Q: How much is the fee to have a typical return prepared?
A: It's difficult to quote a price for a return, since all returns are different. Some returns are as low as $50, more complex returns cost around $300. The fee you will be charged at PowerTaxes is VERY competitive. If you have had your return prepared in the past by one of the common tax companies (H&R Block, Liberty, Jackson Hewitt, AllTax, etc.), then it is guaranteed that the cost at PowerTaxes will be lower. Most of the common companies charge by the form, even if just one number is entered on the form. PowerTaxes charges by the time it takes to complete all returns, which lowers the fee.
Q: What services are included in this fee?
A: The fee includes preparation of both Federal and State returns, along with any applicable city returns. Also included is electronic filing of your Federal return and all State returns. City returns can not be electronically filed, and are simply mailed.
Q: Do I have to wait while my return is prepared or can I drop my information off?
A: Most returns only take about an hour to prepare, so you have the option of waiting while your return is prepared or you can drop off your information and pick up your completed return later in the day or even a few days later. PowerTaxes is conveniently located near Lakeside Mall and Partridge Creek Mall, so you can drop off your information, go shopping for a little while and come back later in the day. Also, there are many restaurants and stores in the area, including Panera, Fridays, Outback, and a local coffee shop across the street. There also is a Lifetime Fitness on the same street less than a half mile away, so gym members can work out while their return is prepared.
Q: What information do I need to bring?
A: All of your tax related documents. These documents vary per person, but a common list includes: W-2s, Mortgage Interest Statements, Real Estate Taxes, Interest & Dividend Income Statements, Social Security Information, Student Loan Interest, Tuition Expenses, Brokerage Statements of Stock Transactions, Charitable Contribution Receipts, Alimony Paid and/or Received, License Plate Renewal Fees. In addition, a copy of your prior year Federal and State returns is very helpful, sometimes there are figures that carry forward, so it is important not to miss these amounts.
Q: I am married, how do I know if I should file "Married Filing Jointly" or "Married Filing Separately?"
A: All your tax information will be entered and your return will be generated under both elections. Your return will be filed with whichever election is most beneficial for you and your spouse.
Q: I moved into Michigan midway through last year and need to file 2 State returns, can PowerTaxes do this?
A: Yes. The software PowerTaxes uses can prepare all State returns, so the State you moved from can also be prepared. Both State returns can be electronically filed.
Q: I have a side business that I started, can this also be prepared?
A: Yes. Depending on how your business is set up, it may be part of your personal 1040 return on a special schedule. Alternatively, your business may need to file its own return, usually on either form 1120, 1120S, or 1065. PowerTaxes will ask you a few simple questions to determine which form is correct for your business.
Q: I am in a very low (or very high) tax bracket, does PowerTaxes prepare returns for taxpayers in all tax brackets?
A: Yes. PowerTaxes has extensive knowledge and experience with all tax brackets and prepares returns for taxpayers of any income, including those who receive the EIC (Earned Income Credit) to those who pay on AMT (Alternative Minimum Tax).
Q: What are the benefits of using a CPA?
A: Anyone can legally prepare your tax return. A CPA has at the minimum graduated from an accredited undergraduate university with a degree in either Accounting or Finance and has passed a very complicated State administered exam. CPAs have at least 2 years of public accounting experience. Also CPAs have a continuing education requirement of 40 hours per year to keep their license current and educate themselves on tax law changes that may benefit clients with higher refund amounts. All returns prepared by PowerTaxes have been prepared by a CPA. Many of the preparers at common tax companies (H&R Block, Liberty Tax, and similar operations) are part-time people with no tax or accounting backgrounds who have simply taken a 6 week course given inhouse at these companies.
Q: I haven't filed my returns for the past 3 years, can all 3 years be prepared?
A: Yes. It's actually more common then you would think for people to get behind in their filings. PowerTaxes has software dating back to 2000, so past returns can be filed with ease.
Q: I need my refunds as soon as possible, about how long will it take to receive my refunds?
A: With electronic filing and direct deposit into your checking or savings account, you can have your Federal and State refunds in as little as 7-10 days.
Q: I live in Southern Michigan, can I still become a client?
A: Yes. Where you live in Michigan does not matter. Most the clients of PowerTaxes are from Metro Detroit - Macomb County and Oakland County: Shelby Township, Sterling Heights, Warren, Troy, Macomb, Clinton Township, Utica, Washington Township, Birmingham, Mount Clemens, and Royal Oak. Some clients actually live in Ohio. PowerTaxes has even retained clients who have moved to Illinois and Florida.
Q: Is it necessary to make an appointment?
A: Yes. Due to the large growth in business, appointments are now necessary and can actually cut the time it takes to prepare your returns, thus lowering the fee. During tax season, late January through mid April, PowerTaxes is open approximately 50 hours, so appointments can be made almost any time, early or late in the day. Appointments are even available during closed hours for those who have special schedules.
Q: I wasn't 100% satisfied with my tax preparer last year, can PowerTaxes look at my prior year return?
A: Yes, PowerTaxes will look at your prior year return. That is also why it is important to bring a copy of your prior year return. Sometimes just a general overview will result in discovering errors or omissions by the prior preparer. Sometimes, an error in the prior year will signal PowerTaxes that the returns for the past 3 or 4 years should be reviewed. During the 2010 tax season alone, PowerTaxes amended many prior year returns prepared by other tax companies. These amended returns prepared by PowerTaxes resulted in refunds totalling in the thousands of dollars.
Q: Is PowerTaxes available after the traditional tax season to prepare returns?
A: Yes, but only by appointment. Between April 15 and December 31, PowerTaxes performs Corporate Tax Consulting. During 2011 over 1,000 hours of Corporate Tax Consulting of International Corporations was performed by PowerTaxes.