APRIL 15: National due date to file a 2023 tax return or request an extension and pay tax owed. • OCTOBER 15: Due date to file for those requesting an extension on their 2023 tax return.
How much do you charge?
Our fees are based on the complexity of the return and the forms required to complete the return so without seeing the return it’s difficult to give a realistic estimate. Most of our clients find that our fees are very reasonable compared to what they’ve paid elsewhere.
What do I need to bring?
For new clients we ask that you bring the social security cards for everyone listed on the return plus a copy of your last year’s return. In addition, this link outlines most of the most common documents and information we need.
If I don’t itemize anymore, do I need to bring in all those documents?
We strongly encourage our clients to continue bringing in all of their tax documents. While unusual, there may be times when tax benefits are available for people even for taxpayers who can no longer itemize.
How long do refunds take?
As a general rule, the IRS issues refund between 14 and 28 days of filing. This is only a guide as sometimes it takes longer or will be quicker—every case is different. On rare occasions, refunds can take much longer.
When should I drop off to make sure my return is completed in time?
The volume of drop-offs increases as the tax season wears on. Early in the season we can usually turn returns around in 1-2 weeks, however, by the time March arrives, the turn around time can be dramatically longer. We strongly encourage clients to have their return information to us no later than March 9th. Anything dropped off after that may take us past the April 15thdeadline and necessitate an extension.
If I drop my stuff off, how long will it take for you to finish my return?
We handle returns on a first in, first worked basis, regardless of complexity. The volume of drop-offs increases as the tax season wears on. Early in the season we can usually turn returns around in 1-2 weeks, however, by the time March arrives, turn aroundtimes can be dramatically longer. By the middle of March, it may take 5-6 weeks.
How do I make an appointment?
You can schedule an appointment by calling us at 636.928.1040. You do not need to speak to your preparer. Our front desk staff can get your appointment scheduled for you.
Do I need an appointment to drop off?
An appointment is not required to drop-off. Simply drop by the most convenient office (St. Peters, O’Fallon, or Wentzville) and they’ll take your drop-off.
How do extensions work?
In most cases, an extension gives a taxpayer or company an extra six months to file their return. The exception is for estates and trusts that file a form 1041—that extension is only five and a half months. Extensions are useful when you don’t have all of your documents, are planning to be out of the country, need time to finalize bookkeeping, or your tax professional has more work than they can complete before the deadline. An extension, however, does not extend the time to pay your taxes. Any balance due is due on the original due date of the return. When an extension has to be filed, the taxpayer should send a payment in for the amount they expect to owe to avoid failure to pay timely penalties (.5% per month for every month payments are late) and additional interest (IRS charges the prime rate plus 4%). This applies to Missouri returns as well.
How can I get copies of my return?
If Sederburg prepared the return, copies can be obtained by contacting our front desk staff at 636.928.1040 and simply asking them. In the event Sederburg did not file the return, you can ask the company who prepared it or go on-line to IRS.gov, establish an account by verifying your identity, and requesting a transcript.
How do I pay the IRS and Missouri if I owe?
When you owe either entity, your Sederburg preparer will include a voucher(s) in your packet so you can mail a check or money order to whomever you owe. However, if you wish, you can pay the Federal by going to IRS.gov and selecting Pay from the menu at the top. For Missouri, go to dor.mo.gov. From the Taxation tab select either business tax or individual tax, and then pay taxes or request payment plan. Then follow the instructions.
Why am I required to file a St Louis City return?
The City of St Louis has imposed a 1% earnings tax on any income earned in the city or by residents of the city. In many cases this earnings tax is withheld from paychecks. There is no need to file a city return when the employer withholds the 1% correctly. However, if you are self-employed and conduct business within city limits or live in the city but work in the county, you may be required to file a St Louis City return to report the income and pay the tax. The City of St Louis receives a report from the IRS of people who live in the city and had reportable earned income, so failure to file the return will not go unnoticed for long.
Also, since the city does not allow for e-file, your St Louis City return must be mailed.
Why doesn’t my return cost the same as someone else who goes to Sederburg?
Fees for tax preparation services are based on a number of factors, including—but not limited to— the forms required, worksheets required, and time required. More complex returns require more forms and more time, and are thus priced higher than less complicated returns. Even seemingly basic returns can have hidden complexities that increase fees. Sometimes, it may appear that two returns are equal, but are not. There can be worksheets, special calculations or any number of other things that influence the final fee.
If I buy an electric vehicle, do I get a tax credit?
Congress, as part of the Inflation Reduction Act, changed the electric vehicle tax credit to allow some American made vehicles to qualify for the credit. Some used electric vehicles also qualify for a reduced credit. For a complete list of eligible vehicles and income limits to claim the credit visit fueleconomy.gov/feg/tax2023.shtml.
I put a new roof on my house. Is there a tax credit for that?
Unfortunately, the roof no longer qualifies for any of the energy credits. There are several exterior items that do qualify, such as Energy Star rated windows and doors or certain insulations that create an airproof seal.
I put new windows / insulation / doors in. Do I qualify for a tax credit?
Maybe. Doors, windows, insulation, etc. must be Energy Star rated. If they are, they qualify. If not, they do not. Credit for windows is 30% of the cost including installation up to $600 per year. Exterior door credits are limited to $250 each up to $500. Insulation is 30% of the cost including installation up to $1,200. In addition, Energy Star rated heat pumps, biomass stoves and boilers have a separate credit of 30% of the cost including installation up to a maximum of $2,000. Your dealer will have more details or go to IRS.gov/credits-deductions/home-energy-tax-credits.
Beneficial Owner Information Reporting Requirement FAQs
What is the Beneficial Owner Information (BOI) report?
The BOI is a product of the Corporate Transparency Act of 2021. Many states do not require the names of the organizers when businesses and other organizations register through the secretary of state, such as in creating an LLC. Consequently, the purpose of the BOI report is to force the company or organization to list the owners to prevent criminal organizations from using LLC’s and other organizations for money laundering or human trafficking, among other things.
Who must file a BOI?
Any entity registered through the secretary of state for a state, district, territory, or possession of the United States of America or the tribal equivalent of same unless otherwise exempt (see Who is exempt below). Also, any foreign entity registered to do business in any state, district, territory, possession, or reservation of the United States of America is required to register.
This may include an LLC, corporation or any other entity formed by registering through any of the above listed sub-divisions of the United State of America.
When must the BOI report be filed?
For entities in existence prior to January 1st, 2024, reports are due by December 31st, 2024. For entities created during 2024, reports are due within 90 days of creation. Effective January 1st, 2025 reports for new entities are due within 30 days of creation.
Any organizational changes, such as a change in ownership, must report the change within 30 days of the effective date of the change. Reportable changes include beneficial owner change, change of address for the company or a beneficial owner, or change of an ID number for the company (such as EIN) or beneficial owner.
Who is considered a beneficial owner?
A beneficial owner is defined as an individual who either owns at least 25% of the entity or exercises substantial control over the company. Examples of substantial control could be a senior manager such as CEO, CFO, President, or an important decision maker.
A 25% owner is may not always be straight forward. For instance, someone with 10% ownership, but whose spouse also owns 10% and a child or sibling owns 10% could be considered a beneficial owner because of the close family ties, depending on facts and circumstances.
Who is exempt from filing the BOI report?
Several entities are exempt from filing. The most common are inactive entities, tax-exempt entity, or banks. For a complete list of the 23 exempt entities see the FinCEN BOI website.
What constitutes an inactive entity for BOI reporting purposes?
An inactive entity is defined as an entity that 1) was in existence prior to January 1st, 2020, 2) is not engaged in business activities, 3) is not owned either directly or indirectly by any foreign person, 4) has experienced any ownership changes in the previous 12 months, 5) has not sent or received funds in excess of $1,000 in the previous 12 months, and 6) does not hold, directly or indirectly, any assets including ownership of a corporation, LLC, or similar. All of these must be true.
Who has access to the information in the report?
FinCEN will permit Federal, State, local, and Tribal officials, as well as certain foreign officials who submit a request through the appropriate Federal agency for authorized activities related to national security, intelligence, and law enforcement. Certain financial institutions may have access in certain circumstances with the permission of the reporting company.
What are the penalties for noncompliance with the CTA?
Penalties may be steep. Those in noncompliance can be fined $500 per day up to $10,000 and / or face up to two years in prison.
I’m confused. What should I do now?
We can help you determine if you have a filing requirement. We can also prepare and file your report if you would prefer.
For a deeper understanding of these issues or any others, visit fincen.gov/boi.