FAQs — Clack Business Solutions

Question 1

Do you prepare taxes for individuals?

Accepted Answer

Yes. CBS prepares tax returns for individuals with income from W-2s, 1099-MISC, Social Security, and 1099R. Note: For tax year 2024, the Earned Income Credit (EIC) is worth up to $7,830 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.

Question 2

Why is my refund lower this year?

Accepted Answer

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 the $2,000 Child Tax Credit; a change in standard or itemized deduction; or increased income.

Question 3

I am self-employed. Can I deduct my home office?

Accepted Answer

Yes. As a self-employed person, you can deduct any expenses in your business used to generate income. Restrictions apply — contact us for details specific to your situation.

Question 4

Can a business deduct a vehicle used in the business?

Accepted Answer

Yes. Business vehicle expenses can be deducted. The method and amount depend on how the vehicle is used and the documentation maintained. We can walk you through the options during your consultation.

Question 5

I have a hobby and I make money from time to time. Is this considered a business?

Accepted Answer

No, but you must report the money you make. Hobby income is taxable, but hobby losses generally cannot offset other income. If your activity is more consistent and profit-motivated, it may qualify as a business — we can help you determine the right classification.

Question 6

I have a mortgage on my rental property. Can I deduct the interest paid on the loan as well as the real estate taxes?

Accepted Answer

Yes. Mortgage interest and real estate taxes on rental property are generally deductible as rental expenses on Schedule E. Additional deductions may also apply — depreciation, repairs, insurance, and more.

Question 7

What is the charge for bookkeeping services?

Accepted Answer

Each company is unique, and services are tailored to your specific company and needs. Pricing is discussed after consultation and/or examination of your company books and information, and is included in the engagement agreement. There is no charge for the initial discovery consultation.

Question 8

Can I make an office appointment?

Accepted Answer

CBS is a virtual, online bookkeeping, accounting, and tax preparation service. Zoom appointments are available Monday through Saturday. There is no physical office open to the public.

Question 9

What are your office hours?

Accepted Answer

CBS is an online company and works outside of typical brick-and-mortar hours. Customers can contact us via email, phone, or by Zoom appointment. Zoom meetings are scheduled Monday through Saturday.

Question 10

How do I contact you?

Accepted Answer

Fill out the information request form on the Contact page to request a Zoom meeting. We will schedule the Zoom meeting with you Monday through Saturday. The Zoom meetings are 30 to 45 minutes long. There is no charge for the appointment — this is an information-gathering meeting to better understand how your company works, what you do, and to ask and answer questions.

Frequently Asked Questions

Tax Preparation

Bookkeeping & Accounting

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