Tax Time Q & A

It's tax time!  We know that whether you are a new or returning client you may have many questions.  We are here to help!  You will find answers to our most frequently asked questions below.  If you need additional information please don't hesitate to contact our office.

WHAT ARE YOUR OFFICE HOURS?  Boring & Associates has extended hours during tax season to help meet the needs of our clients.  We are open January - April during the following times:  Monday, Wednesday and Friday 8:00 AM - 5:00 PM.  We are open late on Tuesdays and Thursdays from 8:00 AM - 7:00 PM.  We are open Saturday's from 9:00 AM - 12:00 PM.  Off season hours:        May - December, we are open Monday - Friday from 8:00 AM - 4:30 PM.  If you choose, you can drop off your information anytime in our drop box.  There is a drop box located on either side of the front door for your convenience.

I'M A NEW CLIENT - WHAT DO I BRING?  We ask that you fill out a Questionnaire, a Health Insurance Coverage form, as well as a New Client Information Sheet so we can collect the necessary information to begin your return.  You will need to provide us with any supporting documents - W-2s, mortgage statements, 1099s, etc.  We also ask that you bring in a copy of your completed return from last year.

DO I NEED TO SCHEDULE AN APPOINTMENT?  It is not necessary to schedule an appointment to go over your information.  If we have questions and need additional information we will contact you.  If you prefer an appointment, please contact our office during business hours at 937-526-4411 ext. 200 and we would be happy to schedule one for you.  Appointments are typically scheduled for 30 minutes.  If you feel that you will need more time, please let the scheduler know when making the appointment.  Appointments cost extra.

HOW MUCH WILL IT COST TO PREPARE MY TAXES?  Our fees are based on the complexity of the tax return.  Since everyone's tax return is different, we don't charge a flat preparation fee.  For this reason, it is difficult to quote an amount.  If you are a new client and would like an estimate you can drop off a copy of last year's return and a preparer will look at it and give you a call with an estimate.  Our fees are competitive and usually less than the Big Box Companies.

WHAT IS YOUR FEE FOR ELECTRONIC FILING?  We are required to electronically file (e-file) all tax returns that are being submitted to the IRS.  We do not charge any additional fee for electronically filing.  We will e-file your Federal State and School District (if applicable) returns.  As of now, most city returns are not able to be e-filed.  City returns need to be signed and sent to the appropriate city building.  Addressed city envelopes will be provided for your convenience.

DO YOU OFFER REFUND LOANS?  We do not offer refund loans to our clients.  You may choose to have your refund mailed to you or have it directly deposited into a checking or savings account.  If you choose direct deposit, the turnaround time is usually 10-14 days once your return has been e-filed.  It may take up to 30 days to receive a check in the mail.

DO YOU ACCEPT CREDIT CARDS?  No.  We only accept cash or check.

HOW LONG WILL IT TAKE TO PREPARE MY RETURN?  The average turnaround time for completion of your tax return is 2 weeks once we receive all of the necessary documents in your file.  We have a three step process in place that makes sure your return is not only complete, but accurate as well.  Once we receive your information along with your signed Health Insurance Coverage Form:

Step 1:  Your return goes to a preparer.  The preparer thoroughly goes over all of your documents and prepares the return.  They will call you if they have any questions along the way or if they need any additional documentation.

Step 2:  Your return goes to a checker.  At this phase, your return is reviewed thoroughly to ensure accuracy. 

Step 3:  Your return is put together.  This is where all necessary copies are made, vouchers are printed, envelopes are prepared, etc.

Once all of the above steps are completed, you will receive a phone call notifying you that your return is finished.

MY RETURN IS FINISHED - NOW WHAT?  We will call you to let you know that your return is complete and ready for pick up.  You may come into the office anytime during office hours to pick up your return.  You don't need to schedule an appointment to pick up.  You will need to pay the preparation fee and sign and return the Form 8879 before we can e-file your return.  This form simply gives us permission to e-file your return.  If you have filed a joint return with your spouse, both signatures are required on the form.  We can NOT e-file your return until this form is signed.  We know schedules are hectic so if it is more convenient to pick up your return and take it home in order to get the appropriate signatures you can email or fax the signed form back to our office.  We will not e-file until the signed form is received in our office.  Once we have payment and necessary signatures, your return will be e-filed within 24 hours.  

WHERE'S MY REFUND?  Wondering when your refund will arrive?  Let us help!  In just 3 easy steps you will be on your way to tracking your refund.  Click here for steps on how to track your refund  or you can simply go to the IRS Website at www.IRS.gov and click on "Where's My Refund?" on the right hand side of the screen to see when you can expect your refund.  You can check the status as early as 72 hours after your return has been e-filed.  You will need to know your social security number, your filing status and the exact amount of your refund. 

WHAT QUALIFIES AS ITEMIZED/MEDICAL DEDUCTIONS? Not sure what is an acceptable deduction?  Click the link below for a detailed list of itemized/medical deductions.  Click here for a list of deductions.

HOW LONG SHOULD I KEEP TAX RECORDS?  If your attic is getting filled up with old records, perhaps this will help.

Suggested Holding Periods for Tax Records:

  1. It is a good policy to save copies of your 1040 and supporting schedules indefinitely.
  2. The IRS requires record retention as long as they are important for Federal Tax law.  Generally this means: 
    1. 3 years from the date the return is filed or
    2. 2 years from the tax payment date or
    3. 6 years if income is under-reported by more than 25%.  Whichever is later.
  3. Keep ALL bank statements, checks, receipts and other financial records for at least three years, especially those documents that will support your tax return figures.
  4. HOLD INDEFINITELY
    1. All papers and receipts that deal with any purchase, sale and major improvement of your current and all previous principal residences.
    2. All IRA records, investment purchases and sales and 1040 returns filed for each year.

WHAT ARE THE KEY FILING DATES FOR FEDERAL INDIVIDUAL INCOME TAX?

      January 15th    4th Quarter Estimated Tax Due
           April 15th     Individual Tax Returns Due
           April 15th     1st Quarter Estimated Tax Due
           June 15th     2nd Quarter Estimated Tax Due
       August 15th     Extension Filing Due (1st Extension)
September 15th     3rd Quarter Estimated Tax Due

Please Note:  If the 15th falls on a weekend, the filing date moves to the following Monday.