What is the tax preparation process?

To get started you can schedule a tax preparation appointment. Appointments must be scheduled at least 2 weeks in advance so we have time to gather your tax documents and start on your return.

Within 48-72 hours after scheduling your appointment, you will receive an email with a secure Intuit link to our tax preparation client portal. Via your Intuit Link you will be provided your Tax Engagement Letter, initial tax preparation questions, and a detailed checklist of documents to provide.

Once all of your required documents have been provided, Pachira Financials will start working on your tax return! On the day of your scheduled tax preparation session we will go over the details of your tax return (via video conferencing) and answer any questions you may have prior to submission.

What is the difference between a tax preparation appointment and a tax planning appointment?

A tax preparation appointment is for us to prepare and submit your return. During the tax preparation appointment we will review your tax return with you, answer any questions you may have, and submit your return to the applicable state or federal agencies. This is why it’s imperative that all your tax documents are uploaded to the secure portal before your tax preparation appointment.

A tax planning session is a strategic tax planning appointment that allows individuals to review more complex tax questions prior to return preparation. A tax planning session is ideal for individuals and businesses who are not yet ready to file their taxes and who may have complex tax situations that require further guidance prior to return preparation. Some examples of reasons why people may book a tax planning session are:

• To learn more about tax deductions for business owners

• To learn more about personal deductions

• To review prior year(s) returns

• To create an income statement for business taxes

• For homeowner deductions and tax implications

• Need assistance deciphering various tax documents

• Retirement planning

• To choose a business tax structure

• To designate S corporation or C corporation status

When can I book my tax preparation appointment?

During non-tax season (May 1st - November 15th): Tax preparation appointments are available online only during non-tax season. You will be able to book a tax preparation appointment via the scheduling page on the website.

During tax season (Jan 1 - April 18th): In December of each year, Pachira Financials releases the Tax Prep Priority List for the upcoming tax season. Everyone on the priority list will be notified mid-January via email once tax preparation appointments become available. Those who signed up will be prioritized for tax preparation services. If appointments are still available, Pachira Financials will open up tax preparation appointments to the general public (those who did not sign up for the tax prep priority list).

Note: Pachira Financials does not process tax returns between November 16th and December 31st to prepare for the upcoming tax season. The best way to stay up to date is to check out the Tax page or subscribe to the Pachira Financials newsletter.

How do I know which return to file?

The core types of returns are:

• Individual returns - Are for single individuals, married individuals, heads of households, widows/widowers, sole proprietors and single member LLCs.

• S-corporation (business return) - If your business has received an IRS notice allowing for S corporation designation.

• C-corporation (business return) - If your business was established as a C corporation.

• Partnership (business return) - If your business was established as a partnership or as a multi-member LLC.

• Nonprofit - If your business is recognized as a tax-exempt entity on the state and federal level.

It’s important that clients know what kind of return they are filing prior to booking a tax preparation session. Feel free to book a tax planning session for more guidance or reach out to admin@pachirafinancials.com.

What’s my filing status?

Here’s a list of the five filing statuses:

1. Single. This status normally applies if you aren’t married. It applies if you are divorced or legally separated under state law.

2. Married Filing Jointly. If you’re married, you and your spouse can file a joint tax return. If your spouse died during the tax year, you can often file a joint return for that year.

3. Married Filing Separately. A married couple can choose to file two separate tax returns. This may benefit you if it results in less tax owed than if you file a joint tax return. You may want to prepare your taxes both ways before you choose. You can also use it if you want to be responsible only for your own tax.

4. Head of Household. In most cases, this status applies if you are not married, but there are some special rules. For example, you must have paid more than half the cost of keeping up a home for yourself and a qualifying person. Don’t choose this status by mistake. Be sure to check all the rules.

5. Qualifying Widow(er) with Dependent Child. This status may apply to you if your spouse died during 2013 or 2014 and you have a dependent child. Other conditions also apply.

What if I’m filing more than one tax return?

To ensure that we have enough time to thoroughly go through each return with the taxpayer, we recommend scheduling separate appointments for each tax return you need filed.

For example, an S corporation owner can schedule a tax preparation session to file their S corporation tax return. They can then book another tax preparation session to complete their personal tax return.

What if I need more guidance prior to my tax preparation appointment?

If you need more guidance and assistance prior to your tax preparation session, feel free to book a tax planning session via the Pachira Financials scheduling page. A Tax planning session is a great way to make sure you have your finances in order prior to your tax preparation session. It’s also ideal for individuals with more complex tax situations.

My tax preparation appointment is coming up, but I don’t have all my tax documents. What should I do?

It is important that all your documents are uploaded at least 7 days prior to the appointment date so that your session can be reserved for reviewing your return and answering any questions. You can reschedule your appointment up to 72 hours before your appointment time. However, tax preparation appointments are limited and rescheduling is based on availability. If you miss your appointment (no-show), the initial deposit will be forfeited.

If your tax return can't be submitted during the tax preparation appointment because all of your documents are not ready or available, your return will be completed at a later time and sent to you for your signature. You will not forfeit your initial deposit, however it will not be refunded. All payments for tax preparation appointments will go towards any outstanding tax preparation fees.

Keep in mind that tax preparation appointments are on a first come first serve basis and if you miss your initial appointment, you may not be able to book another, which can cause delays with processing your return.

What are the tax preparation fees?

Tax preparation fees are as follows:

- 1040 and 1 state return: $350

- Schedule A (itemized deductions): $175

- Schedule B (interest & ordinary dividends): $125

- Schedule C (sole proprietorship): $225

- Schedule D (capital gains/losses): $125

- Schedule E (supplemental income/rental income): $225

- Each additional state return: $100

- Form 1120 (corporate tax return): $650

- Form 1120S (S Corp tax return): $650

- Form 1065 (Partnership return): $550

- Form 990 (Non-profit return): $550

- Each business state return: $250

Is the initial deposit for an appointment refundable?

To ensure that your return is completed accurately and efficiently, we start working on your return prior to your tax preparation session. As such, initial deposits are not refundable and if you decide not to move forward with tax preparation services, you will forfeit your deposit.

What if I need to amend my tax return?

If an amendment is necessary due to an error or omission by Pachira Financials, we will amend your return free of charge! However, if an amendment is required due to taxpayer error or omission there will be a $175 amended return fee.

If you would like an amendment filed for a return that was not originally processed by Pachira Financials, the price will be similar to the standard tax preparation prices.

I just got an audit request from the IRS. What should I do?

Your return may be selected for review by one or more than one taxing authority. Any proposed adjustments by the examining agent are subject to certain rights of appeal. In the event of such government tax examination, please contact admin@pachirafinancials.com if you wish to have us represent you during the examination and/or during any appeal. Such representation is not included in tax preparation fees and will be a separate service.

What if I miss my tax preparation appointment?

If calendar availability permits, you can reschedule your appointment up to 72 hours before your appointment time if you’re not yet ready for your tax preparation meeting.

Keep in mind that tax preparation services only come with one private meeting. If you miss your appointment (no-show), you may lose out on your opportunity to speak with a qualified tax expert. However, we will continue to work diligently on your return and will send you a completed copy once we’re done. Management may allow re-bookings under limited circumstances.

It’s been more than two weeks and my tax return isn’t completed. What should I do?

Contact admin@pachirafinancials.com with any questions or concerns about your tax return preparation. As a reminder, we rely on tax payers to provide us the necessary information we need to complete tax returns. The most common reason for delays are because there may be outstanding items we need from the taxpayer.