Frequently Asked Questions About Tax Planning For Individuals And Small Businesses

As an individual or a business owner, you may have several questions and doubts in your mind about accounting and tax planning. These may pertain to your business’s progress, expenditure, and tax commitments. To clear your confusion and arm you with the information you need to make the right decisions, Commonwealth Tax & Insurance has answered some of the most frequently asked questions about tax planning. These answers are based on our personal experience so that you have first-hand information that gives you the power.

1. What services do you provide?
At Commonwealth Tax & Insurance, we offer tax planning that includes estimating taxes based on income, your personal situation, a strategic spending plan to generate tax deductions and credits, and some retirement planning. We prepare individual and small business tax returns. We offer business entity-type recommendations, accounting, and bookkeeping for small businesses.

2. How much do you charge for your services?
For most of our services, we do not have a set price. Each client’s situation and needs are unique. Thus, we meet with you to determine the services you require. After that meeting, we will provide you with a list of recommended services and let you know the cost upfront.

3. Do you offer financial planning?
The short answer is not really. We won’t tell you what stocks to invest in or whether to invest in real estate. We will let you know the tax implications of certain investments based on your personal tax situations. We will also let you know how your taxes will be affected by doing Roth conversions or taking money out of a 401K or other retirement plans.

4. Can you help me with back taxes and correspondence with the IRS?
Yes, we do help with back taxes and IRS issues. If you owe back taxes, the best thing to do is to face them head-on. The worst thing you can do is ignore the problem hoping they will go away on their own. We can also talk to the IRS directly, so you won’t have to.

5. Do we do payroll?
We do help with payroll. We do not enter timesheets for your employees or run payroll for you. However, we set you up, so it is a simple task. This would include making sure all your quarterly and annual reports are done automatically.

If you have more questions about tax preparation, IRS representation, and insurance, get in touch with the experts at Commonwealth Tax & Insurance. Our mission is to provide every client with professional financial advice in a timely and efficient manner. We handle every case with accountability and responsiveness. Each of our employees is dedicated to focusing on helping you reach your financial goals so that you can focus on your personal success.

To learn more about how we can help you, please click here or contact us by clicking here.