FAQ
Do you prepare taxes for individuals?
Yes. CBS prepares tax returns for individuals with income from W-2s, 1099-misc, Social Security, 1099R.
Note: EIC – For tax year 2023, this tax credit is worth up to $7,430 for a family with three kids. Tax filers with no kids must be at least age 25 but under age 65 to claim the credit.
Why is my refund lower this year?
It depends on your individual situation. Some possible reasons for a lower refund are:
- Your filing status changed.
- There has been a change in dependent status. Your dependent child is 17 at the end of the year, meaning they no longer qualify for $3000 Child Tax Credit.
- A change in Standard or Itemized deduction.
- Increased or more income.
I am self-employed, can I deduct my home office?
Yes. As a self-employed person, you can deduct any expenses in your business used to generate income.*
*Restrictions apply.
Can a business deduct a vehicle used in the business?
Yes.
I have a hobby and I make money from time to time. Is this considered a business?
No, but you must report the money you make.
Can I make an office appointment?
CBS is a virtual Online Bookkeeping, Accounting and Tax Preparation service. Zoom appointments are available.
What is the charge for bookkeeping services?
Each company is unique, and services are tailored to your specific company and needs. Price is discussed after consultation and/or examination of your company books and information and included in the engagement agreement.
I have a mortgage on my rental property, can I deduct the interest paid on the loan as well as the real estate taxes?
Yes.
The Standard Deduction has increased for 2023 for ALL filing statuses; see below for amounts.
- Married Filing Joint OR Qualifying Widow $27,700
- Married Filing Separate OR Single $13,850
- Head of Household $20,800
What are your office hours?
CBC is an online company and works outside of typical brick and mortar hours. Customers can contact us via email, phone, or by Zoom appointment.
How do I contact you?
Fill out the information request form on the Contact page to request a Zoom meeting. We will schedule the Zoom meeting with you Monday – Saturday. The Zoom meetings are 30 to 45 minutes long. There is no charge for the appointment as this is an information gathering meeting to better understand how your company works, what you do, and ask and answer questions.
How do I know if I need to file a return?
If you are a U.S. citizen or resident alien, whether you must file a federal income tax return depends on your gross income, your filing status, your age, and whether you are a dependent. The filing requirements apply even if you owe no tax.
| IF your filing status is… | AND at the end of 2022 you were…* | THEN file a return if your gross income was at least…** |
|---|---|---|
| single | under 65 | $12,950 |
| 65 or older | $14,700 | |
| head of household | under 65 | $19,400 |
| 65 or older | $21,150 | |
| married filing jointly*** | under 65 (both spouses) | $25,900 |
| 65 or older (one spouse) | $27,300 | |
| 65 or older (both spouses) | $28,700 | |
| married filing separately | any age | $5 |
| qualifying surviving spouse | under 65 | $25,900 |
| 65 or older | $27,300 | |
| * If you were born before January 2, 1958, you’re considered to be 65 or older at the end of 2022. (If your spouse died in 2022, see Death of spouse, later. If you’re preparing a return for someone who died in 2022, see Death of taxpayer, later. | ||
| ** Gross income means all income you receive in the form of money, goods, property, and services that isn’t exempt from tax, including any income from sources outside the United States or from the sale of your main home (even if you can exclude part or all of it). | ||