Posted Wednesday, July 16, 2020
Here is a quick list of the necessary steps to have WCG prepare your individual tax returns. Important dates and considerations during the tax extension season-
|Individuals / C Corps
1040 / 1120
|Partnerships / S Corps
1065 / 1120S
|Tax Documents Due||Wed, September 23||Wed, August 26|
|eFile or Extension Authorizations Due||Thu, October 8||Tue, September 8|
|Filing Deadline||Thu, October 15||Tue, September 15|
During tax extension season, our normal tax return preparation turn-around time after receiving everything we need is 12-15 days. We will update you with email and text alerts along the way. During tax season, we have a soft-close at 4:05PM on Fridays to enjoy some chips and salsa, and to unwind a bit. Our tax season drink is the Moscow Mule with cucumber and grapefruit vodka- stop by and join us. Apparently having fun before 4:00 is frowned upon in our establishment. Back at it on Saturday!
Individuals and C Corps (on extension)
Partnerships and S Corps (on extension)
Business Entity Tax Returns (1065, 1120, 1120S)
The following steps are designed for individual tax returns (Form 1040). If you are a small business owner, and your business files a separate tax return (Form 1065, 1120 or 1120S), we have a separate list of steps. Please use this link to get started on business tax return preparation.
1. Individual Tax Preparation (Form 1040)
The buttons below will take you to a simple, customized online submit form for you to seamlessly send your information. This ensures comprehensive individual tax returns and an economic tax preparation fee. All submissions are uploaded to your Client Portal within 24 hours for historical safekeeping. You will receive an email and a text alert letting you know we’ve received it. Communication is key!
WCG takes the safety and security of your personal information very seriously. Please read our security and privacy procedures.
2. Engagement Agreement
The IRS and our Professional Liability Insurance provider are getting more stringent on Engagement Agreements for tax preparation. We have created an easy digital engagement agreement, but we also have one in PDF. Seriously, it is super easy and required prior to starting your individual tax returns. Darn rules!
Also… Relationships are primarily about communication, right? This is optional, but if you can spare a few minutes please review and complete our simple digital form outlining your communication preferences. We might still leave wet towels on the floor, but at least we’ll be better with our communications.
3. Gather Your Tax Documents
These buttons link to a PDF which provides a quick checklist of the items we will need to complete your individual tax returns plus outlines the tax preparation process and expectations. Yeah, this will feel like you are preparing the tax returns with us, but our primary objectives are to have an accurate and complete tax return, as well as minimizing your tax liability. Please help us help you!
Also, if you are freakin’ out about life on life’s terms, deadlines and all that… you can use the button to the right to authorize us to file a tax return extension.
4. Contact Information
Please update your contact information. Even if you are a returning client, please confirm your mailing address, phone numbers, email and banking information for tax preparation completeness. Also, the IRS and several states are requiring that a government issued ID be electronically submitted with your individual tax returns to curb identify theft. Use the button below to complete our fillable PDF. We cannot file without it (sorry).
5. Tax Organizers and Worksheets
Each button below takes you to a fillable PDF tax organizer or worksheet to provide us critical information for the completion of your individual tax returns. They are home-grown and specifically designed to be a) efficient and b) educational as we take you through the various tax matters that affect you. We are not trying to be difficult nor are we asking you to prepare your own tax returns… at the same time, this information only helps create an accurate and equally important complete tax return.
Rentals and Small Businesses
These worksheets are designed for rental property owners and business owners who report these activities on their individual tax returns. If your business requires a separate business tax return such as a Partnership (1065), Corporation (1120) or S Corporation (1120S), we have a separate list of steps. Please use this link to get started on business tax return preparation.
Please review the tax questionnaire form below to detail medical, ACA, retirement contributions, divorce stuff, tax payments, etc. Please don’t overlook this. This is where we dump all the other stuff we can’t squeeze into a more relevant organizer or worksheet. Simply review the Yes / No questions with free form boxes for your colorful explanation, and if nothing applies to you then there is no need to submit to us. Piece of cake!
6. Send Us Your Stuff (fun!)
This is the best part. You can scan and upload to the client portal, fax, mail or take a road trip.
Contact us to receive login instructions to your Client Portal. If you have already chatted with us, you should have received two emails – a welcome email, and another with login instructions. Check your junk folder too. Use the button below to login into your secure client portal-
We receive a notification that you have uploaded files.
Send a File
You can also securely send us your files for tax preparation by using Send A File which doesn’t require logging into your client portal. Please use your name and a brief description as the file name such as ‘SmithJohn-W2′ since all files sent to us this way end up a general yet private portal folder. These files will be placed in your client portal (from genpop to isolation). Use the button below to use this tool-
Similar to the client portal, we receive a notification that you sent us files.
All faxes will be transferred to your client portal as a PDF. We will email you with the number of pages received, and send a follow up text.
Mail, Road Trip
Please retain your originals and send or bring copies to:
2393 Flying Horse Club Drive
Colorado Springs CO 80921
We have a strict requirement for all road trip drop-offs to include donuts or chocolate. Sorry for the inconvenience. The good news is, we’ll share them with you and ride the sugar buzz as we search for tax deductions as we prepare your individual tax returns. Back in the day with paper filed tax returns, how many had Corona rings and salsa stains?
7. Tax Return Review and Filing
You will receive an email and a text message alerting you that your individual tax returns are ready for your review. What does that mean? And what happens next? Both great questions.
You are the most intimate with your financial world so your review is essential to the tax preparation process. Also, we want you to be comfortable with your tax liability; we are not asking you to be happy, but at least comfortable knowing the the numbers are accurate.
8. Cross TAXES Off Your Chores List
Book that summer vacation and let us know where… we need some ideas for after April. Yuck for us. Good for you.
9. Light Reading
Here is some light reading about some popular topics.