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Tax Beasts FAQ
General Question
Got questions related to tax or bookkeeping services? Here are some frequently asked questions. If you have any specific questions that are not answered here, please contact Tax Beasts.
Organize all your documents in one place. Organizing your finances will make the process less stressful and maximize your deductions more likely.
Use last year's tax return as a starting point when working with a new accountant. The document should contain your personal information, your tax file number, your income streams, your tax offsets, deductions, and other relevant information. Your accountant will have access to all your data if you use a cloud accounting solution. If you have availed the bookkeeping services of Tax Beasts then we got you covered.
Yeah, For all your business accounts and for the period your accounts cover. Make sure to include statements from any deposit accounts or reserve accounts you have as well. If you still use checkbooks and paying-in books, include them as well.
In the US, federal and state income taxes are prepaid by each employer based on the “estimate” of tax liability indicated at the start of employment by the employee on the Form W-4. Since the withholding is only an estimate, employees are given an annual opportunity to reconcile the amount of tax withheld with how much was owed. The name of the form on which the reconciliation is made is called the “tax return”.
It is generally more efficient to spend a busy non-tax professional's time earning money in their field. You will save time and stress by hiring a professional, even if your tax situation is straightforward.
A tax return can be ready in as little as 48 hours after your accountant receives all your answers and documents.
Have Any Question?
Sometimes you need personalized answeres to your questions depending on your needs. To have your specific questions answered, please contact Tax Beasts.
