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California Prime Accountancy Corp. Accounting Firm, Alhambra, CA.

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  1. I haven’t turned in taxes for a few years. What kind of trouble am I in?

It depends on your situation and what is in your IRS file. When you do not file, the IRS essentially files for you with all the income and none of your deductions. Often people that were afraid to file back taxes, actually had tax refunds.

  1. Can you help me figure out if I need life insurance?

I can help you identify, in general, some areas of risk. However, for detail assessment and purchase of insurance you will need to contact a licensed insurance professional.

  1. How can I start figuring out estate planning?

This is definitely an area where I can help you. We start by talking about where you are, what you have, where you want to be and how to get there.  I can make suggestions that, if carried out, may put your mind at ease.

  1. Are you able to help me create a budget?

Definitely. It’s important for everyone to work within a plan. We find that the more detailed it is the better.

  1. What’s the difference between an IRA and a Roth IRA?

An IRA is an account where you save for retirement. The amount you contribute is tax deferred, meaning you do not pay taxes until you withdraw your savings and its growth. A Roth-IRA is a an account where you also save for retirement but the amount you contribute is after income tax has been levied. You never pay taxes on the growth of a Roth IRA.

  1. Am I doing my 401K right?

It depends on your individual situation. Let’s talk about this as you may want to adjust your contribution. 

  1. Will you help me if I get audited?

We are available for help during a tax examination.

  1. Should I refi my school loans?

Traditionally, it is to your advantage to keep your federal loans. There several options for loan repayment or forgiveness. If you have private loans at high interest, you might consider a refinance.

  1. Things got complicated last year. I got a divorce. How should I file?

If you are on good terms and reached an agreement, you might consider filing jointly. If you do not want to be liable for your spouse’s share of taxes, you might consider filing separately. Usually filing separately will put you in a higher tax bracket. However, paying a higher tax might be a better option when the relationship is not congenial.

  1. What are energy tax credits?

An energy tax credit is an amount given to you to offset your tax when you buy an energy saving product. There are other requirements as well and it’s important for us to read the fine print in any energy saving offer.

  1. Should I pay taxes quarterly?

If you are not having your tax withheld, then yes.

  1. My kids need money. What’s the best way to gift them?

Let’s talk about your specific situation. In general, you can gift your child up to $14,000 without having to pay the gift tax or file a gift return.

  1. Can you help me with pre-tax strategies?

Once I understand your specific situation, I may be able to help you plan your income and expense reporting to your advantage.

  1. Am I able to write off my professional education?

Professional continuing education is a deductible expense. Tax law changes from time to time, but we keep abreast of those shifts.

  1. Is it better for me to lease or buy a car?

Many businesses favor leasing over buying because it is a lower monthly amount compared to a large down payment and typically larger payments. It is important for you to consider the total cost of ownership as well as the convenience. Sometimes the decision is not about money. 

  1. Will you give me an estimate of your fees?

Yes. It’s important that we start our relationship off properly with full disclosure. After a short meeting, I’ll be able to asses the time it will take to give you proper attention.

  1. Do you charge me when I email or phone you?

I encourage you to email me or phone at any time. I want to make sure you have the info you need to make an informed decision. I always respond to a quick question with no additional cost. Only if it turns into an extended consultation or work accounting work performed will I discuss an estimate.

  1. Do you work for any other businesses like mine?

I have experience working with many similar local businesses in a variety of industries. It is highly unlikely that I would have a conflict of interest. I’m happy to discuss your concerns.

  1. As a CPA, do you have to take continuing education?

Yes, my minimum continuing education is 40 hours per year in specific technical subjects.

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