Below are some of the most common questions we receive from our Tax preparation clients.

Frequently Asked Questions (FAQs)

1. I need to file my taxes electronically - can you help me with that?

Yes. We are required to filed your tax returns electronically, unless there is a reason not to do so; for example, if you're filing your returns after the return due date, electronic filing may not be available. Also, your return might require additional attachments that needs to be mailed. Each return is different, but we will always file electronically whenever possible.

2. When should I expect my refund?

Electronically filed returns are processed quickly - depending on the volume of returns being processed at the time your return is filed, you may expect to see your refund within 3 to 6 weeks.

3. Some popular tax preparation services gives me money the day I file my taxes - do you do that here?

No. These tax prepration services are able to cut you a check the day you do your return because they are in essence giving you an advance on your refund. The money you leave the office with is known as a refund anticipation loan. In order to receive this, you sign over the rights to your refund to the tax return preparation office; and the check they cut you is usually lower than the refund you're going to get.

4. Do you deduct your tax return preparation fee from my refund?

Goodness no. Your refund is your money, and we would not presume to deduct our fees from it.

5. When should I pay my bill?

We appreciate payment when your return is completed, or when you arrive for your tax appointment. Please note that payment is expected before we file your returns electronically unless alternative payment arrangements are made with our office.

6. What should I expect if I have my taxes done with Terranova & Associates, LLC?

We are a completely paperless office; when you make your tax appointment, you will be asked to bring your prior two (2) years' tax returns with you as well as your current year tax documents. You should arrive 15 to 20 minutes early so that we may scan your documents and check you in. You will then meet with one of our experienced tax preparers, who will then look through all your documents and prepare your tax returns. Your return will then go through a quality control review, and then finalized, usually within 48 hours of your appointment, depending on the current workload. You will then receive an email with a draft of your tax returns and an email with instructions on how to sign your tax returns electronically. Once you do so, we will then file your returns electronically.

7. I received a letter from the Internal Revneue Service/Department of Revenue - what should I do?

Our tax preparation service is concluded upon the delivery of your completed tax returns, and does not include responding to any correspondence from any taxing agency. Should you require assistance with responding to the notice, we are happy to assist at our normal hourly rates. To help you keep your out of pocket costs to a minimum, please ask us about our Research and Respond Coverage.

8. What is Research and Respond and how does it work?

Research and Respond is our answer to the increased automation utilized by taxing agencies. As electronic filing becomes more and more popular, government taxing agencies utilize increasingly sophisticated computer systems and algorithms to filter and process tax returns. These computer systems and algorithms are designed to identify and flag returns that might contain computational or information errors, and to generate correspondence requesting additional information or responses from taxpayers before processing the tax returns. While this does not mean that your tax return contains any errors, this now places the burden of researching the notice and responding appropriately on you; should you fail to respond appropriately, it is quite likely that you will be denied a credit or a refund that you are otherwise entitled to receive. Our Research and Respond Coverage, available for purchase at the time we prepare your tax return, covers any correspondence required by the taxing authorities in order to complete the processing of your tax return.

9. I don't know what I should bring - can you help?

Of course! If you've been a client in the previous year, just give us a call and we will be happy to send you a detailed tax organizer that you can use to gather all the documents you will need to complete your tax return. If you are new to our firm, we can still send you a generic tax organizer that will assist you in getting your tax documents together.