Here is something special...
A FREE
charitable Contribution Spread Sheet!
CLICK HERE
Schedule an Appointment
Kodra and Associates, Inc.
6398 Del Cerro Blvd. #7
San Diego, CA 92120
619.582.0911
Fax: 619.265.2970
License #A010272
| You are likely to have a few questions before we meet so we would like to give some answers to those which are most commonly asked. We hope this will be of assistance to you. If you think your Q/A should be listed then please notify our site developer |
|
FAQ's Individual:
|
FAQ's Business: |
What services does your firm offer?
We offer complete tax preparation, bookkeeping, financial consulting and audit representation. Our firm is a year round full time office which prides itself on providing the most comprehensive and friendly service available.
How much does your firm charge?
Our fees for tax preparation are based on the complexity and forms required to prepare your tax return. Bookkeeping, consulting and audit representation are based on an hourly rate. It’s best to call to discuss your specific situation so we can estimate your fee.
Do I have to make an appointment?
We only work on an appointment basis to reduce your wait time, you may also mail/email your information to us and set up a phone appointment to discuss the details of your situation.
Can I file an extension, how does it work?
Extensions are an extension of time to file, NOT to pay. We will gladly file an extension for you however if you believe you may owe it's best to mail in your best estimated tax due with the extension to avoid penalties and interest. We can help you estimate if you need help.
What States does your firm prepare, can you complete a return if I'm out of the country?
We prepare all 50 states and can complete multi-state returns if necessary.
How long do I have to keep my paperwork?
The rule is 3 years due date which the time frame the IRS has to audit your return. However if you have a business or real estate you must retain records on the deductions and cost basis which may last as long as 30.5 years. Keep all real estate records separate from your yearly information as you will need these when you sell.
What should I do if I get a letter from IRS/State, what if I get audited?
Get us the letter immediately, these letters are not always correct and part of your preparation fee is to handle these situations.
How do I get a copy of an old return?
We are required to keep the returns we prepare for two years however you may find we have copies of all the returns we prepared. There is a $10 charge for a full copy. If we did not prepare your return you can request a copy from the IRS for a $43 charge.
What's an Enrolled Agent (EA)?
An Enrolled Agent is an individual who is licensed by the IRS to assist individuals and businesses with all different types of tax problems. To become and Enrolled Agent you must pass a comprehensive two day examination administered by the IRS and devoted entirely to income taxes.
Should I purchase or lease a new vehicle?
One of the most popular questions: We generally recommend purchasing a vehicle rather than leasing (renting) one. There are certainly situations in which Leasing makes more sense. We believe it's best to call to discuss your options and the specifics of your situation.
What are the rules on selling Real Estate?
If you sell your primary residence and you lived in the home for two of the previous five years you can make $250,000 (single) $500,000 (married) profit and pay no income tax. Please note when figuring your profit do not include outstanding loans, simply take the sale price and subtract (purchase price + closing costs [in,out,refi] + improvements) to calculate the gain. Losses on primary residence are never deductible. If you sell a second home or investment property the same calculation is used to figure your profit or loss. In some circumstances we need to also factor the recapture of depreciation. It's best to call and discuss this situation before you proceed?
I have subcontractor when are 1099 required and due?
If you pay anyone more than $600 per year and they are not incorporated you are required to fill out and provide a 1099 to them by January 31st. We are able to assist you with the preparation of these for a small fee.
Should I incorporate?
This is a complication question and handled best by an indepth review and analysis of your specific situation. Please call to schedule an appointment if this is something you are considering.
What State should I incorporate in?
This is an important question and should be discussed with one of our staff. Please note if you incorporate in a different state then the one you work and operate in you must file in the state your operation is based in.
How much does it cost to be a Corporation?
There are several additional costs to being incorporated. You will have to file a separate return, your state may impose an annual fee (most do), you may have to start doing payroll, and pay a licensing fee to your respective city. Please call to discuss.
Can I do it myself or do I need to pay an attorney?
We highly recommend you consult with qualified counsel regarding setting up your entity, remember this is your business. You can use the online companies, however from our experience, if you have problems down the road, the cost to fix what you do incorrectly will be substantially higher than paying a little more upfront.
What's the difference between S-Corp, C-Corp, & LLC?
These three are all different in the way they operate and the requirements for tax preparation. We Highly recommend you schedule an appointment to discuss the differences and neonces of each of these entities to determine which is best your specific situation.
When are corporate returns due?
C-Corp's are due two and half months from end of their year, if a calendar year your return will be due on March 15th. S-Corps are always due on March 15th and LLC's (including Partnerships) are due on April 15th. Extensions are available on all of these.
