Frequently Asked Questions About Cloud Accounting Professionals
What is Cloud?
Cloud technology means storing and accessing data and programs over the Internet instead of your computer’s hard drive. Here at Cloud Accounting Professional, we use cloud technology to stores your information in our secure servers, allowing individuals and small businesses to connect and access that information from nearly any smart device.
Does Cloud Accounting Professionals Charge a Set Price for Personal or Corporate Tax Returns?
Our prices are calculated by how many Internal Revenue system forms are required and/or the most beneficial forms necessary to properly complete your tax. For example, an individual with only one W-2 and no other financial documents or other life expenses will require less forms completed compared to an individual with one W-2, two Children, went to school, and manages a small business.
Our prices can range from $200-$300 for Personal Tax Returns and $300-$400 for Corporate Tax Returns. This is a general estimate based on the average sales and is subject to change.
For a personal estimate please Request a Consultation. Consultation fees may apply.
Why Out-Source my Accounting?
Outsourcing your accounting services is a popular option for many businesses and the reason is simple; cost efficiency. You pay a fraction of the price that it would cost to hire an in-house accountant.
While many think its cost effective to hire a student fresh out of college or an experienced accountant, many don’t see how much strain this could put on a business. In the end, a young, inexperience accountant may cost you more than you bargained for. Alternatively, hiring an established accountant could set back your business up to 60 thousand a year or possibly more if they are certified by the state. These are two main reasons why out-sourcing has become a popular option.
How Does Cloud Accounting Professionals Stay Up to Date with Changes in Laws and Accounting Standards?
All employees at Cloud Accounting Professionals are constantly furthering their education to stay up to date with every change in tax law. We attend annual IRS sponsored Tax Forums, take continuing education courses, and are networked with multiple accounting organizations and newsletters that notify us immediately of any changes. We pride ourselves in delivering the most accurate, professional and standardized approach to handling your finances.
What Forms of Payment are Accepted?
We accept Cash, Checks, Debit or Credit Cards. We accept all major forms of payment; Visa, MasterCard, Discover and American Express.
Frequently Asked Questions About TAXES
FAQ about Taxes:
Is there an age limit on claiming my child as a dependent?
To be claimed as your dependent, your child must meet the qualifying child test or the qualifying relative test. To meet the qualifying child test, your child must be younger than you and, as of the end of the calendar year, either be younger than 19 years old or be a student and younger than 24 years old. There is no age limit on claiming your child as a dependent if the child meets the qualifying relative test.
You may claim a dependency exemption for your child, if all the following tests are met:
Qualifying child or qualifying relative test
Dependent taxpayer test
Citizen or resident test
and Joint return test.
I have not yet filed my last year’s taxes. Am I in trouble?
There is always extenuating circumstances that can change these outcomes but due you typically…
A. Receive a refund from the IRS?
If you you typically receive a refund there are no penalties. However, you have only three years from the due date of the return to file and claim a refund.
B. Owe the IRS?
If you you typically owe additional tax you will probably have a failure to file and a failure to pay on time penalty plus interest.
Where can I get transcript for my tax records?
Please visit Get Transcript to get a record of your past tax returns.
Can I receive a tax refund if I am currently making payments under an installment agreement or payment plan for a prior year’s federal taxes?
No. As a condition of your installment agreement, any future refunds will be applied against any outstanding IRS debt.
The IRS will automatically apply the refund to the taxes owed.
You must continue making your installment agreement payments as scheduled and in full. Your refund is not applied toward your regular monthly payment; therefore any payments due under the installment agreement must still be made in full.
Regardless of whether you are participating in an installment agreement or other payment arrangement with the IRS, you may not get all of your refund if you owe certain past-due amounts, such as federal tax, state tax, a student loan, or child support. For more information on these non-IRS refund offsets, you can contact the Bureau of Fiscal Service (BFS) at a toll-free number 1-800-304-3107