Frequently Asked Questions
Do you charge for an initial consult?
How much do you charge for services?
How do your charges compare with commercial firms that I hear about on radio and TV?
Don’t commercial firms provide year round full time service?
What method of payment do you accept?
What are your hours?
What is included with the tax-preparation service that you provide?
Why should I choose your service over tax-preparation software?
How much do you charge for an initial consult? Back to questions
Under most circumstances we normally do not charge for an initial consult. If there is an exception we will explain it to you before we schedule your appointment.
How much do you charge for services? Back to questions
Tax preparation is charged by the forms prepared. This may be affected but generally is not by the level of complexity of the return. Bookkeeping and accounting is based on the time spent. An hourly rate is based on the level of difficulty. We do provide a fee schedule and free consult to give you an estimate.
How do your charges compare with commercial firms that I hear about on radio and tv? Back to questions
Most mistakenly believe that we cost more for our services than the type of companies about which you have inquired.
What also sets us apart is that you will have access to the same person year round and that most often is not the case with commercial firms who rely on seasonal part time employees.
Don’t commercial firms provide year round full time service? Back to questions
The majority of individuals who work for commercial tax firms are full time or part time seasonal employees. Not all commercial run offices will stay open year round with the same employees. This may cause a problem with most of us who prefer to develop a long term relationship with someone concerning our most personal information.
The key difference with ITFS is the same office is open year round, we guarantee that you will see and meet with the same individual with
whom you have already developed a working relationship with. This eliminates having to re-explain all of your personal information to a complete stranger.
What methods of payment do you accept? Back to questions
We accept cash, VISA or Master Card and check.
What are your hours? Back to questions
Hours are by appointment. Evening and Saturday appointments are available during tax season.
What is included with the tax preparation service that you provide? Back to questions
You can expect the following from us with regard to tax preparation service provide by our firm.
1) Professional service with your return prepared or reviewed by a US Treasury licensed tax professional (taxpayers please note that tax preparation does not require licensing currently. You have better assurances of competency with a licensed tax pro.)
2) In addition to your return, ITFS provides a free consult to explain how new laws will affect your situation before next year. (This is an ITFS exclusive. No other firm we are aware of does this.
3) Free simple Federal and one-state tax filing for your dependent children.
4) Free electronic filing of your tax return.
5)Free copy of your return and information used to prepare your return on password protected adobe file (pdf) in addition to your paper copy.
6) Under most circumstances free follow up correspondence and advice on Federal and State inquiries.
7) Password to use client tools such as our tax organizer worksheets on our web site.
8) Year round guidance and help available on most financial concerns throughout the year.
Why should I use your service when I can just purchase software and do it myself? After all isn’t it cheaper and doesn’t it do all the work for me? Back to questions
Tax software contains artificial intelligence that helps you prepare your tax return by utilizing prior year’s tax laws.
Although tax software helps it cannot provide the critical analysis you need at the time you prepare the return or throughout the year to assess and plan accordingly for the current or following year(s)).
Can you assure yourself true tax deduction maximization without it?
This is best done by an experienced trained professional who is familiar with your financial situation and can provide you with objective advice. It is very difficult to be objective with oneself. This can be the missing ingredient in providing tax savings opportunities and avoiding tax traps.
Needless to say the tax software approach, in many cases is not very pro-active and may not be the best choice.
Let’s face it. Every year there are hundreds of new tax laws and your personal circumstances can change, ( marriage, divorce, new or lose a dependent, new job, new business, receive inheritance, and quite frankly most any change in your personal or financial situation.).
Hundreds of new tax law changes, personal/financial changes, existing tax law; any one or combination of the three will not only impact your life, but your tax situation as well . Expert guidance is needed to avail yourself of tax saving opportunities and avoiding tax traps.
With the regular day today demands of a job and family, do you really have time to keep up with all of that?
Here are the key differences, ITFS makes the better option.
1 With over 30 years in business and over 60 years combined experience ITFS specializes in all financial matters concerning the individual and small business.
2 Withe ITFS’s exclusive tax planning and consult you are better guaranteed of avoiding tax traps and finding tax savings opportunities.
3 It’s not just the cost of the software you may incur. Here are some of the other charges you may incur.
A. One leading software company charges $29.95 for each question and up to 20 minutes to answer it. If the question leads to other topics, there is another $29.95 per topic. It is not unusual for a tax question to move into other topics.
B. Assistance with tax audits.
Not free. This company charges another $35 to$40 and you must e-file the return.
C. Reimbursement policy for a wrong answer. Only up to what they charged you not necessarily what the mistake cost you. In addition, they are not responsible for errors caused by your inability to correctly communicate the question to them. If you don’t totally understand what you are doing in the first place, could you see how this might be a problem, let alone any tax owed.
D. Guaranteed mathematical accuracy! I would hope so, wouldn’t you? A calculator, however, can make the same claim, but, if you put the wrong information into a calculator, what is the end result? Add to this the possibility of some misunderstanding on your part in following their software interface. Could this cause a problem?
Unless a return really stands out, it will not be selected for audit or review right away. IRS is mainly verifying for mathematical accuracy when you initially file your return. It may be a year or two before the information on your return is verified and you are contacted concerning any disparency.
E. What is the cost of your time researching, preparing, and verifying the information to put into your return?
Quite honestly it’s obvious that there are distinct limitations to relying strictly on the artificial intelligence that tax software provides.