FAQs
One Place For All Your Accounting Inquiries
I am not an attorney licensed to practice law in Indiana. I am not allowed to draft legal records, give advice on legal matters, including immigration, or change a fee for those activities.
What are the differences between an accountant, a CPA and a bookkeeper?
An accountant is a professional who is responsible for keeping and interpreting financial records. A CPA is certified public accountant and can certify your records as true and correct. Bookkeepers are responsible for recording daily transactions for accountants to interpret.
What is the standard deduction?
All taxpayers with earned income, whether from a day job or side hustle, qualify to deduct a specific amount from their income before paying any taxes. For example, a single taxpayer earning US$40,000 a year and who had no children in the 2024 tax year would qualify for a standard deduction of $14,600
Have I Maximized My Charitable Contributions?
We are available to speak with you during the year to see if a last-minute donation might be helpful to your tax liability. Remember, for charitable contributions to be deductible you must exceed the amount of the standard deduction with your actuals.
How do I know if Dollar Savers Bookkeeping Tax Service is right for my needs?
Give us a call or schedule a meet and greet. Read our testimonials. Our clients are our greatest reference.
How long should I keep my tax records?
3 to 5 years is a minimum depending on your situation. We always list a disposal date on your taxes for you.
What do I need to bring to my appointment?
Refer to the page above.
You can but hiring a professional can give you a perspective that you have been missing. Also, You don’t know what you don’t know. Taxes have their vocabulary and many of the software you have available to you are not designed to think outside the script they are showing you. Sometimes two answers can be true but may have a better effect on your bottom line in one place versus the other. Also, we can get them done most of the time in less than an hour. Time is also money.
Should I do my taxes?
How Do I Pay Fewer Taxes?
The key to paying fewer taxes is to maximize your pretax dollars, health insurance, retirement contributions, and Health Savings Accounts.
How do tax brackets work?
Tax brackets are part of a progressive tax system in which the level of tax rates progressively increases as an individual’s income grows. Low incomes fall into tax brackets with relatively low-income tax rates, while higher earnings fall into brackets with higher rates.The current brackets were established by the Tax Cuts and Jobs Act of 2017, but income thresholds for individual brackets can be adjusted for inflation.
Do I have any dependents?
A dependent is a qualifying child or relative who relies on you for financial support. To claim a dependent for tax credits or deductions, the dependent must meet specific requirements. Answer questions to see if you can claim someone as a dependent on your tax return. See the full rules for dependents
When Will My Tax Refund Arrive?
In most cases, the refund is direct deposited into your bank within 7 to 14 days. The IRS suggests we tell you 21 days. It can also depend on the time of year you file. When are taxes due? Depends on what type of return is being prepared. Most people file a form 1040 Individula Tax Return that is due on or before April 15th. However, Business Returns are due March 15th. Non Profits are due May 15th. It is also notable that Extensions are of time to file not time to pay. To avoid penalty you must pay in 90% of your tax liability prior to December 31st.
Can I deduct medical expenses?
Sometimes you can. Depends on if you can itemize. That means that your actual expenses are more than the standard deduction.
What Is A W-2?
A W-2 is provided by your employer between January 1st and January 31st. This totals all your pay and benefits for the year.
I know how confusing accounting can get, and I’m here to assist you with all of your accounting needs.