Frequently Asked Questions

Your Frequently Asked Tax Questions Answered by Our Tax Specialists

If you have tax questions, we have the answers! Below we’ve compiled a list of common questions our tax advisors answer. After reading through our FAQs, if you still have questions give us a call at 818-242-4888 or fill out our contact form to schedule an appointment with one of our tax advisors.

Filing With Robert Hall & Associates

How do I prepare for my individual tax filing appointment?

Download a copy of our Individual Questionnaire, by visiting our Tax Forms page and bring the following items to your appointment:
- The attached worksheet filled out with your figures and the appropriate paperwork for backup.
- A voided check for E-filing.
- All of your W-2 forms, 1099 forms and Schedule K-1 forms.
- Records of other income, such as property sales, business and/or rental income and expenses.
- Records of any expenses incurred for your employment.
- Your house payment book or 1098 form from the lender and record of property tax paid.
- Loan or purchase contracts for business assets sold and/or purchased.
- Escrow statements on real estate sold or purchased.
- Copies of you and your children’s Social Security cards.
- Health Insurance verification: Form 1095-A (from Exchange), Form 1095-B or Form 1095-C (From employer)

How do I prepare for my corporate tax filing appointment?

Download a copy of our Corporation Questionnaire or our Partnership Questionnaire and email or fax the following information to your tax consultant, at least 48 hours before your appointment:
- A copy of your Profit and Loss Statement (or list of income and expenses) for the period from January 1st to December 31st. Make sure to verify that the report is established in either a cash basis or accrual basis depending upon your operating basis. If your company’s year ends on a month other than December 31st, we will need a copy of your Profit and Loss Statement for the relevant fiscal 12-month period.
- A copy of your Balance Sheet for the period ending December 31st. Make sure to verify that the report is established in either a cash basis or accrual basis depending upon your operating basis. If your company’s year ends on a month other than December 31st, we will need a copy of your Balance Sheet for the relevant fiscal period.
- The balance of corporate bank accounts at the end of the year.
- How much money you or the shareholders contributed to the business throughout the year.
- How much money you or the shareholders distributed out of the business throughout the year.
View our full list of items to bring your corporate tax preparer here.

When is the ideal time to come in for a year-end planning meeting?

The ideal time for an appointment is between Thanksgiving and Christmas. If your company’s year ends on a month other than December 31st, we recommend scheduling an appointment for anytime in the last six weeks of the fiscal period. This allows enough time to handle all year-end processes and planning, stress-free!

How do I get copies of my return?

If you need an electronic copy of a tax return or any other document we may have on file, you may request copies by contacting our office at 818-242-4888.

What is the best way to reach my tax consultant?

If you need to contact your tax consultant, you may call our office at 818-242-4888. From there, our staff will direct you to the appropriate staff member for assistance.

General FAQs

How can I minimize my tax liability as a high-income W-2 earner?

You can minimize your tax liability through strategies such as maximizing retirement contributions, utilizing tax-advantaged accounts, managing investment gains and losses strategically, and taking advantage of available deductions and credits.

What are the best tax strategies for real estate investors to maximize deductions?

Real estate investors can maximize deductions by properly categorizing expenses (like repairs vs. improvements), taking advantage of depreciation, utilizing Section 1031 exchanges for deferring capital gains, and staying updated on relevant tax laws.

Can you help me navigate the complexities of business expenses and deductions?

Yes, we can assist you in identifying deductible business expenses, ensuring compliance with IRS guidelines, and optimizing deductions while minimizing risks of audits.

What are the current tax laws that affect entrepreneurs and small businesses?

Current tax laws affecting entrepreneurs and small businesses cover areas such as deductions for business expenses, depreciation rules, tax credits for hiring certain employees, and changes due to recent tax reforms.

Do I need to file quarterly estimated taxes, and how do I calculate them?

As a self-employed individual or business owner with income not subject to withholding, you typically need to file quarterly estimated taxes. These are calculated based on your expected annual income, deductions, and tax rates provided by the IRS.

How can I optimize my payroll processes to minimize tax implications?

Optimizing payroll processes involves correctly classifying employees vs. contractors, ensuring compliance with payroll tax obligations, utilizing tax credits for hiring, and integrating payroll systems with accounting software for accurate reporting.

What deductions am I eligible for as a self-employed individual?

Self-employed individuals may be eligible for deductions such as home office expenses, vehicle expenses, professional services, health insurance premiums, retirement contributions, and business-related travel and meals.

How can I best prepare for an IRS audit?

Preparation for an IRS audit involves maintaining detailed records, documenting all income and expenses, understanding IRS audit procedures, and having representation from experienced tax professionals if necessary.

What are the tax implications of incorporating my business?

Incorporating your business can have tax implications related to corporate tax rates, deductions, shareholder distributions, and compliance requirements. Choosing the right entity structure requires careful consideration of your business goals and tax situation.

Can you assist with international tax matters if I have investments overseas?

Yes, we can provide guidance on reporting income from foreign investments, complying with Foreign Account Tax Compliance Act (FATCA) requirements, claiming foreign tax credits, and navigating tax treaties between countries.

General Questions

How can I plan for retirement and minimize taxes on my investments?

Retirement planning strategies include contributing to tax-deferred retirement accounts (like 401(k)s or IRAs), diversifying investments to balance tax implications, and considering tax-efficient withdrawal strategies during retirement.

What records should I keep for tax purposes, especially as a real estate investor?

Are there specific tax incentives or credits available for investing in renewable energy or green technologies?

Yes, there are federal and state-level tax incentives and credits for investments in renewable energy and green technologies, such as the Investment Tax Credit (ITC) and Production Tax Credit (PTC), which can offset project costs and improve returns.

What is the best way to handle rental property income and expenses for tax purposes?

Handling rental property income involves reporting rental income, deducting expenses (like mortgage interest, property taxes, and maintenance costs), depreciating the property, and complying with specific rules regarding passive activity losses.

Can you help me with estate planning to minimize inheritance taxes?

Estate planning strategies to minimize inheritance taxes include creating trusts, gifting assets, utilizing the estate tax exemption, and structuring beneficiaries to maximize tax efficiency based on current tax laws and individual circumstances.

What are the tax implications of buying or selling real estate properties?

How do recent tax reforms impact my business or personal tax situation?

Recent tax reforms may impact deductions, tax rates, credits, and compliance requirements for both businesses and individuals. Staying informed about these changes can help optimize tax planning strategies.

Do you provide year-round tax planning services, or just during tax season?

We provide year-round tax planning services to help clients proactively manage their tax obligations, optimize financial strategies, and stay compliant with changing tax laws.

How can I ensure compliance with both federal and state tax laws?

Ensuring compliance involves understanding federal and state tax obligations, maintaining accurate records, filing timely returns, seeking professional guidance for complex issues, and staying updated on regulatory changes.

What are your fees and how are they structured for your services?

Our fees are structured based on the complexity of services provided, such as tax preparation, consulting, audit representation, and financial planning. We offer transparent fee structures and can provide detailed estimates based on your specific needs.

When are Personal income taxes and Trust income taxes due?

April 15th (October 15th with an extension)

When are Sub-Chapter S-Corporation income taxes due?

March 15th (September 15st with an extension)

When are Partnership/ LLC income taxes due?

March 15th (September 15th with an extension)

When are Non-Profit income taxes due?

May 15th (August 15th with an extension and November 15th with an additional extension)

When are C-Corporation income taxes due?

What month is the year end for the corporation?
- December 31st: March 15th (September 15th with an extension)
- January 31st: April 15th (October 15th with an extension)
- February 28th: May 15th (November 15th with an extension)
- March 31st: June 15th (December 15th with an extension)
- April 30th: July 15th (January 15th with an extension)
- May 31st: August 15th (February 15th with an extension)
- June 30th: September 15th (March 15th with an extension)
- July 31st: October 15th (April 15th with an extension)
- August 31st: November 15th (May 15th with an extension)
- September 30th: December 15th (June 15th with an extension)
- October 31st: January 15th (July 15th with an extension)
- November 30th: February 15th (August 15th with an extension)

What is the difference between a CPA and an EA?

CPA – Certified Public Accountant: A Certified Public Accountant is a professional designation that allows the professional to deal with many different aspects of financial services, primarily financial audit services. CPAs look deep into the financial equation, evaluate numbers, create projections and try to provide an overall picture, forecast and recommendations based on internal and historical data.
EA – Enrolled Agent: Enrolled Agents (EAs) advise, represent, and prepare tax returns for individuals, partnerships, corporations, estates, trusts and any entities with tax-reporting requirements. They are the only federally licensed tax practitioners who specialize in taxation and have unlimited rights to represent taxpayers before the IRS. Enrolled agents’ knowledge in the continually changing field of taxation enables them to effectively represent taxpayers at all administrative levels within the IRS. (www.naea.org)
- Only enrolled agents are required to demonstrate their competence in all areas of taxation, representation and ethics before they are given unlimited representation rights before IRS. Unlike attorneys and CPAs, who are state licensed and who may or may not choose to specialize in taxes, all enrolled agents specialize in taxation. (www.naea.org)
Learn more about the differences between a CPA and an Enrolled Agent.

What is the difference between an LLC and Corporation?

When incorporating your business, two common business structures or entities is an LLC, or Limited Liability Company, and a Corporation. Both offer business owners protection of their personal assets. There are a variety of differences between an LLC and a Corporation; you can view them all here.

Which entity is best for my business?

When you incorporate your business you have four basic entity types to choose from:
- Sole Proprietorship
- Partnership
- Corporation
- Limited Liability Company (LLC).
There is no one-size-fits-all rule as to which entity is best for your business. Instead you should consult your CPA or tax professional and lawyer to determine which of these entities best fits your specific business needs.

Do you offer your tax services to residents outside of Glendale, CA?

Yes, as Enrolled Agents, our tax consultants are licensed to work in all 50 U.S. States. We have many clients from out of state who choose to utilize our tax services, however, we specialize in providing knowledgeable tax preparation, planning and consulting to California businesses in the Glendale, Pasadena and Burbank areas. View our complete list of areas served here.

Internal Revenue Service – www.irs.gov
California Franchise Tax Board – www.ftb.ca.gov
California Secretary of State – www.sos.ca.gov
California State Board of Equalization – www.boe.ca.gov
California Employment Development Department – www.edd.ca.gov
Los Angeles Department of Finance – www.finance.lacity.org

I received an IRS Audit Letter…Now What?

You have 30 days to respond to an audit notice, however, it’s imperative you contact your tax advisor as soon as possible so they can construct a composed strategy to prepare for the audit. Learn more about what to do after you receive an IRS Audit Letter here.

How will the 2018 Tax Bill Affect Me?

Internal Revenue Service – www.irs.gov
California Franchise Tax Board – www.ftb.ca.gov
California Secretary of State – www.sos.ca.gov
California State Board of Equalization – www.boe.ca.gov
California Employment Development Department – www.edd.ca.gov
Los Angeles Department of Finance – www.finance.lacity.org

Trusted by American Businesses and Individuals

     Excellent  
     Based on 692 reviews 
    
 
 
   
 
 
        
   Eileen Petroski 
 2024-08-21
 
 
  Im really looiking forward to doing business with Nicole at Robert Hall, she really took the time with me to get to know and understand my business and help me save money on my taxes and earn money in the market, i feel very relieved
  
 
       
   Jodi Tija 
 2024-08-11
 
 
  Tony Watson is a wonderful accountant he is very professional and friendly. We know we are in good hands with Tony!
  
 
       
   Alan Temps 
 2024-07-31
 
 
  I had a phone consultation Mike at R. Hall & Assoc. on various aspects of taxes.  Mike is very personable and definitely knows his stuff.  He answered all of my questions and gave me confidence on how to proceed regarding my trust, business and taxes.
  
 
       
   Annie 
 2024-07-10
 
 
  had a great initial consult with Nicole, excited to start working with her on tax strategy!