Frequently Asked Questions

Wondering if there's an age limit on claiming your child as a dependent? Generally, you can claim your child if they're under 19, or under 24 if they're a full-time student. Exceptions exist for children who are permanently and totally disabled, allowing them to be claimed regardless of age. Additionally, your child must live with you for more than half the year and you must provide more than half of their financial support. Understanding these rules can help you maximize your tax benefits, including the Child Tax Credit and Earned Income Tax Credit. Always consult a tax professional for personalized advice.

Discover the distinctions between a CPA and a tax preparer, including their qualifications, services, and expertise, to make the best choice for your financial needs.

Choosing the right accountant is essential for effective financial management. Identify your specific needs, such as tax preparation or bookkeeping. Look for a Certified Public Accountant (CPA) with relevant experience and good reviews. Ensure they have strong communication skills and use modern accounting software. Clarify their fees and billing practices, and verify their availability during critical times. Trust your instincts and select someone you feel comfortable working with for a successful financial partnership.

Finding the right Certified Public Accountant (CPA) is crucial for financial management and tax compliance. Look for a licensed CPA with relevant experience, good reviews, and transparent pricing. Ensure they offer the services you need, use modern technology, and communicate clearly. A good CPA adheres to high ethical standards and helps you achieve your financial goals efficiently.

Finding a good CPA involves defining your needs, seeking recommendations, and verifying credentials. Research online reviews and professional associations, and conduct initial consultations to discuss services and fees. Check references and ensure there are no disciplinary actions. Choose a CPA who is accessible, communicates well, and whom you trust.

A tax preparer, especially one well-versed in tax law and familiar with your specific financial situation, can potentially secure a higher return than software like TurboTax. This is because professionals can offer personalized advice, identify lesser-known deductions and credits, and apply strategic tax planning methods that software might not fully leverage.

To file your taxes, you'll need several key pieces of information: your Social Security number or tax ID, W-2 forms if you're employed, 1099 forms if you're self-employed or have other sources of income, records of any taxes already paid, deductions or credits you plan to claim (like charitable donations or educational expenses), and details of any dependents.

Outsourcing your accounting can be a smart move, especially if you're looking to save time, access expert advice, and streamline your financial processes. It allows you to focus on growing your business while professionals handle the complexities of your finances, often providing more cost-effective solutions than maintaining an in-house team. However, it's important to weigh the benefits against your specific business needs, including the level of control and involvement you prefer over your accounting operations.

As a small business owner, diving into the world of accounting and financial management can be daunting. QuickBooks, a leading accounting software, often comes to the rescue.

Understanding your financials is crucial for any business owner. That’s where Levy & Hinckley CPA LLC comes into the picture. We’re here to help businesses of all sizes keep their books in order. Let’s talk about what this kind of service can do for you.

Our reach spans across the entire DFW metroplex. We proudly serve the following the greater Dallas-Fort Worth area.

The journey from an idea to a thriving business is filled with unforeseen challenges, resource crunches, and time constraints. At such junctures, one wonders if there’s a guide, a mentor, or an expert who can help navigate through these turbulent waters. This is where the value of business advisory services shines the brightest.