General FAQ

Here are the answers to some of the most Frequently Asked General Questions our firm receives. For Tax Questions-see Tax FAQ

Q. REMEMBER:
A. The information found on this website is general in nature and may not apply to the reader's situation. Therefore, the reader should not rely on the information on this website alone. For specific advise, please give us a call.

Q. What services do you provide?
A. We prepare all tax returns including individual, corporation, LLC and LLP, non-profit, estate and trust, partnership, payroll, sales tax, property tax, and other taxes. We also sell computers and software as well as offering training. We offer bookkeeping, financial statements, accounts payable, and accounts receivable processing--in fact, any office function, including setting up an office, as part of our services.

Q. Do you offer Financial Services?
A. Yes. Please visit: www.myhdvest.com/mitchramsey

Q. I currently use an outside payroll service, and, frankly, have not been pleased for various reasons. What alternatives do I have?
A. We have access to a very good payroll alternative that you can access and use right in your office you can do as much as you want, or we can do it all for you. This is a reasonably priced alternative, competitive with the nationally known services, and offers you the flexibility of running your own payrolls on YOUR schedule. Direct deposit, ACH tax payments and easy import to your QuickBooks or other accounting software are features of this very good software. Call us for a demonstration!

Q. What are your hours and are you a seasonal company?
A. We are open from 9am to 6pm EST six days a week. Our extended hours reflect our commitment to offer our services at a time most convenient with our client's.

Q. What is a reasonable wage for S corporation owners?
A. Ideally, the best way to set pay is to use an amount comparable to an individual being paid similar rate in your industry. Otherwise, I use a standard rule of 50\50. Basically, 50% of income available to owners should be taken as wages and the other 50% should be taken as dividends.

Q. Do I need to visit your office to have my bookkeeping work prepared?
A. It is not necessary to visit our office. Many clients utilize the mail or express services to send their information to us. For new clients, we encourage a meeting so that we can discuss your unique tax situation.

Q. What size clients do you serve?
A. We provide services to home based businesses, professionals, and small convenience stores, as well as larger businesses. Our owner has worked for companies with annual sales revenues in excess of $4 million.

Q. What size clients do you accept?
A. We accept any client within our service range. If the engagement is very large, we will accept it if we feel we have the staff to handle it. If we don't have the appropriate staff, we may form an alliance with another CPA firm and perform a joint engagement. There is no account too small to be considered important in our office.

Q. How do you charge for your services and how does your cost compare to other tax preparation firms?
A. We can give you a quotation of our expected costs. When providing our services, if we can help you reduce our time, we will tell you how. Our support, such as our tax organizer, is designed to offer professional, fast, and accurate services and to minimize our charges to you. Our overhead is kept low to allow us to pass our cost savings onto our clients. Our charges are normally less than other quality firms.

Q. Do you work with Start-up Companies?
A. Yes! Many of our clients are just starting in business. We will lead you through the necessary governmental forms. Through our networking, we can also assist in finding you other necessary professionals to deal with (lawyers, insurance agents, mortgage brokers, etc.) throughout the state.

Q. I want to start a new business. Can you tell me which type of business I should form?
A. Yes. When setting up a new business, it is crucial to set up the right type of business, such as corporation, S corporation, limited liability company, limited liability partnership, partnership, sole proprietorship, etc. Our consulting services will help you form the right type of business based on your unique situation with consideration given to liability issues and tax advantages.

Q. How are Limited Liability Companies (LLC) taxed?
A. A single-owner LLC defaults to being taxed as Sole Proprietorship. Income/loss from the LLC is reported on the owner’s personal income tax return. A multi-member LLC defaults to being taxed as a Partnership. A Partnership tax return must be filed. The profit or loss is then reported on the owner’s personal tax return. Any LLC can elect to be taxed as a corporation. To do so, one must file an election within 75 days of creating the LLC.

Q. What is the Social Security wage base and rate?
A. The wage base is $106,800 for 2009, up from $102,000 in 2008. The FICA rate remains the same: 7.65% for employees and 15.3% for self-employed individuals. The Social Security portion is 6.2% of wages up to the wage base. The Medicare portion is 1.45% (2.9% for self-employed) of wages with no ceiling.

Q. What is the standard mileage rate?
A. The standard rate is 55.0 cents/mile for year 2009. The rate was previously 50.5 cents/mile for first half of 2008, and 58.5 cents/mile for second half of 2008.

Q. What do I need to do to start a new business?
A. We would rather that you contact us at the beginning. There are many different kinds of companies and we can help you select the best one for the kind of company that you will be setting up. Then we will continue to help you with payroll, tax returns, monthly accounting, and financial statements to whatever degree you need.

Q. Should I use a lawyer or an accountant to incorporate my business?
A. Although lawyers can get the paperwork together to make your incorporation happen, they might not know all the different tax laws that can apply to the different kinds of incorporations. Therefore, we suggest you see an accountant first to find out exactly which kind of incorporation you should pursue. Then have either your accountant or the lawyer finish the paperwork.

Q. Do I need a Certified Public Accountant or is an accountant okay?
A. Some people do not need the expertise of a Certified Public Accountant. The best way to find out is to call a CPA firm and ask them that question as each situation is different.

Q. What are your fees?
A. Fees vary based upon the work being performed. For Tax work the rate is $125.00 per hour. For accounting work the rate is $65.00 per hour. For Bookkeeping the rate is $40 per hour. Individual tax returns start at $150.00. Business returns start at $395.00. Monthly or Quarterly accounting start at $135.00 per period. Of course the more work we perform or more complex the issue, the greater the price.

Q. Do you work with Start-up (new companies)?
A. Yes! Many of our clients are / were new entrepreneurs that are just starting in business. We will lead you through the necessary governmental forms. Through our area networking, we can also assist in finding you other necessary professionals to deal with. (lawyers, insurance agents, mortgage brokers).

Q. Do you offer free business consultations?
A. Yes, we offer a complimentary hour consultation for businesses. The consultation is to gather information about you and your business, while you find out more about us. We can usually answer a few questions at that time and determine if you have done the necessary registrations and filings. We request that you bring your last income tax return and financial statements (if any). Also bring anything else that you may have a question on. After that Consultation is at $95/hr.

Q. What is ACCOUNTING RELIEF?
A. ACCOUNTING RELIEF is a very comprehensive bookkeeping and trial balance system that resides on fully secure web servers - more secure than PC-based bookkeeping systems - providing anywhere, anytime access while eliminating the need for daily backup and importing or exporting data hassles. It is a password-protected system that allows different levels of authorized access for each user as you determine. It is so easy to understand and can be set up to run for your business in minutes.

Q. What is PAYROLL RELIEF and how can it ease my payroll task?
A. PAYROLL RELIEF is your anywhere, anytime on line payroll department. Instant paychecks, free Direct Deposit, free electronic tax deposits, completed tax forms and live customer support makes payroll chores easy. Email reminders and custom To-Do lists ensure what to do and when. Signature-ready payroll tax forms are completed automatically, including 940's, 941's and W-2's. PAYROLL RELIEF prepares and files Forms 1099-MISC as well.

Q. Can PAYROLL RELIEF handle Household Employees?
A. PAYROLL RELIEF Home on line service is specifically designed to lead the way for paying all types of household employees such as nannies, health aides, private nurses, maids, caretakers, babysitters, etc. The Home service is currently available on a limited state basis including New York, Florida, Virginia, Georgia, Tennessee, California, Texas, Michigan and Indiana.

Q. Do you provide prospective clients with estimates of your fee?
A. When appropriate, we prefer to provide a fee estimate. We always provide a fee range estimate for the preparation of tax returns. Where appropriate, we also provide written fee estimates to business clients

Q. What size clients do you accept?
A. We accept any clients within our service range. If the engagement is very large, we will accept it if we feel we have the staff to handle it. If we don't have the appropriate staff, we may form an alliance with another CPA firm and perform a joint engagement. There is no account too small to be considered important in our office

Q. Do you service clients outside of Georgia?
A. Yes. Due to available technology, distance is no longer a problem, therefore, we service clients in all states. For example, our tax preparation software includes every state, while the internet allows us to service clients more effectively from distant locations. When necessary, we travel to distant clients.

Q. What is Long Term Care insurance?
A. Long Term Care insurance covers an individual for the costs of home health care, community based care (such as assisted living)and nursing home care. It works in conjunction with Medicare and\or private insurance. It is a contract between an individual and an insurance company that, in exchange for premiums, provides daily health benefits. For a man over the age of 65, the odds are one in three (33%) that he will need long term care; for a woman, the odds are one in two (50%). RFG offers LTC.

 

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