Financial Planners Resources and FAQ

• We encourage our clients to get us their documents early to help expedite the preparation process.  
• For Personal, 1040 and 1041, 1120, & 1120H returns, clients need to get us ALL of their tax documents and confirmation of doing so by March 15^th or we may require filing an extension.
• For Partnership and S Corporation, 1065, 1120S returns clients need to get us ALL of their tax documents and confirmation of doing so by February 15^th or we may require filing an extension.
• For Nonprofit 990 returns, clients need to get us ALL of their tax documents and confirmation of doing so by Apirl 15^th or we may require filing an extension.

• Our office correspondence is by email.  Clients should email office@mainebeancounters.com to assure the fastest and most effective responses and resolution to their requests or inquiries. 
• On occasion, clients and perspective clients will receive automated emails from our office.  These emails have valuable information and often will communicate that your action is needed.  Please take the time to review all email communication from our office. 

Unless otherwise discussed, your return will be eFiled after we have received your signed authorization AND your Management Accounting invoice has been paid in full.  Your taxes will not be filed until you have completed both of these tasks.

• • Our tax preparation fees vary based on the complexity, and level of effort required to complete your return.

We can schedule consult appointments for clients upon request, our hourly rate is $280.  Email office@mainebeancounters.com to request a consultation.

• Completion of your return is approximately 3-4 weeks once we have received confirmation that you have sent us all of your tax documentation.  
• Throughout the season, the turn-around time will vary based on how many returns are currently in our queue for completion and any approaching deadlines.

• For Personal, 1040 and 1041, 1120, & 1120H Tax day customarily falls on April 15. But in 2023 that date falls on a Saturday and the following Monday is Emancipation Day, which is recognized as a holiday in Washington, D.C. As a result, tax day has been pushed back until the following Tuesday. 
• For Partnership and S Corporation, 1065, 1120S Businesses organized as partnerships, including multi-member LLCs, and S-Corporations need to file Form 1065, or 1120S by March 15, 2023, if they are a calendar year business.
• For Nonprofit 990 For organizations on a calendar year, the Form 990 is due on May 15th of the following year.

No, if an extension is needed the IRS must receive and accept that request on or before the original filing deadline. 

• Our office may charge a $50 extension filing fee to process the request for extension for you. 
• It is important to note that an extension to file is only an extension to file and not an extension of time to pay your taxes. You are required to make estimated tax payments on the original filing date.  Failure to do will result in penalties and interest.  
•   Click here  for assistance in determining and making estimated payments, as our office will not be able to provide help with those estimates during tax filing season. 

For Federal taxes, click here for assistance in determining and making estimated payments.

For Maine State taxes visit, https://www.maine.gov/revenue/tax-return-forms/individual-income-tax-2022.

Be sure to use and complete the correct vouchers when making payments to the IRS or State

• You can pay your tax liabilities by printing the vouchers that are part of your tax return and mailing them, along with your check, to the specified address on each voucher. 
• You can pay online www.IRS.gov/payments
• If you would like to have your tax amount due automatically withdrawn from your bank account you will need to provide us with your bank account and routing information and make that request BEFORE signing your eFile authorization form.
• For Maine online payments, https://portal.maine.gov/ezpay/welcome

• You will need to provide us with your bank account and routing number before signing the eFile authorization form in order for your refund to be direct deposited.  
• If we do not have your banking information your refund check(s) will be mailed to you.

Clients should visit https://www.irs.gov/refunds to inquire about the status of refunds. 

• A Certified Public Accountant (CPA) is an accounting professional who has met state licensing requirements to earn the CPA designation through educational training, experience and passing the CPA Exam.
• An Enrolled Agent (EA) is a tax practitioner authorized by the United States federal government to represent taxpayers in affairs with the Internal Revenue Service (IRS).

• If you forgot to include a certain piece of information, it is likely that the IRS will contact you to request specific information.
• If you forgot to report some income or if you forgot to claim a credit or deduction, you will need to file an amended return.  

If you discover that you need to file an amended return, please contact the office. We can prepare the amended return for you. Amended returns have to be mailed to the IRS. This means that you should expect a delay in processing your amended return.

The standard deduction for married couples filing jointly for tax year 2022 rises to $25,900 up $800 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $12,950 for 2022, up $400, and for heads of households, the standard deduction will be $19,400 for tax year 2022, up $600.

• Most taxpayers will take the Standard Deduction. Your preparer will access your individual situation and determine if itemizing is right for you. 
• For those taxpayers that can deduct an amount more than the standard deduction (as noted above, for the tax year 2022 these are: $12,950 for single and married filing separately, $25,900 for married filing jointly, and $19,400 for heads of households) then you should consider itemizing.
• Below is a list of Itemized Deductions:
• • • Medical and dental expenses,
    • State and local income taxes, or sales tax,
    • Real estate and personal property taxes,
    • Home mortgage and investment interest,
    • Charitable contributions,
    • Some casualty and theft losses,

In 2022, the IRS allows all taxpayers to deduct their qualified unreimbursed medical care expenses that exceed 7.5% of their adjusted gross income. You must itemize your deductions on IRS Schedule A in order to deduct your medical expenses instead of taking the standard deduction. We recommend that all clients keep receipts of expenses that they are itemizing. We may ask for copies of those receipts.

Unfortunately, as of April 2022, the answer is no. In the 2021 tax year, the IRS temporarily allowed individuals to deduct $300 per person (those married filing jointly can deduct up to $600) without itemizing other deductions.

Click to view/download the tax brackets for 2022 or 2023.

If you received a letter from the IRS or State and need our assistance, please upload the IRS Letter to your SmartVault and send an email to office@mainebeancounters.com to request assistance.

• First of all, stay calm.  If you can’t pay the full amount due, you should still file your return and pay what you can by the filing deadline to avoid interest and penalties.  After reviewing your return the IRS will send you a letter stating additional amounts owed.  Within that letter, there will be information on contacting the IRS to pay your balance or to inquire about making payment arrangements.  If you owe both the state and the IRS, contact us to discuss the best path forward for your case.
• You can also request an Installment Agreement by completing Form 9465. That form and other helpful IRS forms can be found here: https://www.irs.gov/forms-instructions 

• The IRS defines a dependent as a qualifying child (under age 19 or under 24 if a full-time student, or any age if permanently and totally disabled) or a qualifying relative.
• A qualifying dependent can have income but cannot provide more than half of their own annual support.
• A qualifying relative must live in your residence all year and cannot have a gross income of over $4,400.  You must provide more than half of their total support each year. 
• A taxpayer can’t claim a dependent if they are a dependent themselves, the dependent files a joint tax return with a spouse (except in certain cases) or is claimed as a dependent on someone else’s tax return.

• A minor who may be claimed as a dependent must file a return if their income exceeds their standard deduction ($12,950 for tax year 2022). 
• A minor who earns less than $12,950 will not owe taxes and will not be required to file a tax return but may choose to file a return to receive a refund of withheld earnings.

An enrolled agent is a person who has earned the privilege of representing taxpayers before the Internal Revenue Service. Enrolled agents, like attorneys and certified public accountants (CPAs), are generally unrestricted as to which taxpayers they can represent, what types of tax matters they can handle, and which IRS offices they can represent clients before.