Question 1

What services does RM Business Solutions offer?

Accepted Answer

RM Business Solutions offers accounting, bookkeeping, tax preparation, payroll, new business formation, and other services including business and budget guidance, small business consultation, and notary services.

Question 2

Where is RM Business Solutions located?

Accepted Answer

RM Business Solutions is located at 26775 Bouquet Canyon Road, Santa Clarita, CA 91350.

Question 3

How long has RM Business Solutions been in business?

Accepted Answer

RM Business Solutions was founded in 2012 and expanded its service offerings starting in 2014.

Question 4

Are RM Business Solutions' tax preparers certified?

Accepted Answer

Yes. RM Business Solutions' tax preparation staff are CRTP-certified (California Registered Tax Preparer).

Question 5

Does RM Business Solutions offer a free consultation?

Accepted Answer

Yes, RM Business Solutions offers a free 30-minute consultation for new clients.

Question 6

What areas does RM Business Solutions serve?

Accepted Answer

RM Business Solutions' office and bookkeeping and payroll services are based in Santa Clarita and serve businesses throughout California. Tax filing services are available to clients in all fifty states.

Question 7

How much does tax preparation cost?

Accepted Answer

Our tax preparation fees are form-based, which means the cost depends on the number and types of tax forms needed to complete your return. Because every tax situation is different, we do not use one flat fee for all returns.

We offer a free 30-minute consultation to review your tax situation and help determine what will be needed to prepare your return.

Question 8

What documents do I need to have my taxes prepared?

Accepted Answer

The documents you need depend on your individual tax situation. We provide a Tax Check List to help you gather the information that may be needed.

Generally, you should bring identification and all tax documents that apply to you, including:

- A valid driver's license
- Social Security Card, ITIN, or ATIN information
- Your two prior-year tax returns
- W-2s and applicable 1099s
- Health coverage documents, such as Forms 1095-A, 1095-B, or 1095-C
- Investment and brokerage statements
- Rental income and expense information
- Self-employment income and expense information
- Documents supporting deductions or tax credits

Our Tax Check List also identifies other documents that may apply depending on your situation, such as mortgage interest, charitable contributions, higher education expenses, student loan interest, child care information, and certain solar or EV documents.

If you had a new baby, we will also need a birth certificate. If your spouse passed away, please bring a death certificate. We will let you know if additional documentation is required for your particular return.

Question 9

Can married couples file jointly or separately?

Accepted Answer

Yes. Married taxpayers generally have the option of filing Married Filing Jointly or Married Filing Separately.

Which filing status is more beneficial depends on your individual tax situation. We can review your circumstances and help determine which filing status is appropriate for you.

Question 10

How long does it take to prepare a tax return?

Accepted Answer

It depends on the complexity of your return and how many forms are required. Some tax returns may be completed in about an hour, while more complicated returns may take several weeks.

Having all of your tax documents available when we begin can help avoid unnecessary delays.

Question 11

When will I receive my tax refund?

Accepted Answer

The IRS generally issues most refunds within 21 days after an electronically filed return is accepted, although some refunds can take longer.

Your refund timing is controlled by the IRS or state taxing agency, not by our office. Certain credits, identity verification issues, errors, missing information, or additional IRS review can delay a refund.

Question 12

Can prior-year tax returns be prepared?

Accepted Answer

Yes. We can prepare prior-year tax returns, including returns that were never filed.

We can also prepare state income tax returns for all 50 states, making it easier for clients who have lived, worked, owned property, or earned income in multiple states.

Question 13

What happens if I file my taxes late?

Accepted Answer

It depends on your individual tax situation, including whether you were required to file, whether you owe taxes, how late the return is, and whether penalties and interest may apply.

If you have unfiled tax returns, we can review your situation and help you determine what returns need to be prepared and filed.

Question 14

Can you amend a tax return that was already filed?

Accepted Answer

Yes. We can prepare amended tax returns when a previously filed return needs to be corrected or updated.

Whether an amendment is necessary depends on your situation. For example, an amendment may be needed if income was omitted, a tax document was received after filing, your filing status needs to be corrected, or deductions or credits were reported incorrectly.

Question 15

What is the difference between the standard deduction and itemized deductions?

Accepted Answer

The standard deduction is a set deduction amount based primarily on your filing status and other eligibility factors.

Itemized deductions allow taxpayers to report certain qualifying expenses individually. Depending on the tax year and your circumstances, these may include qualifying medical expenses, mortgage interest, certain state and local taxes, and charitable contributions.

Generally, the deduction method that provides the greater allowable tax benefit is used, subject to applicable tax rules and limitations.

Question 16

Do I need to itemize my deductions?

Accepted Answer

Not necessarily. Whether itemizing makes sense depends on your specific tax situation and the amount of your qualifying deductions compared with the standard deduction available to you.

In some situations, itemizing deductions may also provide a benefit on your state income tax return, even when the standard deduction is used for federal purposes.

We review the information you provide and determine whether taking the standard deduction or itemizing deductions is appropriate for your return.

Question 17

Can you prepare tax returns for self-employed individuals?

Accepted Answer

Yes. We prepare tax returns for self-employed individuals and sole proprietors.

Self-employment business income and expenses are generally reported on Schedule C as part of an individual's federal income tax return. We can help make sure your business income and applicable expenses are properly reported.

Question 18

Do you prepare tax returns for rental property owners?

Accepted Answer

Yes. We prepare tax returns for clients who own rental properties.

Rental real estate income and expenses are generally reported on Schedule E for individual taxpayers. Our Tax Check List also includes rental income and expenses among the information clients should provide when applicable.

Question 19

Can you prepare tax returns involving stocks or cryptocurrency?

Accepted Answer

Yes. We prepare tax returns involving stocks, investments, cryptocurrency, and other digital assets.

Investment and digital asset transactions can make a tax return more complicated because we may need information about purchases, sales, exchanges, proceeds, cost basis, and holding periods.

For stock transactions, clients should provide their Form 1099-B or brokerage statements, as applicable. Stock trading documentation is also included on our Tax Check List.

For digital assets, please provide your Form 1099-DA, if you received one. Depending on your activity, we may also need transaction histories or tax reports from cryptocurrency exchanges or wallets. The exact documentation required depends on the type and number of transactions you had during the year.

Question 20

What happens if I receive a letter or notice from the IRS?

Accepted Answer

Don't ignore an IRS or state tax notice. We can help you review the notice, determine what the taxing agency is requesting, and discuss the appropriate next steps.

Bring or send us a complete copy of the notice, including all pages, so we can review exactly what the IRS or state is requesting and any response deadline listed.

Question 21

Can you prepare both my personal and business tax returns?

Accepted Answer

Yes. We provide tax preparation services for a wide variety of taxpayers and entities.

We prepare individual tax returns, business tax returns, nonprofit tax returns, and trust tax returns, allowing clients with multiple tax needs to work with one office for all of their tax filing requirements.

Question 22

Do you offer tax preparation services in multiple languages?

Accepted Answer

Yes. We are a multilingual tax preparation office and can assist clients in English, Spanish, Hindi, and Arabic.

We believe it is important for clients to clearly understand their tax situation and feel comfortable asking questions. Being able to communicate in your preferred language can make it easier to understand what documents are needed, discuss your tax return, and navigate the filing process.

Whether you need assistance with an individual, business, nonprofit, or trust tax return, our multilingual team is here to help.

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