How Filing Taxes Electronically Works

Nearly 156 million Americans filed their taxes electronically in 2019. That’s 14 million more than in 2009. Rather than mailing your paper forms to the IRS and waiting for a check to arrive, filing electronically keeps everything simple. Today’s blog from LongSchaefer explains how filing taxes electronically works.

Everything on Computer

Processing your income tax return and filing electronically means everything is done on the computer. When using electronic filing, many taxpayers don’t have to send forms to the IRS, particularly W-2 and 1099 forms. Some payroll companies keep electronic records that allow you to upload information automatically rather than filling in blanks. This process increases accuracy when LongSchaefer completes your tax return by computer.

Secure Connection to the IRS

Once we’re done preparing your return, it gets transmitted to the IRS through a secure connection. Sending the electronic files takes just a few moments instead of a few days through the mail. The IRS usually begins accepting returns in late January. If you come into our offices and we complete your return before then, we’ll keep your files on hand and then send them to the IRS on the first day the agency accepts returns. 

Notice of Acceptance of the Return

Within 48 hours, the IRS provides a notification that they accepted the return. We’ll contact you when we receive this confirmation. This is the first step of three if you’re expecting a refund. At this point, you can check the IRS website to find out when the agency approves the refund and then sends it. You’ll see a refund within 21 days in most cases.

Making Payments

Filing an income tax return electronically also means you can make payments electronically. You can choose which method you prefer, either with a direct payment made via a bank account or inputting your credit or debit card to pay a tax bill. The IRS can work with you and use an installment plan, provided you qualify and fill out the correct forms. LongSchaefer’s tax preparation pros guide you to select the best option for your situation if you must make payments to the IRS.

Tax Preparation at LongSchaefer

LongSchaefer is a firm believer in working smarter, not harder. We process forms and filings electronically and securely through our CPA/Tax Document Portal as well as through Tax Caddy. Electronic forms reduce errors, improve speed, and make processes more cost-effective for you and us. Contact LongSchaefer or call (513) 245-0300 for more information.

COVID-19 Update

Dear clients,

In order to comply with the Ohio Health Department Order & CDC social distancing recommendations, we are closing our offices to the public effective March 23rd, until further notice. Rest assured that our established protocols and available technology will allow us to provide the same level of service and quality you expect from LongSchaefer during this time.

As a reminder, you can upload your tax documents anytime from anywhere to your client portal at Tax Caddy or the Secure Send under Resources on www.longschaefer.com .

Your return can be reviewed, signed and submitted via Tax Caddy or reviewed at the NetClient Portal login located at the bottom of the above website home page. We can also email password protected PDF’s for your review. We need signed Form 8879’s returned before we can e-file tax returns and this can be accommodated through Tax Caddy with their compliant process or providing manually signed copies by secure send, fax or mail.

If you are unable to access the client portal options, you can mail or drop off your documents at our office (they will be quarantined 24 hours).

Meetings we coordinate will be scheduled and held virtually through Zoom or by telephone, and your account team member(s) will reach out to you to determine which method works best for you. In-person meetings cannot be accommodated at this time per our understanding of the health department order.

As a reminder, the federal tax filing and payment deadline has been extended to July 15 (we are awaiting clarity from the States & Localities but assume they will do the same). If you’re anticipating a refund (and even if you’re not), please continue to submit your documents timely and we will continue production towards filing as soon as practical.

For questions regarding your client portal or tax info, call the office at (513) 245-0300. For questions regarding your account, contact your account professional via email or at the office number.

The health and wellbeing of our clients and employees is top of mind, and we are here to assist with any questions or concerns you have regarding your account or business going forward.

 

Sincerely,

Michael W. Long CPA/PFS

President

Long, Schaefer & Company, Inc.

Long Schaefer Financial Advisors, LLC

Five Reasons Why Hiring an Accountant Makes Sense for Tax Time

Do you dread doing your taxes? It’s an annual ritual we all have to deal with, whether you worked one job with a single W-2 or owned 50 rental properties that all generated revenue for your business. In today’s blog from LongSchaefer, your tax preparation expert based in Cincinnati, we explain five reasons why hiring an accountant makes sense for tax time.

Complexity

Take just one look at a tax form and the accompanying instructions. They’re complicated, to say the least. We totally understand: Tax laws are a beast. A professional tax preparation company like LongSchaefer knows how to navigate complex tax codes, identify specific tax situations, and submit the correct forms to the IRS. Let us do the hard work for you!

No Time

Your time is valuable. You may find that it’s more economical to have a professional tax preparation company do your taxes for you. If you can’t find time to delve into your taxes because you would lose income, then hiring a firm like LongSchaefer makes perfect sense. You could discover that you simply don’t have time to do your taxes, and you’re expecting a big refund. Investing in a tax accountant pays off because you could get your refund faster without spending an enormous amount of time navigating tax changes from the previous year.

Business or Self-Employed

If you own a business or you are self-employed, tax time can be especially complicated. If you don’t have income taxes withheld from a regular paycheck, you’re liable for paying taxes to the IRS. However, there are tax advantages to owning your own business or being self-employed that you don’t want to overlook. A tax preparation company like LongSchaefer helps you optimize your tax refund by finding tax deductions, applying tax credits, and handling the IRS.

Kids Entering College

Your son or daughter is about to enter college, which means everyone must fill out the Free Application for Federal Student Aid (FAFSA) when trying to get financial aid. You might find out that your child has assets or income that could reduce the amount of financial assistance your son daughter qualifies for. LongSchaefer’s tax preparation professionals show you what you can do to file an accurate tax return ahead of helping your child apply for college financial aid. 

Multiple Income Streams

Perhaps you’ve had a regular job for 20 years as a career. You supplement that income by owning three rental properties. You also have thousands of dollars invested across savings accounts, bonds, mutual funds, and stocks. Each of these types of income is taxed differently. If you fail to identify all of your types of income, it could delay your return or you could pay penalties. Tax preparation from LongSchaefer identifies various income streams and understands how they affect your return so that you can file accurately.

Tax Preparation by LongSchaefer

LongSchaefer, one of the top Cincinnati accounting firms, specializes in tax preparation for individuals and businesses. We file accurate tax returns you can rely on, especially if you don’t have the time or you don’t understand the IRS tax code for your situation. Contact LongSchaefer or call (513) 245-0300 for more details.

May 2020 COVID-19 Update

In order to comply with the Ohio Health Department Order & CDC social distancing recommendations, our offices are closed until further notice. Rest assured that our established protocols and available technology will allow us to provide the same level of service and quality you expect from LongSchaefer during this time.

The SBA has announced details of how it’s helping small businesses through the Coronavirus outbreak. The IRS is sending payments to families affected by this crisis. 

Please click on our Coronavirus information pages for more information.