FAQs

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Frequently Asked Questions

Click below to find answers to commonly asked questions. If you still can’t find an answer to your question, please feel free to contact us.

Tax Preparation

HOW DOES VIRTUAL TAX PREPARATION WORK? WHAT IS THE PROCESS?

If you haven’t worked virtually with a CPA or EA before, then up until now, you have either gone to an accountant locally and dropped off your documents in a clasp envelope With virtual tax preparation, MI Tax gives you access to a secure portal where you can log in and upload your scanned or downloaded documents. You don’t have to prepare it yourself and you don’t even have to leave the house! Once the documents are uploaded, your tax preparer will begin preparation and you will have the opportunity to schedule an appointment with them. During that appointment, the preparer will go over all the documentation with you and ensure nothing is missing. When that process is complete and everything is agreed upon and confirmed, your return will be peer-reviewed by a CPA or EA and subsequently uploaded to the portal. You’ll be able to access your return directly, look it over, ask questions, and make changes. After your review is completed, you will be able to electronically authorize us to file your return. Then, we file and you’re all set! The process from start to finish no longer than 2 weeks, but can be shorter based on the availability of information.

WHAT ARE THE BENEFITS OF VIRTUAL TAX PREPARATION?

The primary benefit of virtual tax preparation is that the entire process can be completed from the comfort of your own home. Gone are the days where you need to drive out to your accountant to get taxes done. Your tax return and your supporting documents are accessible at any time at the click of a button and you can arrange to have your taxes paid or refund received electronically with an electronic signature authorization. The virtual model is designed to be accessible and easy to use so that you can get your taxes done in a timely manner with minimal effort.

HOW DO I COMMUNICATE WITH MY TAX ACCOUNTANT? HOW OFTEN CAN WE COMMUNICATE?

As part of the membership, you will have an accountant assigned to you. You will have their email address and you are free to call in and ask questions as often as you’d like and can even schedule time with your accountant for more in-depth consultations as needed. Unlike the traditional model where a client is billed for an accountant’s time, MI Tax members get the benefit of unlimited consultation as needed. There is no limit on how often you can communicate.

Bookkeeping & Accounting

WHAT IS THE PURPOSE OF BOOKEEPING SERVICES?

The purpose of bookkeeping services is to provide you with readily accessible financial and accounting information that you can share with other third parties such as banks and use to make informed financial decisions for the economic health of your business. Our accountants work with you to ensure that this information is accurate and provides a proper snapshot of where your business stands at any given moment. More specifically from a tax perspective, bookkeeping services naturally go hand in hand with tax preparation services. Clean financials make it easier to prepare an accurate income tax return that tells the story of your business for that tax year in a compliant manner.

IS THERE A TEAM ASSIGNED TO MY BOOKKEEPING ACCOUNT?

Yes! As a part of the bookkeeping service, you will have an accountant assigned to you directly. It will be the responsibility of this accountant to work with you and obtain the relevant statements and documentation from you, ensure your accounts are reconciled, your transactions are properly categorized, and that your financials are compliant, clean, and easy to read and understand. Your tax accountant will oversee the bookkeeper and is responsible for reviewing the financial during tax preparation to confirm accuracy and compliance.

HOW HELPFUL IS HAVING MY BOOKKEEPING UP TO DATE FOR TAX PREPARATION?

It is extremely helpful. Having up to date records for your business will help you in many areas. Primarily, as it applies to taxes, it will allow your accountant to prepare a tax return that is consistent with the accounting information in your records. Having everything up to date, categorized correctly, and neatly presented will ensure a proper return is filed that reflects your situation. Up to date bookkeeping is also very useful for running projections for the business. Knowing where your business stands at any given point in time allows us to forecast and get a feel for what your tax liability is going to be for the year. Having this information readily accessible is also useful when applying for loans and if banks request financials, or if you need to assess your business’s growth to see if changes need to be made to improve.

Payroll

DOES MI TAX HANDLE MY PAYROLL TAXES?

Yes, payroll taxes are generally processed monthly. We will always contact you before taxes are due, to confirm payment.

WHAT PAYROLL SCHEDULES CAN I USE TO PAY EPLOYEES

You can pay your employee either Weekly (52 paychecks per year), biweekly (26 paychecks per year), semi-monthly (24 paychecks per year), or monthly (12 paychecks per year).

WHAT PAYROLL SERVICES DOES MI TAX PROVIDE?

The services we provide include processing payroll, filing state & federal quarterly, monthly annual forms. (941,940 & State Forms). We also file all W2’s, W3s 1099 & 1096’s forms for employees/employers. We remit payroll taxes on behalf of the employers.

Customer Support

HOW DO I SCHEDULE AN APPOINTMENT TO SPEAK WITH MY ACCOUNTANT?

Call (516)500-5000 or email us at mark@mitaxins.com to help direct you to your tax accountant.

HOW CAN I UPDATE MY BILLING INFORMATION?

Give us a call to our main # (516)500-5000, We can send you a link so you can add your own billing information.

WHAT DO I NEED IN ORDER TO START MY PERSONAL TAX PREPARATION PROCESS?

If this is your first year filing with MI Tax, please complete our Individual Tax Organizer found on the tax portal for the appropriate tax year. There’s a condensed version and a long version. Only fill out one, whichever pertains to you. If we prepared your tax return the year before, you will also find an organizer with your prior year information pre-filled. Use this information as a tool to help you fill out the current tax year organizer, either condensed or long-form. Completing the tax organizer is not mandatory but is highly recommended, especially for those that we are filing for the first year. Once we have your information in our tax software, future filings will be more seamless for both you and your tax preparer. Once you’ve completed your tax organizer, please upload a copy along with all supporting tax documents (Ws-s, 1099’s, etc) onto the tax portal. We will receive an automatic notification informing us of your uploaded information which will then trigger your tax accountant to start your tax preparation process. We will then contact you shortly after to schedule your tax preparation appointment and walk you through the rest of this process.

WHAT DO I NEED IN ORDER TO START MY BUSINESS TAX PREPARATION PROCESS?

Complete the provided Business Tax Organizer found on the tax portal for the appropriate tax year. Completing the tax organizer is not mandatory but is highly recommended, especially for those that we are filing for the first year. If you maintain your own record keeping for your business, then please upload a profit and loss statement and balance sheet. If you only have your income and expenses on a spreadsheet such a Microsoft Excel, make sure to total each category of income and expenses for the year. If you have an online accounting service for your bookkeeping, write the online accounting software you use online, for example, QuickBooks Online and send us an invite (if you have not done so already) to mark@mitaxins.com so we can gain access to your accounting information so we will get the information for your income and expenses to prepare your business tax return. If your bookkeeping is not up to date and need assistance in doing so, speak to your accountant about our bookkeeping services. Once you’ve completed your tax organizer and/or uploaded your financial statements onto the portal, we will receive an automatic notification informing us. This will trigger your tax accountant to start your tax preparation process and will be in touch with you shortly after to schedule your tax preparation appointment and walk you through the rest of this process.

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WHY SMALL BUSINESS OWNERS LOVE WORKING WITH MI TAX

We appreciate all the attention to detail, willingness to answer any questions, dedication to our business, their expertise and knowledge. They are a key part of our success.

MI-Tax has been an excellent fit for my company. The online model and upfront pricing makes planning easy. I have nothing but the best to say about their service.

My business management has become infinitely less complicated, and I have more time to focus on my products and customers. Highly recommend the MI-Tax team!