As a benefit to our clients, we’ve developed a comprehensive list of resources to help keep you up-to-date with all current accounting and tax information. On this page, you’ll find links to State and Federal tax resources that help you prepare for upcoming tax season, as well as commonly used accounting, payroll, and tax forms for you to download at your convenience. Finally, we’ve developed a list of frequent questions we hear from clients. If you would like more information on your particular accounting or tax situation, feel free to give us a call or set up an appointment!
Helpful Accounting & Tax Resources
Tools & Resources for All Your Accounting & Tax Needs
PERSONAL TAX RESOURCE LINKS
How do I value Goodwill donations:
Please refer to this link on the IRS website. It is a valuation guide for donated items: https://www.amazinggoodwill.com/donating/IRS-guidelines. If you donate a large amount of items frequently, it is not a bad idea to take pictures of the items donated.
Why is my refund less than last year:
There are many factors that can affect a change in the amount your refund. A good place to start looking for differences is in the two-year comparison included in your tax return you received from our office. A few potential questions to ask yourself are:
- Do you have fewer dependents?
- Did your income increase?
- Did you receive credits in the prior year that you did not this year (i.e. education credits)?
- Are your withholdings less this year, compared to last year, due to a job change?
- Did you sell investments?
Do I have to pay my estimates?
It is highly recommended that you pay your estimates to avoid interest and underpayment penalties.
What do I do if I owe money? Can I get on a payment plan?
To set up a payment plan, visit the IRS Website: https://www.irs.gov/payments/online-payment-agreement-application
Why do I owe money this year?
There are multiple answers to this question. The most popular reasons included:
- Increase in income
- Decrease in withholdings or estimated tax payments
- Sale of investments
- Change in number of dependents
- Change in deductions or credits
Can I make my tax payments electronically?
Yes, for direct pay please click the following link to be directed to the IRS site: https://www.irs.gov/payments/direct-pay
How do I look up my estimated tax payments?
Yes, to view your tax account please click the following link to be directed to the IRS site: https://www.irs.gov/payments/view-your-tax-account
How do I calculate my Required Minimum Distribution (RMD)?
Yes, for a RMD worksheet please click the following link to be directed to the IRS site: https://www.irs.gov/retirement-plans/plan-participant-employee/required-minimum-distribution-worksheets
Why did my friend get a refund and I did not?
Each taxpayer has their own unique situation, so we advise clients not to compare to friends or family. No two taxpayers are exactly same.
Why do we both have to sign the 8879?
The 8879 is an authorization allowing Belt Accounting & Tax to e-file a tax return on behalf of you, the taxpayer and your spouse. If a paper return is filed, both spouses are required to sign the return. The same is true for the 8879. The tax returns we prepare are for both spouses and therefore, we need both signatures on the 8879 as per the IRS e-filing requirements.
Why do I have fill out the client information sheet each year?
We require our client information sheet be filled out year each to make sure we have your most accurate information related to the tax year we are preparing your tax return for. Let’s be honest, things change fast and frequently each year and this form informs us of all those changes. In addition, our form addresses many questions that we need for you to receive all your deductions and credits that you are entitled too!
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