Answers are general educational information. Tax and business requirements vary based on individual circumstances, entity type, state, and tax year.
Generally, bring your photo ID, Social Security/ITIN information for everyone included on the return, prior-year return if available, W-2s, 1099s, investment and retirement statements, education forms, mortgage information, health-insurance tax forms when applicable, and documentation supporting deductions or credits you may claim. Your specific document list depends on your tax situation.
Depending on what changed, you may need to amend your return. The IRS says changes involving income, filing status, deductions, credits, dependents, or tax liability can require an amended return. IRS
Yes, but you should first try to obtain the missing document and make sure the income reported is accurate. We can review your situation and determine the appropriate next step rather than simply leaving known income off the return.
A deduction generally reduces the amount of income subject to tax. A credit reduces the tax itself, and some credits may be refundable. IRS
It depends on your circumstances. Generally, taxpayers compare the standard deduction available to them with allowable itemized deductions and use the approach permitted under the tax rules that is more beneficial.IRS
No. An extension generally gives additional time to file, not additional time to pay the tax due. The IRS says taxes owed are still due by the regular payment deadline, and late payment can result in interest and penalties.IRS
Yes. LVP can assist with prior-year returns. The IRS allows taxpayers to file past-due returns for prior years.IRS
Yes, after reviewing the original return and the documentation supporting the correction. Federal individual amendments are generally made using Form 1040-X.IRS
Generally, the IRS says an amended return claiming a refund must be filed within three years after the original return was filed or two years after the tax was paid, whichever is later, although special rules can apply.IRS
No. A legitimate tax professional should calculate the return from the taxpayer's actual information and applicable tax law rather than guarantee a particular refund amount.IRS
The filing requirement depends on the business structure. The IRS notes that businesses other than partnerships generally file an income tax return, while partnerships file an information return; the particular form depends on the entity. IRS
Not necessarily. “LLC” is a state-law business structure, and its federal tax treatment depends on factors such as the number of owners and any tax elections made.IRS
Deductibility depends on the nature of the expense and applicable tax law. Maintaining accurate records is essential because taxpayers are responsible for substantiating deductions reported on their returns.IRS
Potentially, if the expense is legitimately attributable to the business and otherwise deductible, but proper documentation and accounting are important. We review the transaction and how it should be recorded rather than assuming every personal-account purchase is deductible.
A missing information form does not automatically make business income non-taxable. Your tax reporting is based on applicable income-reporting rules, not simply whether a payer issued you a form.
Depending on the business, the IRS identifies five broad categories: income tax, estimated taxes, self-employment tax, employment taxes, and excise tax.IRS
Yes, this is a strong business and bookkeeping practice. Separate financial activity makes bookkeeping, financial reporting, tax preparation, and substantiation considerably clearer.
We need tax-ready financial information before completing an accurate business return. If your books need cleanup or reconciliation first, bookkeeping or cleanup work may need to be completed before tax preparation.
Individuals—including sole proprietors, partners, and S corporation shareholders—generally may need estimated payments if they expect to owe at least $1,000 when filing. Corporations generally may need them if they expect to owe at least $500. Individual circumstances and exceptions matter.IRS
No. Estimated payments can also apply to people receiving income not adequately covered by withholding, such as investment income, capital gains, prizes, or other income.IRS
You may owe an underpayment penalty. The IRS also notes that late estimated payments can potentially result in a penalty even if you ultimately receive a refund when filing.IRS
The tax year is divided into four estimated-tax payment periods with specific deadlines. The IRS permits more frequent payments—such as weekly or monthly—provided enough has been paid by the applicable quarterly deadline.IRS
Tax planning means reviewing your expected income, business activity, deductions, credits, withholding, estimated payments, and relevant transactions before the tax year is over, so informed adjustments can potentially be made while there is still time.
No. Tax preparation primarily reports what already occurred. Tax planning looks ahead and evaluates what may happen before filing.IRS
Planning can be useful throughout the year, particularly after significant changes in income, business activity, investments, marriage/divorce, a new child, home purchase, or other major financial changes. The IRS similarly recommends checking withholding after major life or income changes.IRS
No. Planning can help estimate liability and prepare for it, but it cannot guarantee a particular tax result.
Good records help monitor business performance, prepare financial statements, identify income, track deductible expenses, establish basis, prepare tax returns, and substantiate information reported to the IRS.IRS
No. Bookkeeping records and organizes your financial activity throughout the year. Tax preparation uses those records, along with other tax information, to prepare required tax returns.
For an active business, consistent bookkeeping throughout the year is preferable to trying to reconstruct an entire year at tax time. The appropriate frequency depends on transaction volume and the needs of the business.
Records should clearly document business income and expenses. Supporting documents can include bank and credit-card statements, invoices, receipts, sales records, payroll information, asset purchases and other records supporting transactions in the books. The IRS generally allows any recordkeeping system that clearly shows income and expenses.IRS
There isn't one retention period for every document. The IRS says records generally must be kept as long as necessary to substantiate the income or deductions on a tax return. Employment-tax records have a specific minimum period of at least four years.IRS
LVP can evaluate whether cleanup/catch-up bookkeeping is needed before regular ongoing bookkeeping or tax preparation begins.
A Profit & Loss Statement summarizes income and expenses over a period. A Balance Sheet shows the business's assets, liabilities, and equity at a particular point in time.
Yes. Accurate books give owners better information for evaluating revenue, expenses, cash flow, profitability, budgeting, and business decisions.
Federal employment-tax responsibilities can include federal income-tax withholding, Social Security and Medicare taxes, and federal unemployment tax. State and local obligations may also apply.IRS
The classification depends on the actual working relationship and applicable rules—not simply what the business or worker prefers to call the relationship. Misclassification can create tax consequences.
Employees generally receive Form W-2 for wages. Form 1099-NEC is used for qualifying nonemployee compensation rather than employee wages.IRS
Form 941 is the Employer's Quarterly Federal Tax Return used by many employers to report federal income-tax withholding and Social Security and Medicare taxes. Certain employers have different filing requirements.IRS
The IRS instructs employers to keep employment-tax records for at least four years after filing the fourth quarter for the year.IRS
Payroll should follow the company's established pay schedule and applicable wage, tax-deposit, reporting, and entity requirements. Regular payroll administration helps prevent missed filings and deposits.
Yes. Payroll service can include payroll administration and applicable payroll tax reporting/filing according to the service package selected.
There isn't one universal first step, but major startup decisions include selecting the business structure, registering the business where required, obtaining applicable tax IDs, determining tax obligations, establishing recordkeeping, and handling licenses/permits.IRS
There is no single structure that is best for every business. Structure affects taxation, paperwork, ownership, liability considerations, and other requirements.IRS
No. An LLC is a business structure created under state law. An S corporation refers to a federal tax election/status for an eligible entity.IRS
Many businesses do. The IRS says an EIN is generally needed in circumstances such as hiring employees, operating a partnership or corporation, paying certain taxes, or changing certain business structures or ownership.IRS
The IRS currently instructs applicants creating an LLC or corporation to form the entity with the state before applying for the EIN.IRS
The IRS issues EINs directly at no charge. A professional service may charge a service fee for assisting with the application or broader formation process.IRS
Many banks require an EIN, and SBA startup guidance includes opening a business bank account among the steps involved in launching a business. Separating business finances also makes accounting and tax recordkeeping cleaner.Small Business Administration
Possibly. Requirements depend on the business activity and location. State and local requirements are separate from simply obtaining an EIN or forming an entity.IRS
A business plan can serve as a roadmap for structuring, operating, and growing the business and can also be important when seeking financing or investors.Small Business Administration
Yes. Business-development services can help organize the concept, business model, pricing, startup needs, budget, operations, products/services, and overall plan before launch.
Yes. Pricing development can consider costs, desired margins, operating expenses, market positioning, competitors, and the financial goals of the business.
Both. Business-development work can address startups as well as existing businesses that need better structure, pricing, budgeting, processes, product/service development, or growth planning.
Bookkeeping records what is financially happening in the business. Business development focuses on how the business is structured, operated, positioned, and developed for future growth.
Yes. However, a business plan does not guarantee approval for a loan, grant, investment, or other funding. SBA guidance notes that business plans can be important tools when seeking financing or partners.Small Business Administration
Yes. LVP provides personal tax services as well as business tax preparation, quarterly tax services, tax planning, bookkeeping, payroll, business startup, and business-development services.
Yes. All office hours are by scheduled appointment.
Yes. Clients should use the approved secure client-document process for sensitive tax and financial documents rather than ordinary unsecured messaging.
Sensitive taxpayer information should be submitted through the approved secure method provided by LVP rather than ordinary email or text whenever possible.
Schedule an appointment and explain what you're trying to accomplish. LVP can determine whether your situation belongs under tax preparation, bookkeeping, payroll, tax planning, business formation, or business development.
Yes. Services are designed to work together. For example, a business may use bookkeeping throughout the year, payroll for employees, quarterly tax services, tax planning, and annual business tax preparation.
Keeping related financial and tax services coordinated can make it easier to maintain consistent records, identify missing information, prepare for deadlines, and make informed decisions throughout the year.
These FAQs provide general educational information and are not individualized tax, legal, financial, or investment advice. Tax rules and filing requirements depend on the taxpayer's facts, tax year, business structure, and jurisdiction. LVP Accounting & Taxes reviews each client's circumstances before providing service-specific guidance.
