(520) 742-3856

Dominguez Bookkeeping & Tax Service, LLC

Dominguez Bookkeeping & Tax Service, LLCDominguez Bookkeeping & Tax Service, LLCDominguez Bookkeeping & Tax Service, LLC

Dominguez Bookkeeping & Tax Service, LLC

Dominguez Bookkeeping & Tax Service, LLCDominguez Bookkeeping & Tax Service, LLCDominguez Bookkeeping & Tax Service, LLC
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(520) 742-3856


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Frequently Asked Questions

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What is the best way to track expenses for my business?

What business structure should I choose for my business?

What business structure should I choose for my business?

Quickbooks is by far the leader in the industry & the easiest to use.  We can guide you through the setup process and work with you to help you understand the program & its capabilities.

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What business structure should I choose for my business?

What business structure should I choose for my business?

What business structure should I choose for my business?

While there are choices here, a Limited Liability Company (LLC) provides liability protection & offers more flexibility than other options.  

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Will I be itemizing under the new tax law?

What business structure should I choose for my business?

Will I be itemizing under the new tax law?

With the increased standard deduction, many people will no longer itemize deductions on their federal tax return.  However, state laws differ.  It is best to gather your expenses & let us help you determine if you will save money by itemzing.

2020 Tax Law Changes

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CARES Act

Certain over-the-counter drugs as qualified medical expenses

OTC drugs may include - aspirin, other pain medications, allergy medications, menstrual care products, face coverings with a letter of Medical Necessity


HSA and FSA Eligible


Penalty-free Retirement Distributions

COVID Relief - Certain taxpayers are permitted to withdraw up to $100,000 from a retirement plan or IRA for COVID - related distributions without incurring the 10% premature distributions penalty - must be made in the 2020 calendar year - must be diagnosed with COVID or have a spouse diagnosed or suffered adverse financial consequences due to COVID - Income tax on the distribution can be spread out over 3 years - Funds can be redeposited to the retirement fund within a 3 year period 


Temporary Waiver of Required Minimum Distributions RMDs - RMDs are waived for 2020

Partial Above the Line Charitable Contribution Deduction

Charitable contributions not in excess of $300 - Made in 2020 is allowed to taxpayers who don't itemize 


EMPLOYER PROVISIONS - Employee Retention Credit * Deferral of Employer Payroll Taxes * Payroll Protection Program

Net Operating Losses, Business Interest & Bonus Depreciation

Net Operating Losses arising in 2018, 2019 or 2020 - can be carried back five years 


Business Interest - Increased from 30 to 50% of taxable income for 2019 & 2020


Bonus Depreciation for Qualified Improvement Property - technical correction


Small Business Loans - EIDLs

SBA Loans - low interest working capital loans of up to $2 million by small business affected by COVID.  Interest rate - 3.75%  Term - max of 30 years - some of the loan may be able to be forgiven

Secure Act

Repeal of max age for IRA contributions.


Penalty free withdrawals from retirement plans in case of birth or adoption of a child under age 18 - not to exceed $5,000 - effective for distributions are 12/31/19


Increase in age for RMDs from 70 1/2 to age 72

Our Rates

Bookkeeping per hour rates

Our services are billed strictly by the hour

Data Entry

31

Basic Data Entry

Bookkeeping

45

Bank & Credit Card Reconciliations, Review of Receipts, Payroll & Payroll Tax Reporting, etc.

Accounting

90

Final Review, Internal Financials, Estimated Tax Planning, Sales Tax Reporting, 1099 Reporting, Reconciliation of Client Trust Accounts & Advanced Client Costs, etc.


Tax preparation per hour rates

Our services are billed strictly by the hour

Scanning

31

Scanning of Documents & Prior Year Returns

Tax Entry

45

Stock Sales & other matters requiring extensive entry

Tax Preparation & Planning

155

Tax Preparation & Planning by an Enrolled Agent with 27 years experience

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