Our goal is to provide our clients with services that help their household or business finances run as effectively, accurately, and as streamlined as possible. At Arrow Tax and Accounting our professionals offer services ranging from tax prep to payroll and bookkeeping. Our team is focused on your success and peace of mind.

FREQUENTLY ASKED QUESTIONS

What documents should I bring?
What documents you will need may depend on what type of taxes your are filing.
Here are some basics to bring:
- W-2 / 1099 Forms
- Social Security Numbers (tax payer, spouse and dependents if applicable)
- Banking Acct Numbers (for refund disbursement)
- Mortgage Interest / Tax docs received
- HSA/IRA Documents
- Charitable Donation Reeciepts
- Home Purchase/Sale Records (if happened in 2020)
- Business Income, Expenses, Mielage Logs
- Child Care Expenses
- Student Loan Interest
- Amount of Stimulus Received (both rounds)
- Drivers License/ID
What is the fastest way to file taxes?

E-filing, or electronically filing, your taxes is the quickest way to get your info to the IRS.

Direct depost tends to be the quickest way to receive your refund as well.
Does everyone have to file a tax return?

The short answer is no. If you did not exceed a certain income than you are not required to file a federal tax return. If you earn less than $12,400 (which is the 2020 standard deduction for a single taxpayer) you may not need to file taxes.
It is always a good idea to check with a tax professional to make sure about your specific tax situations.
What if I forgot a tax document and I have already filed?

Call us and we can help you file an admendment to your current return.
I'm self employed, when are my taxes due?

April 15, 2021: 1st-quarter 2021 estimated tax payment due
June 15, 2021: 2nd-quarter 2021 estimated tax payment due
Sept 15, 2021: 3rd-quarter 2021 estimated tax payment due
Jan 15, 2022: 4th-quarter 2021 estimated tax payment due
What if I can't afford my tax bill?

Best bet is to get in and file early, that way you can make a plan and set up installments to break down the larger amount due into smaller more affordable chunks. That way by April 15th you can have your taxes paid on full, in time.

What is a dependent?

A dependent is a person you are responsible for supporting. Typically under the age of 19 or under 24 if they are attending school full-time.
Is child support considered earned income?

No. Child support is not viewed as earned income.

Neither are alimony, welfare benefits, social secuity, railroad retirement benefits, workers' comp, veteran's benefits and more. Contact your tax rep for further details.
What is the age limit to claim my child as a dependent?

Your child must be younger than 19 years old or be a student up to the age of 24 years old as of the end of the calendar year.

If your child is medically claimed to be permanently disabled, there is no age limit.
What is a tax credit vs a tax deduction?

Tax Credit: These are dollar for dollar reductions. If you get a $500 tax credit and your tax due is $1,500, then your new tax amount due would be $1,000.

Tax Deduction: Reduces the amout of income you would be required to pay taxes on, which can reduce your tax bill. If your income is $30,000 a year and you have a $500 tax deduction, then you will be taxed on $25,5000 instead of $30,000 which can also reduce the amount of taxes due.
What if my tax return is rejected electronically?

If we receive a rejected efile return, there is an error on the return. Typically the rejection message will include what may be missing or in error. We will help you walk through any issues and help you correct it.
How can I let the IRS know I have changed addresses?

There are a few ways:

Call them:
Individuals
800-829-1040
7 a.m. to 7 p.m. local time
Businesses
800-829-4933
7 a.m. to 7 p.m. local time

Online IRS Forms:
Individual: https://www.irs.gov/forms-pubs/about-form-8822

Business: https://www.irs.gov/forms-pubs/about-form-8822-b

Tax Return: Use your new address when you file.

Call us we can help! 573-769-2955

Can I submit my tax documents to you online instead of coming into the office?

Absolutely! In a way to help our communities combat COVID we have a safe and secure portal that you can upload your tax documents right to us without leaving your home! And we will reach out with any questions we may have while filing your docs.

CLICK HERE TO UPLOAD YOUR DOCS
How long does it take to get a tax refund?

In most cases a refund is issued withing 21 days for efiling returns and direct deposit. This can be tenitive and just an estimate. Numerous things can effect the lentgh in time, we currently do not know how COVID-19 situations may effect this.

Paper filing and paper check refunds can take up to 6 weeks, again this is just an estimate.
My receipts are a mess, literally in a box, can you help?

No need to stress, we can help! Call us to set up an appointment to go over what you have. In most cases we can help you turn that box of paper into a ready to file tax return!
Do you offer any discounts?

We have a great REFFERAL program! If you refer a friend and they file their returns with us, YOU get a $20 discount on your next tax prep and THEY get a $20 discount NOW when they file!
Can you help my business process payroll?

Yes! Our team can set down with you and find out all your needs/wants as it comes to payroll and set up a plan that can help you streamline this process.
Will you help my business get organized?

Sure can! We can meet with you and find out your weaknesses you need assistance with and set up a plan to get you on track. We can help with everything from accounting, payroll, and general bookkeeping as well!

Get In Touch

573-769-2955

123 W Olive St. | Palmyra, MO

office@myarrowta.com

Mon - Fri: 8:00 am - 5:00 pm
Saturday: Appointment Only
Sunday: Closed

GOT A QUESTION?

123 W Olive St. | Palmyra, MO | (573) 769-2955

Serving the areas of: Palmyra, Hannibal, New London, Monroe City, Shelbina, Shelbyville, Philadelphia, Taylor, Maywood, Ewing, Lewistown, Canton, LaGrange, Monticello, Edina, Durham, Wayland, Kahoka, and all in between!