Faq

Frequently Asked Questions

Frequently Asked Questions

Here is a list of common questions that our clients ask us. If you need more information don’t hesitate to get in touch with us.

Unless you itemize, the standard deduction is based on filing status:

  • Single: $12,950
  • Head of Household: $19,000
  • Married Filing Jointly: $25,900
  • Married Filing Separately: $12,950

There is currently no limit on the amount for itemized deductions (Tax Cuts and Job Act 2018-2025)

  • Self Only: $3,650
  • Family: $7,300

As of January 1, 2022, in the United States, individuals must report to the IRS payments received from the sale of goods and/or services of more than $600.00 from a 3rd party processor (ex. Venmo, Etsy, etc.)

  1. Refer to last year's tax information
  2. Bring identification (driver's license;State ID), update bank information and address or phone numbers, if needed
  3. Any letters received by the IRS (Stimulus, Child Tax Credit, etc.)
  4. Any documents which apply, such as
    • Social Security-SSA-1099
    • W-2 Wage and Tax Statement(s)
    • Nonemployee Compensation(s) (Form 1099-NEC)
    • Unemployment (1099-G)
    • Mortgage Interest Statement(s) (Form 1098)
    • Bank Account Interest (1099-INT)
    • Investment Interest and Dividends (1099-INT;1099-DIV)
    • Health Insurance (A, B, and/or C)
    • Medicare Expenses (as allowed, bring receipts)
    • Rental Income/Expenses
    • Gambling Winnings (Form W-2G) and Loses (provided by Casino(s) upon request)
    • Property Tax
    • Estimated Tax Payments which were paid: Federal and/or State
    • Charitable Donations (may or may not be a deduction)
    • and others

Small Business Tax & Accounting, LLC has two offices in which to serve your tax and accounting needs:

Compleat Financial

2241 Edwards Street
St Louis, MO 63110 (“on The Hill”)
314-772-8132

Kuenne Company

8227 Gravois Raod
Afton, MO 63123
314-352-7374

  1. There are various software programs which can be used. You need to select the one that works for you. Those can be discussed during your initial consult
  2. It is important to keep separate records for each property and mark/organize receipts by property
  3. Some important information to keep track of:
    • rental days
    • rental income
    • advertising for vacancies
    • auto and travel
    • cleaning & maintenance
    • commission
    • legal, management, and other professional fees
    • mortgage interest and other interest
    • repairs
    • supplies
    • taxes
    • insurance
    • utilities
    • depreciation expense or depletion
    • other information

By far the best method for getting documents to and from us is through online transmission. At the same time, we understand the need for hard copies and are happy to arrange courier or other forms of transport to get your accounting documents where they need to be.

We are competent with QuickBooks as well as other financial accounting software. In short, we're accounting professionals and are able to adapt our workflow to meet your company's existing accounting structure, including different programs and document formats.

They may sound complex, but creating a direct deposit system for employee payroll is actually quite easy and we're happy to assist. Direct deposits make payment easy, automatic, and creates a trail for tracking should a payment not arrive.

That depends on exactly what you need to be done. On an initial visit, a SMALL BUSINESS TAX & ACCOUNTING, LLC expert will determine what level of financial accounting your business needs and the exact services that will be beneficial.

SMALL BUSINESS TAX & ACCOUNTING, LLC is a full-featured accounting services company and is capable of everything from personal tax returns to small business and to corporate returns. If it's accounting and you need it done, then we're the ones to call.

It's not just a numbers game – call 314-772-8132 for superior accounting services.

Based in St Louis and Afton, SMALL BUSINESS TAX & ACCOUNTING, LLC is proud to provide top level accounting to clients both near and far.

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