements. Best recommendation is to setup a meeting with HHL asap.
Q. What if I found an error?
A. We can review your return and work with you to determine the best course of action.
Q. What happens if you do not file a tax return?
A. The failure to file penalty was recently increased for returns filed after calendar year 2015. The penalty is equal to 5% of the additional taxes owed amount for every month the return late, up to a maximum of 25%. The minimum failure to file penalty is the lesser of $135 or 100% of tax owed.
Q. What happens if you fail to pay your tax balance due by the date on the return?
A. If you fail to pay the balance due by the date of the return a penalty of 0.5% of the amount of unpaid tax will be applied for each month (or partial month) it isn’t paid up to a maximum of 25% of the amount owed.
Q. When should the decision to file an extension be?
A. Prior to April 15th to avoid late filing fees.
Q. When do you need my information?
A. In order to process your return prior to the April 15th deadline we need all of the requested tax information by April 1st at the latest. If you are unable to meet the deadline we would be happy to file an extension on your behalf.
Q. How much do you charge for a return?
A. As no two returns are the same HHL Group uses an hourly billing rate which varies based upon the individual working on the return. A more complex return will require more time and thus cost more. Please call the office to set up an appointment and discuss your personal tax situation.
Q. What is required of me personally?
A. We ask that you are responsive to documentation requests and show up to scheduled meetings on time.
Q. How long should I keep my tax records?
A. Please refer to our document library re: Individual Record Retention
Q. What should I do if I made a mistake on my federal returns?
A. We are able to amend your return and correct any errors which you might have made previously.
Q. What if I owe taxes and can’t pay the full amount?
A. By working with us we can help you better estimate your taxable income to avoid any “surprises” when filing your personal and/or business return. If you owe money to the IRS which you are unable to pay there are several options available including a payment plan. *Some conditions apply.
Q. Can I defer taxable income to a later year?
A. There are various income planning strategies which can be utilized to reduce your tax burden. Please contact the office to set up a meeting with one of our consultants.
Q. How do I know if I have to file quarterly individual estimated tax payments?
- Generally if you expect to owe tax of $1,000 or more when you file your return you have to make estimated tax payments. These payments must equal 100% of the prior year taxes or 90% the current year tax that is owed.
Q. How long should I keep my old Records?
A. Situations differ for every individual and business. Refer to our business retention records in the document library for leading practices.