Income Taxes Business and Personal

We are driven by a commitment to education, a one-stop shop philosophy, and a go-giver mentality that empowers business owners to strengthen their weaknesses.

Tax Services

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Entities

Partnerships, S Corporations, C Corporations, LLC with an entity tax election

In the intricate tapestry of today’s tax landscape, navigating the labyrinth of regulations requires the expertise of seasoned professionals. With the stakes being higher than ever, it is essential to partner with advisors who can chart a course towards optimizing tax advantages both now and in the future.

Vantage Point Tax Inc. offers a comprehensive suite of tax preparation, planning, and advisory services tailored for today’s businesses. Our team of tax experts believes that to devise an efficient tax strategy, one must truly understand a client’s unique aspirations, plans, and potential. With this philosophy, we work with our clients and diligently explore every avenue to reduce tax liability.

By forging enduring relationships and designing bespoke tax strategies for our clients, Vantage Point Tax Inc. brings inventive solutions that aim to mitigate, minimize, or defer tax obligations.

Our services include:

  • Federal and State Tax Preparation
  • Audit Representation and Resolution
  • Tax Planning
  • Complex Tax Strategies
  • Business Formation/Incorporation

Entities

Individuals, Independent Contracts, LLCs with no entity tax election

Individual tax preparation demands the expertise of adept professionals with a keen eye toward beneficial tax law updates. With the ever-changing complex tax laws in constant flux, our clients rest assured that their tax benefits are fully optimized

Vantage Point Tax Inc. specializes in tax preparation, planning, and advisory services exclusively tailored toward individual taxation. For clients with a genuine interest in understanding the nuances of their tax position, we prioritize education and provide insights and clarifications to empower informed decisions. We believe that with knowledge comes confidence in one’s financial journey.

At Vantage Point Tax, Inc. whether you are keen to learn or prefer to entrust us with the complexities of taxation, our promise is to work relentlessly for your financial advantage.

Our services include:

  • Federal and State Tax Preparation
  • Audit Representation and Resolution
  • Tax Planning
  • Complex Tax Strategies
  • Business Formation/Incorporation
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Secure Your Time Slot

With pleasure, we will address any inquiries you may have. We have solutions for all your questions.

Frequently Asked Questions

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General FAQs
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Business FAQs
Individual FAQs
Individual FAQs
What types of appointments are available?

Appointments are available in person, by phone, or via ZOOM. Appointments by phone or via ZOOM must be provided 48 hours in advance of your scheduled appointment so that we can ensure all documents and information are received in time to complete your return during the phone or ZOOM appointment time. We may reschedule your appointment if we do not have your information in time. We do charge a minimal fee of $15 for all ZOOM appointments to help cover the cost of technology to hold ZOOM appointments.

What options are available for me to provide my documents?

Clients may choose to provide documents through Intuit LINK (available for individual returns only), through email, via mail, in-person drop offs, or into a DropBox.

  • Intuit LINK is available for individual clients only.  Clients that already have an Intuit account tied to their email account will need to provide an unconnected email to use this option.
  • Email should be sent to TAXES@VPBS.COM.  Be mindful to only send information with password security or information that has sensitive information redacted.
  • Mailed documents should be sent to 145 W 10th Street Suite 100, Tracy CA  95376.
  • Drop offs may be delivered to 145 W 10th Street Suite 100, Tracy CA  95376 during business hours. There is also a drop slot for use during non-business hours.  It is located directly to the right of the front doors.
  • DropBox folders are provided upon request.

Documents received will be confirmed upon receipt. If you did not receive an email or phone call from us, please call the office to confirm that we have received your documents. When mailing documents, we recommend that you put tracking on your package to ensure proper and timely delivery.

How do I get a copy of my return if I have a ZOOM or other remote appointment with you?

Clients with remote appointments will receive their tax folder by mail to the address listed on their return. The tax folder will include their federal and state returns and all of their original documents provided. These items are mailed out via USPS with tracking. We abide by the USPS delivery process and maintain the tracking number in our files. Upon request, we will provide you with this number.

How can I get an EXTRA copy of my tax returns?

Every return that is prepared is provided to the client upon completion along with their original documents provided. If you need an EXTRA copy of your return, there is a fee of $35 per tax year. This fee is charged to cover time and costs associated with reproducing and assembling the return. HOWEVER, you can receive one EXTRA copy of your returns for FREE if you are enrolled in our APP (audit protection plan) for those tax years.

When will my returns be e-filed?

Before your returns can be e-filed, we are required to obtain authorization signatures. For business entity returns, an authorized individual must sign the 8879 forms. For personal returns, the taxpayer must sign for a single filer.  Joint returns require both parties sign the 8879 forms. These authorization forms are maintained in our records as evidence that you wish for your returns to be electronically filed. Under NO circumstance will VPBS electronically file a return without the required authorizations on file.

If my return has to be paper filed, do you mail them off?

We are always happy to assist the taxpayers. All returns that are paper filed do require signature. If you come into our office to sign the returns, we are happy to paper file the returns via mail and provide you with the USPS tracking information. We will charge for the postage fees applicable for your filings. We do not follow up with the agencies on paper filings. We highly recommend that you confirm with IRS and the Franchise Tax Board and with the USPS within 7 days to ensure timely delivery.

Do you offer electronic filing?

Yes, we automatically electronically file all returns that qualify for e-filing.

What do I need to bring to my entity tax return appointment?

All business returns require:

  • Balance Sheet
  • Profit and Loss Statement
  • Assets (acquired, disposed of, or sold; include the dates and amounts for each transaction)
  • State tax payments and the period they cover
  • For C corporations – include federal tax payments

If you need bookkeeping services to assist you with these items, contact Vantage Point Books Inc. at BOOKS@VPBS.com or click on Bookkeeping from the Services Page.

Can I file an extension if I do not have my books and records ready?

Yes, we can file a FILING extension for your business. It is important to note that the extension is only a FILING extension. It is NOT an extension of time to PAY. We ask that you provide as much information for the return fling as possible so that estimates can be recommended to avoid penalties, underpayments, and interest fees.

My business had no income for the year. Do I still need to file a tax return?

Yes, you do. A business entity has an annual filing requirement up to the date of sale or closure regardless of the amount of, or lack of, earnings.

How long should I keep my business tax returns?

A general rule is to keep tax returns for 3 years. However, California has a 4-year statute. Depending on your state, keep the returns for the longer of the state versus the federal statute.

What receipts do I need to keep for my business?

All receipts for business deductions and credits and adjustments should be maintained for the same duration as the tax returns. We recommend that you keep your receipts along with bank statements, credit card statements, and loan documents with the tax return.

Can you file an extension for a business return?

You can! You can! An extension is available for businesses just as they are for individual returns. Remember that a filing extension is not an extension to pay.

When is my tax return due?

Business returns are due by March 15th each year for returns on a calendar year basis. Returns that file on a fiscal basis are due two months and 15 days after the close of the fiscal year. Extensions are available for 6 months from the original filing due date.

If I do not have all of my documents, can I still schedule my tax appointments?

We highly recommend that you schedule your appointment once all of your documents have been received. Your appointment is designed to start and finish your returns.  When a client is missing documents, then additional time needs to be set aside by the client and by our office to finish a return. Added time can equate to a higher fee in some cases. So, please schedule your appointment once you have all expected documents. You are welcome to provide documents in advance of your appointment while you wait on anything that has not yet arrived.

What is the turn around time if I mail in my documents?

Client returns are worked in the order of receipt. Clients opting to mail, email, drop-off, or upload documents to LINK or DropBox will be handled in the order they are received. Most returns are completed within 48 hours of receiving all documents for the return.

When will I receive my refunds?

Once we file your returns, the tax agencies are in control of the issuance of any approved refunds. In most cases, refunds may be received within 7-14 days from the date of filing. These are not guaranteed dates. We recommend that you contact the IRS at irs.gov to check the status of your federal refund and the appropriate state agency for any state refunds.

Do I need to keep all of my receipts?

We recommend that you keep all receipts for deductions and credits and adjustments recorded on your tax return. We also recommend that you keep these receipts along with copies of your bank statements and credit card statements with your tax returns.

How long do I need to keep my prior year tax returns?

A general rule is to keep tax returns for 3 years. However, California has a 4-year statute.

What documents do I need to bring to my appointment?

Documents required for each taxpayer will vary. Here is a general list:  W2s, Forms 1099, Form K-1, mortgage interest statement Form 1098, property tax documents, payments to IRS or any state agency, income and expenses by category for schedule C (independent contractor), schedule E (rental activities), and schedule F (farming activity), broker year end documents to record gains/losses and and dividends and interest, Final Closing statements for any real estate purchased, sold, or refinanced, charitable cash contribution statements from churches or other non-profit organizations, non-cash donation receipts, union dues, DMV registrations paid, purchase agreement for vehicles or other large-dollar expenses, contributions to retirement accounts, virtual currency transaction summaries, day care providers and payments to them, evidence of health insurance, documents for Covered California or any other insurance exchange, unemployment income, and any solar credit purchase agreements and interest on loans for solar purchases.

How long is my personal appointment?

Most individual tax appointments are 30- minutes. Some returns will require a longer appointment time for a complicated tax calculation or if the volume of documents dictate.

How can I minimize my tax liability for next year?

VPBS does offer tax consultations during the off-season to assist taxpayers interested in reducing their tax liabilities. If time permits during tax appointments, some tax planning may be provided. A tax consultation is recommended for individuals that are getting married or divorced, recently lost a spouse, purchasing or selling real estate, starting or ending a business, having kids, kids heading off to college or starting in the workforce. We are here to help you manage your tax liabilities.

I owe taxes that I cannot pay. What are my options?

If you find that you cannot pay the tax balance due on your return, there are some options offered by IRS and by state agencies. Installment agreements are the most common and are available on the federal and state side. IRS also has an OIC (Offer in Compromise). Not everyone will qualify for the OIC. Each state has their own collection options. If you need assistance handling your tax debt, contact our tax office for a consult to determine the best available option for your financial position.

Do I need to file a return every year?

Yes, if you have taxable income. In some cases, even if you do not have taxable income, filing a return can safeguard your social security number with the federal and state tax agencies and help prevent fraudulent returns from being filed in your name.

Can you help adjust my withholdings?

Yes we can! Clients can enroll in our Mid-Year Withholding Review. All enrollees are contacted to provide documents for the projection. Projections are computed during the first week of July.

Do I need to make estimated tax payments?

Some taxpayers may need to make estimates. We will discuss estimates during your tax appointment. We can also provide guidance during the off-season should your financial position change.

I have a schedule C business. Should I incorporate?

This is a great question to bring to your tax preparer as each situation is unique. If your business income substantially increases, contact our office to determine if incorporating is right for you and to ensure you incorporate with the right timing.

Can you help with multiple-year filings?

Absolutely! Bring in your last known filed returns. We may request a POA (Power of Attorney) in order to run federal and/or state transcripts to ensure all known tax documents are included in the prior year return filings.

Do you assist with back taxes or audits?

We are happy to assist clients with back tax matters or with audits. In some cases, and for returns not filed by our firm, we may decline to assist if our assistance is not in the best interest of the taxpayer. We will do our best to assist and inform our clients on audit matters for any returns regardless of the preparer.

When is my return due?

Generally, returns are due on April 15th each year. The extended due date is October 15th each year.

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