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| Frequently Asked Questions (FAQ) |
4518 Nashwood Ln
Dallas, Texas 75244
(972) 788-1524
info@strategictaxgroup.com
Dallas, Texas 75244
(972) 788-1524
info@strategictaxgroup.com
STG
| STRATEGIC TAX GROUP Your Tax Professional |
How can Strategic Tax Group help with filing my tax returns?
We stay abreast of all changes in the law and can reflect our knowledge in any complex area
of tax preparation. We are more than equipped to help you through a range of tax issues,
including individual, personal, and business tax preparation. In fact, Strategic Tax Group has
been helping clients since 1986! We are ready to provide reliable and affordable services to
address your needs.
Because the area of tax preparation and corporate tax is incredibly complex, we have provided
a list of frequently asked questions, which you can read more about below.
Are there deadlines for filing my tax returns?
Remembering important tax deadlines can be key to avoiding costly mistakes down the road. If
a deadline falls on a weekend, the deadline will automatically be extended to the following
Monday. In addition, if you are unable to meet a deadline, you may be able to petition for a 6-
month extension or a 5-month extension for Partnership and S-Corporation returns.
Tax return deadlines are as follows:
What records should I keep along with my tax returns, and how long do I need to
keep them?
In the event that any of your tax deductions should be questioned, having proof of
documentation will be key to avoiding serious inspections or audits. We suggest that our
clients always keep records of bank statements, credit card statements, cancelled checks,
invoices, and receipts. Mileage logs, meal expenses, and other records for business purposes
can also be important. Donations or non-cash contributions, such as clothes or other property,
should be verified with proof of receipt or acknowledgement letters from charities.
Why should I hire a tax preparer?
Very few people actually enjoy filing their own taxes. Even with the help of computer software
programs, the risk of running into problems still exists. In addition, computer software programs
are not formulated to take into account special circumstances or your unique financial
portfolio. Not only are we prepared, trained, and licensed to take on complex tax issues, but we
also offer personal and ethical tax services that can help our clients maximize their returns
while minimizing the risk of unnecessary IRS involvement.
What are the business mileage rules?
Defined
You are allowed a deduction for reasonable ordinary and necessary business expenses
relating to use of your vehicles.
Includes
Expenses for business related mileage to meet with customers or prospective clients, pick up
and deliver, and other business related activities.
Excludes
Commuting mileage from your home to your first business stop and from your last business
stop to home (unless your office is at home).
Rules
You may claim your auto deduction using either the actual expense method or the mileage rate
method. If you use actual expenses, you can deduct the (business use percentage of) vehicle
depreciation or lease payment, interest on the loan, gas, maintenance, repair and insurance. If
you use the mileage method, you multiply the number of business miles by the current mileage
rate.
Limit on Deduction
The 2018 mileage rate is 54.5 cents per business mile.
Tax Records
You must keep a daily written log of where you went, the business purpose and number of
miles driven. You may use the enclosed Mileage Records for that purpose. If you forget or find
it hard to do on a daily or weekly basis, keep track of where you traveled in your daytimer so
you can fill in the blanks before the end of the year.
Tax Strategy
Combine business and personal trips to write off mileage that would otherwise be personal. If
you drive an expensive vehicle and drive few miles, the actual expense method may be more
advantageous. If you drive a less expensive vehicle and travel a lot of business miles, the
mileage method will generally create a larger deduction.
Beware
This is one of the first places the IRS will look in an audit. Be sure you have good records or
the deduction will be disallowed. Mileage records are required by the IRS regardless of
whether you use the actual expense or mileage method.
We stay abreast of all changes in the law and can reflect our knowledge in any complex area
of tax preparation. We are more than equipped to help you through a range of tax issues,
including individual, personal, and business tax preparation. In fact, Strategic Tax Group has
been helping clients since 1986! We are ready to provide reliable and affordable services to
address your needs.
Because the area of tax preparation and corporate tax is incredibly complex, we have provided
a list of frequently asked questions, which you can read more about below.
Are there deadlines for filing my tax returns?
Remembering important tax deadlines can be key to avoiding costly mistakes down the road. If
a deadline falls on a weekend, the deadline will automatically be extended to the following
Monday. In addition, if you are unable to meet a deadline, you may be able to petition for a 6-
month extension or a 5-month extension for Partnership and S-Corporation returns.
Tax return deadlines are as follows:
- W-2 and 1099 Forms - Must be mailed by employers before January 31st
- Personal Returns - April 15th
- Business Returns - April 15th
- Partnership and LLC Returns - March 15th
- Self-Employed Tax Returns for Business Tax Renewal - Last day of February
- Employer Payroll Forms & Taxes - Required every quarter on April 30th, July 31st,
October 31st, and January 31st
What records should I keep along with my tax returns, and how long do I need to
keep them?
In the event that any of your tax deductions should be questioned, having proof of
documentation will be key to avoiding serious inspections or audits. We suggest that our
clients always keep records of bank statements, credit card statements, cancelled checks,
invoices, and receipts. Mileage logs, meal expenses, and other records for business purposes
can also be important. Donations or non-cash contributions, such as clothes or other property,
should be verified with proof of receipt or acknowledgement letters from charities.
Why should I hire a tax preparer?
Very few people actually enjoy filing their own taxes. Even with the help of computer software
programs, the risk of running into problems still exists. In addition, computer software programs
are not formulated to take into account special circumstances or your unique financial
portfolio. Not only are we prepared, trained, and licensed to take on complex tax issues, but we
also offer personal and ethical tax services that can help our clients maximize their returns
while minimizing the risk of unnecessary IRS involvement.
What are the business mileage rules?
Defined
You are allowed a deduction for reasonable ordinary and necessary business expenses
relating to use of your vehicles.
Includes
Expenses for business related mileage to meet with customers or prospective clients, pick up
and deliver, and other business related activities.
Excludes
Commuting mileage from your home to your first business stop and from your last business
stop to home (unless your office is at home).
Rules
You may claim your auto deduction using either the actual expense method or the mileage rate
method. If you use actual expenses, you can deduct the (business use percentage of) vehicle
depreciation or lease payment, interest on the loan, gas, maintenance, repair and insurance. If
you use the mileage method, you multiply the number of business miles by the current mileage
rate.
Limit on Deduction
The 2018 mileage rate is 54.5 cents per business mile.
Tax Records
You must keep a daily written log of where you went, the business purpose and number of
miles driven. You may use the enclosed Mileage Records for that purpose. If you forget or find
it hard to do on a daily or weekly basis, keep track of where you traveled in your daytimer so
you can fill in the blanks before the end of the year.
Tax Strategy
Combine business and personal trips to write off mileage that would otherwise be personal. If
you drive an expensive vehicle and drive few miles, the actual expense method may be more
advantageous. If you drive a less expensive vehicle and travel a lot of business miles, the
mileage method will generally create a larger deduction.
Beware
This is one of the first places the IRS will look in an audit. Be sure you have good records or
the deduction will be disallowed. Mileage records are required by the IRS regardless of
whether you use the actual expense or mileage method.