Where are you located?

We currently have 2 locations but no matter where you are located, thanks to modern technology, we can help you. For convenience, we typically engage in client consultations through video conferencing, facilitating a streamlined process for the submission of all required documentation via a secure link. However, if you prefer meeting face-to-face and personally dropping off paperwork, we are happy to make an appointment to meet at our office.

Our first location is in Cottonwood, AZ at 657 E Cottonwood Street.

We have 2nd in Denver, CO near Hampden and I-25. We are located across the street from Whole Foods (behind the Embassy Suites) in the Tamarac Plaza II building.

Coming Soon! A 3rd location will be opening in Springfield, MO.

How long will it take you to prepare my taxes?

Each return is different and will take a different amount of time, but typically if you have an easy to medium return you can expect it to take 1-2 days once we have all of the information we need, unless you have a complex return (that time frame is discussed below).

The variables to how long it will take for your return are the following:

  • We work the returns in the order they come in.
  • There are preparation questions for all returns that must be answered before completing your taxes
  • New clients will also need to provide their past 2 tax returns for us to become familiar with your profile.
  • You will need to update us on any changes in your life that may affect your tax profile.

Our business model forbids rushing this prep work, it all takes time but it is to ensure you are not overpaying taxes or leaving money on the table. Online self-preparation sites also have some standard questionnaires similar to ours, but as personal tax preparers, we usually have more specific questions and can explain why we are asking certain questions and how they benefit you.

Complex returns can take quite a bit longer, depending on how much information is needed, it may require your return to be extended. To avoid undue tax season stress, tax preparers may set a deadline (usually before April 15th) that triggers the decision to extend. This only extends the time to file, not tax due. This is a good thing as an extension gives you an estimate of what to pay to avoid penalties and highlights that your tax preparer is acting in your best interest.

I’ve always done my taxes myself but this year I have a side hustle, should I use a tax preparer?

The advantages of having a tax professional are twofold:

A) We take the burden of handling your taxes off your busy schedule, providing relief of one less thing to worry about. Many find the time and energy saved by not having to focus on tax-related tasks well worth the cost.

B) More significantly, we possess a deep understanding of the IRS code and know the right questions to ask you. This ensures that you can sidestep penalties and pay the appropriate taxes owed to both federal and state governments.

While you can certainly continue managing your taxes independently, there’s a risk of overlooking potential deductions and incurring higher fees. This is especially true for small business owners who might not be aware of all available options. Our role is to assist you in avoiding unnecessary tax expenses and provide the assurance that your taxes are accurately and comprehensively handled, ensuring peace of mind for you.

I am a new entrepreneur. Do I need to pay quarterly?

Short answer: It’s in your best interest to pay quarterly.

“Paying quarterly” is a term we frequently hear when talking about business owners. It estimates your expected income tax for the year into 4 separate payments (it is similar to employees having income tax withheld from their checks). Quarterly payments are due on the 15th of March, June, September, and December.

If you choose not to pay quarterly, there are penalties and interest you will be asked to pay if you owe more than $1,000 in tax. So overall it is in your best interest to pay quarterly than to pay a large sum all at once in April with possible extra fees.

How much will it cost to have my taxes done?

The truth is regardless of whether you use an in-person tax preparer, a box store, or an online self-service program you can not know the total cost until the end of the process. But before you sign a commitment we will offer you a free quote, Based on your past returns and your answers to our interview questions.

When tax professionals provide a quote for the tax return cost, it is based on the information available at that time. If additional information is later provided, leading to more extensive work, it will impact the total cost of services. The true cost remains uncertain until the work is finalized.

We recognize that cost is a significant consideration for many individuals, and options like visiting a box store or navigating online filing systems can be attractive for cost savings but it must be noted even with these services the total cost is not known until the return is complete. However, choosing our services ensures not only a more accurate tax return but also a reduction in the stress associated with handling everything independently. We aim to offer a personalized touch, fostering a long-term relationship that makes each tax season less daunting for you.

How much tax will I owe or will I get a refund?

We will not know if you owe taxes or if you will receive a refund until we complete your taxes.

You will need to pay taxes depending on if you did not withhold enough from your paychecks, or if you needed to pay more in your quarterly income tax estimates.

You will get a refund if you withheld too much or overpaid your quarterly income tax estimates.

There are various factors for individuals that include:

  • If you have IRS-recognized dependents and credits related to them.
  • Enrollment in approved college institutions
  • Retirement expenses
  • Standard deduction
  • Itemized deductions

These deductions are not available to everyone and there are other possible deduction options. This is why our prep work is so important so we can learn how many deduction options you qualify for and can get you the most accurate tax amount for your unique situation.

What makes you qualified to be a tax preparer, are you a CPA?

Legacy is not a CPA firm but does accounting and tax work. At the Arizona office, we have a CPA, and at the Colorado branch, we have an EA (Enrolled Agent) which is the highest credential the IRS awards. Attorneys, CPAs, and EAs are governed by the IRS as to our conduct to represent you before the IRS and are held to a higher standard according to the IRS Circular 230 rules.

The main requirement from the IRS to prepare your return is an active PTIN. However, EAs are required to pass a comprehensive IRS exam and to maintain an active education program through approved providers.

Are you still available to help me after tax season?

Our office does not close outside of “tax season”. Because there is such a small window for a timely return to be filed, many times, your tax preparer will need to file an extension (especially if you are not able to provide all the necessary paperwork in time to finish your return).

What if I am audited, can you help me?

The IRS only notifies you of an audit via mail (NEVER VIA PHONE/EMAIL). Attorneys, CPAs, and EAs can represent you for an audit conducted by mail or by in-person office visits.

Should I have an S Corporation or an LLC?

It depends on where you are at in your business life. It is usually a good idea (but not necessary) to form an LLC (this is a state-only recognition) for reasons of protecting your personal life from certain problems that may happen in business. In the eyes of the IRS, the only difference is if your business income will be attributed to your social security number or if you apply for sole proprietorship recognition and business income is attributed to your employer ID number.

As for S Corps, your business should reach a certain level of healthy income to make the extra filing costs and recognition requirements worth the potential savings of your self-employment tax.

This is something we can help you with, once we have thoroughly reviewed your business then we can help you decide what is the best option for you to protect you.

Why aren’t all my business expenses deductible?

Sometimes there can be some frustration on the taxpayer’s part when they do not understand an expense that is not deductible. Most commonly, it’s because it does not match the meaning of “ordinary and necessary”. But sometimes there are more strategic ways to report an expense to the business. One of the jobs of a skilled tax professional is asking follow-up questions to determine how best to report the way you spend your business income on behalf of your business activity.

Can I write off my house?

Working from home is an incredibly common occurrence between the small business economy of the US and the popularity of remote or hybrid work. The trouble can be where best to report the wide range of costs associated with a home, and the more specific needs/costs of a home office. The IRS has certain requirements when it comes to maintaining a home office or running the business out of the home. As a tax professional, We can help you understand what you are eligible to write off.

What do you need from me to do my taxes?

To get started, we require:

  1. Identification: Provide two different forms of identification.
  2. Contact Information: Share your current contact details.
  3. Income Sources: Include all sources of income, such as W-2, 1099 NEC, 1099 INT, BROKER statement, K-1, etc.
  4. Tax History for New Clients: New clients should provide electronic or paper copies of their last two tax returns. This helps us understand the general flow of your activities from year to year.

What is your process?

  • Meet and greet:
    We like to find out about who you are and what your sources of income and needs are.
  • Preview:
    We thoroughly examine your two previous tax returns to set a baseline for the upcoming year. This involves ongoing communication and collaboration to gather necessary documentation.
  • Agreement:
    We finalize the scope of our services and discuss your expectations to ensure clarity on both ends and provide you with a free quote.
  • Preparation:
    We do not want to rush this step as we want to ensure all the numbers and information for your return are accurately compiled.
  • Review:
    Your return is made available in either paper or electronic form, and we’re here to review it with you if needed. Once you’re satisfied, we proceed to e-file your returns.

Accounting FAQ

I have a small business with no employees, can I still use your services?

Yes! My primary client base comprises small business proprietors, typically businesses with limited to no employees.

What type of accounting services do you provide?

I specialize in Monthly Accounting Services and QuickBooks clean-ups and training. My proactive approach allows us to promptly identify and address any unusual transactions or issues as they arise, rather than waiting until the end of the year. This ensures that the details are fresh in everyone’s mind, making resolution more efficient. Furthermore, engaging in QuickBooks clean-up and training with me will enhance the organization of your financial records and empower you to maintain their accuracy effectively.

How much does it cost?

We bill at an hourly rate with a minimum charge of one hour. Rates vary from $60-$90 an hour, depending on the staff availability and experience needed.

My books are a disaster! How long will it take to clean it up?

With over 15 years of experience, I find it crucial to assess your current bookkeeping situation before determining a timeframe. Having encountered diverse scenarios, I assure you that our clean-up process is prioritized for efficiency without compromising thoroughness. Our commitment is to streamline the process while maintaining the highest standards, ensuring a meticulous clean-up tailored to your specific needs.

How does the process work?

Following the completion of the previous month’s bookkeeping, we will meticulously reconcile checking, savings, and credit card accounts. Our comprehensive review extends to the balance sheet and profit and loss accounts, aiming to address any potential queries regarding transactions.

I don’t have QuickBooks (QB). Is this the only accounting software you work with and if so, why QB?

With over 25 years of experience in the accounting industry, we have encountered various programs, yet we consistently find QuickBooks to be the most user-friendly for both learning and ongoing maintenance.

Why choose Legacy Tax and Accounting Solutions LLC?

With a wealth of experience exceeding 25 years, our expertise in working with QuickBooks is unparalleled. We pride ourselves on establishing and maintaining effective communication channels with our clients. This extensive background allows us to navigate the intricacies of QuickBooks with precision, ensuring a seamless and efficient collaboration that meets each client’s unique needs.