What is the cost for the services rendered from our tax professionals?

• Our price varies from client to client. Every client has their own unique circumstance and we have designed specific programs to fit each client’s needs. We are certain that our prices are very competitive with the level of servicewe provide.

What is the difference between a regular deduction and itemized deduction?

• Deductions are expenses the IRS allows you to subtract from your taxable income that lowers your overall tax liability. When you take an itemized deduction on your taxes you have the flexibility to write off some money spent on certain goods and services as outlined by the IRS, but when you take a standard deduction you are taking deductions set forth by the government based on your earnings. Also, if you are subjected to the alternative minimum tax (AMT) you might save more by itemizing rather than taking a standard deduction. The reason is that the standard deduction does not reduce income subject to the AMT, while certain itemized deduction can.

What is EIC and who qualifies for it?

• EIC – Earned Income Credit is a tax credit that was recently implemented to assist people who work and have low wages. The tax credit reduces your tax liability and therefore puts more money in your pocket.

How does the purchase of a property affect my taxes?

• Purchasing a home is not only one of the best investments you can make, but it also gives you an edge on your return. When you purchase a home (especially a first time home buyer) you are eligible to take the deduction on your taxes as an itemized deduction for taxes paid, any associated fees, any improvements and interest to lender.

Can I take business deductions in the first year of business?

• Yes, the business deduction can be taken on your return once the business is up and running but the start-up cost cannot be taken as a deduction on your return.

When can I take a charitable contribution deduction on my taxes?

• Charitable contributions can be taken as a deduction if you qualify to itemize your deduction

Can I claim kids that are NOT mine?

• Yes, you can if you meet the support requirements which include:

o Did you provide 50% support for the child?

o Is the child a US citizen and did he/she live with the taxpayer for the whole year?

o As long as the child did not file a joint return and is under the exemption amount of taxable gross income.

What happens when I get audited?

• There are three kinds of audits typically conducted by the IRS depending on the severity of the audit. The most common audit is the (I) Correspondence Audit; this is where you are asked to provide certain documentation in regards to your taxes. (II) Office Audit is when you schedule an appointment with an auditor and have to bring in supporting documentation to the office. The last one is mainly conducted in connection with fraud; (III) field/Home Audit is when a field agent actually comes to you at the office or home. Whatever kind of audit it is, we have professionals who are equipped to handle all kinds all of audits.

We understand that you may have further questions that are notaddressed here, please give us acallat 214-779-2169 with any further questions.