How do I electronically file my tax return known as E-file?
Filing and paying electronically gets your taxes filed quickly, accurately and efficiently. We are authorized by the IRS and the State of CA as an Electronic Return Originator. We will file your return for you as part of your tax return. If you do not wish to file electronically you may fill out an Opt-Out form and still mail your tax return to the IRS and the State of CA. Over 89.886 million tax returns were E-filed in 2008! So just over half, or 57.8%, of returns were filed electronically.
Where can I find blank forms 1099/1096 and W-2/W-3?
Since both the 1099/1096 and the W-2/W-3 forms are OCR forms they can not be downloaded from the internet and filed. They must be picked up at the IRS office located at 1395 Ridgewood Dr. Chico, CA 95973 or you may order the forms online at Forms and Publications by U.S. Mail (www.irs.gov/formspubs) or by calling 1-800-TAX-FORM (1-800-829-3676). You may however download the instructions for the forms from the IRS website (www.irs.gov). Both forms can also be picked up at most office supply stores such as Hubb's Stationary here in Chico or Office Depot . We have on occasion had extra forms at our office, please check with us first.
Why doesn't my QuickBooks report fit on one page?
A QuickBook report can be modified in a number of ways. On the top left hand side of the report is a button labeled "Modify Report". Click it and there are four tabs that are labeled "Display", "Filters", "Header/Footer", and "Fonts & Numbers". These tabs can be used to modify the content and date range of the report. To fit the report on one page, exit this button back to the original report, then click on the "Print" button in the top middle of the report. At the bottom of this window there is a box to check labeled "Fit report to 1 page wide". Click this on and the report will fit.
What is a Bank Reconciliation? And why does it need to be done?
A bank reconciliation is the process in which you match and compare transactions from your accounting records with those on the bank statement. Reconciling the checking account on a regular basis ensures that the amount in your checking account is consistent with the amount shown on the bank statement and that the bank has not made any errors.
A bank reconciliation needs to be done on a monthly basis (or whenever the statements are issued). This guarantees that all transactions are correct and have been recorded and that the bank has not made any errors for the specific time period
At Stoner & Associates we recommend that your bank accounts be reconciled on a regular basis. This will reduce the cost to you at income tax time. We cannot proceed with any accounting unless the bank accounts are all reconciled. This includes checking and savings accounts, along with credit cards and loans if necessary.
When is my individual tax return extended to?
The extension for filing your individual tax return is automatically six months from the due date. So in other words the tax return is extended until October 15th. Any payments due however are due when you file the extension Form 4868 on or before April 15th. The extension is only an extension to file, NOT an extension to pay. You may E-file through your personal computer (refer to your tax software package) or through a tax professional, payments can be made by electronic funds withdrawal or mailed in with the form. You may also E-file and pay by credit card at 1-888-PAY-1040, www.PAY1040.com or 1-800-2PAY-TAX, www.officialpayments.com You will be charged a convenience fee based on the amount of the tax payment you are making. If you wish to file on paper instead of electronically, fill out a Form 4868 and include your payment and mail to the address you would normally send your tax return.
