FAQs 1. How long have you been in business? I formed the firm in 1995 after five years of experience in the fields of taxation, auditing and accounting. 2. How can you make a difference and save me money in completing my income tax return versus me completing it myself? We constantly keep abreast of the multitude of new tax law changes throughout the year to ensure you take advantage of all favorable tax positions available. We know how to keep you from incurring penalties and can get penalties removed once they have been assessed. 3. I recently had losses in the stock market. Can I take a tax deduction for the losses? We can teach you when a loss is available and how you can offset gains with the losses to achieve the best tax saving results. 4. Can you help me decide how to set myself up in this new business — whether LLC, S Corp or C Corp? I’m not sure what will work best for me. Yes, we have extensive knowledge in small business formations and which entity structure is preferable at various stages of operation. We also teach you how to get money and benefits out of the business in tax-advantaged ways. 5. What do I have to provide from my side? We start with your prior year tax return and customize what you need to bring us, based on your needs. 6. I don’t want to hire a lot of employees. What services can you offer me to organize, simplify and manage my bookkeeping? We take as much of the after-the- fact record keeping burden off your plate that you wish for us to do, or we can train you to maintain a system yourself. 7. Why should I invest in tax planning? Without proper tax planning during the year, you will pay more taxes than you should and the cost of the planning is minimal to the amount of tax dollars you could save. 8. Can you provide with me information related to an office in a home? Yes, we can properly advise you relating to setting up your home office and informing you of all the deductions related to a home office. 9. What kind of choices do I have on retirement plans? We can discuss with you what retirement plan options are available to you from IRA’s, Roth IRA’s, SEP IRA’s, SIMPLE Retirement Plan, Solo401(k) Plan or larger 401K types of employer-sponsored retirement plans. 10. My husband is self-employed. Can you explain business deductions including business mileage and vehicle expenses, business meals and how I can prepare for tax time? Yes, we can provide you with unlimited information and checklists to ensure you are aware of the business deductions you are entitled while we review your books with you during a conference or our interview during the tax return preparation process. 11. Can you explain how quarterly estimated taxes work? Many people ask this question because they have heard that self-employed people have to pay their taxes quarterly. The truth is that only the tax is paid quarterly as an estimate of the tax that will be due on the annually filed income tax return due April 15th each year. Once we finalize your tax return, we will provide you with quarterly estimated tax vouchers that include recommended amounts based on the return we complete. We can also complete a projection during the year and provide an estimated amount you need to submit to the IRS as a quarterly estimated tax payment. 12. How can depreciation help me if I’m in business for myself? You can get a tax deduction that does not require a cash outlay during the same year that you take the deduction. We can show you how. 13. I use QuickBooks® to keep my company records. Can I continue to use QuickBooks® with your accounting system? Yes. We are proficient with QuickBooks and we work regularly with all versions of QuickBooks®. We can assist you with setting up your accounting system on QuickBooks, provide a review of your QuickBooks company file and data entry as well as, and troubleshoot when you have QuickBooks technical related questions. We recommend and prefer that you use QuickBooks Online. Using the Online version allows you to invite us as an Accountant whereby we are able to access your system remotely from our office. 14. How many clients do you have? We are never too busy to help more clients because we have room to grow and continue meeting the needs of all our clients. Questions? Do you ever wonder if you’re paying more than you should to the IRS?Did you spend way too much time preparing your tax return last year?Do you know when you can discard some of your mounting tax records?Did you purchase do-it- yourself tax preparation software last year and wonder if you filed it correctly or got your money’s worth in?Do you ever worry about being audited?Do you know your taxpayer rights? Answers! Hire the services of Deonette M. Goodspeed, CPA and you will be teaming up with an individual committed to lifelong learning and increasing expertise in the field of taxation, accounting and financial planning. This commitment and genuine dedication to serving clients with the utmost of propriety and efficiency are key ingredients in helping you minimize your taxes, maximize your financial health, and allow you time to utilize your talents in other areas of interest. Why Choose Us? We’re here all year to help you. We don’t move out on April 16th!Professionally licensed for 23 years, with new training annually.Friendly and confidential service.Owner active in Austin, Texas civic and charitable events.Registered IRS e-file provider for faster refunds!Qualified to represent you in all IRS matters.We can prepare out-of- state returns for new Texas residents and out of state clients.We treat you with integrity and honesty. We do not mistreat your budget.We’re eager to add you to our list of satisfied clients.