Individual & Business Financial Services

Before selecting a business structure, consider the many options. Take the time to determine what features you need and their order of importance. Do you want to start a business quickly with the option to terminate operations without hassle, or is it more important for you to secure your assets? Will it be a single member or two or more members conducting business? Let Kostenborder Tax & Accounting guide you through those options to ensure you make the right choice for you and your business. Access additional information:

Improperly classifying a worker can have significant tax implications. The IRS has identified three categories to help you determine the appropriate classification. The burden of proof falls on the employer. To ensure you make the best business decision, contact us for assistance.

No. The extension only extends the deadline to file your return; it does not extend the due date for tax owed. Any amount not paid by the first deadline will incur penalties and interest.

The IRS offers installment agreements. First, it is vital to file your tax return. Failing to file your tax return incurs additional penalties. Once you have filed your return, you can contact the IRS to arrange payments for the taxes owed.

If you are a sole proprietor, LLC, partnership, or SCorporation expecting to owe $1000 or more in taxes, if you are a Corporation expecting to owe $500 or more in taxes, you must pay estimated taxes. Failure to pay estimated taxes will result in penalty and interest charges.

Kostenborder Tax & Accounting can help you navigate the complexities of IRS communications. As an Enrolled Agent, I have experience in representation practices and procedures. It is critical to respond promptly; send me a copy of the letter, and I will get to work.

You can claim a Qualifying Child or a Qualifying Relative that meets the IRS guidelines. At Kostenborder Tax & Accounting, we can help you with your filing status, dependents, tax deductions, and tax credits.

Many variables, including income, dependents, deductions, and qualifying credits, must be reviewed to determine the amount to withhold.

Fifty percent of social security benefits may be taxable if you are single with a $25,000 – $34,000 income or married filing jointly with a $32,000 to $44,000 income. Up to eighty-five percent of social security benefits may be taxable if you are single with more than $34,000 income or married filing jointly with more than $44,000 income.

If you have e-filed your return, you should expect to receive your refund after 21 days. The IRS has a “Where’s My Refund” tool https://sa.www4.irs.gov/wmr/. You can utilize this tool after about 48 hours of filing to see your refund status.