Frequently Asked Questions
-
What do I do if I receive a notice from the IRS
about my taxes?
- Don’t panic! the first thing to do is carefully
read the notice—to determine why it was sent, what the
IRS is requesting, and what they want you to do. It may be
nothing of importance; it may even be a notice in your favor.
After reading it you should bring it to our attention.
-
How long do I keep my records and tax
returns?
- You should keep your records and tax returns for at least
3 years from the date the return was filed or the date the
return was required to be filed, whichever is later. It is
recommended that you keep these records longer if
possible.
-
My employer tells me I will receive a 1099. What
does this mean for my taxes?
- When you receive a 1099, it means you are considered an
independent contractor. You will not have any withholding or
payroll taxes deducted from your pay. You should keep track
of all business expenses and a journal of your mileage driven
for work. If the amount you expect to receive is substantial,
you should probably be making estimated tax payments. Please
contact us if you have any questions about this.