Tax questions we get asked

A personal return in the Norman area typically runs $137 to $454, with the average near $242. Self employed income adds about $123 to $135, and a small business return runs $625 to $1,125. You get your fee in writing before we start.

Yes. We prepare Form 1120S for S corps, Form 1065 for partnerships and multi member LLCs, and the Oklahoma business return that goes with each, plus the owner K1s.

Yes. Send us a photo of the letter. We tell you what it means, what it will cost to answer, and the deadline on it. CPAs and enrolled agents can speak to the IRS for you with a signed Form 2848.

No. Most clients upload their papers from a phone or drop them off once. We call with questions and send the return for an electronic signature.

Yes. Every federal return we prepare includes the Oklahoma return in the same fee, Form 511 for residents, Form 512S for an S corp or Form 514 for a partnership.

As soon as your W2s and 1099s arrive in late January. S corp and partnership returns are due March 15, personal returns April 15, and the spring rush fills up fast.

Last year's federal and Oklahoma returns, every W2 and 1099, your 1098 mortgage statement, property tax bill, childcare costs, and for a business, a profit and loss report or bank statements for the year.

Both can prepare returns and represent you before the IRS. A CPA is licensed by the state board of accountancy. An enrolled agent is licensed directly by the IRS and works only on tax. Oklahoma does not license plain tax preparers, who need only an IRS PTIN.

Often once profit is steady and well above a reasonable salary for the owner. The S corp pays you a wage and passes the rest through without self employment tax. Below that point the payroll costs can eat the savings, so we run the numbers both ways first.

Call us before the IRS files for you. We pull your wage and income transcripts, prepare the missing years, and work out a payment plan if you owe. Filing late almost always costs less than not filing.

Yes. Form 4868 gives you until October 15 to file a personal return, but it does not extend the time to pay. We estimate what you owe so the extension payment covers it.

Oklahoma lets an S corp or partnership elect to pay the state income tax at the company level, on Form 586, instead of passing it to the owners. That moves the state tax onto the business return, where the federal cap on state and local deductions does not reach it. It helps some owners and does nothing for others, so we run it both ways before the election is made.

Yes. Rentals go on Schedule E with depreciation on the building. We track passive losses that carry forward and figure the tax when you sell.