FAQs on Tax and Accounting Services

Accounting Services

What industries does your firm have particular expertise in?

Currently, we have a large concentration of clients in the Construction Industry, and we have over twenty-five years of experience in providing services to contractors.  Contractors have unique accounting methods available to them and also have special needs, particularly in the areas of financing and bonding.  We can prepare your financial statements and tax returns properly in order to get you the levels of financing and bonding that you need to run your business profitably.

We also have extensive experience in accounting for other industries, such as professional practices, retail stores, service businesses, real estate and more.  With our many years of experience, we’ve helped clients from dozens of different industries to run their businesses more profitably.  Currently, we service several contractors from such areas as Troy, Schodack, Albany, Scotia and Niskayuna.

Do you provide regular bookkeeping services as well?

Yes!  Our firm can offer the experience of a “QuickBooks Expert” who is experienced with other accounting systems as well.  We’ve worked with Peachtree, Master Builder, COINS, Geac Advantage and many more.  We regularly service businesses from all over the Capital District, including Albany, Troy, East Greenbush and Rensselaer.  Whether it’s weekly, monthly or quarterly, in your office or ours, we want to keep your books in shape all year to help you get the information you need to be a success!

Estate and Trust Services

I’ve been named the executor of an estate. What should I do first?

Make an appointment and come in to see us as soon as possible.  Bring all relevant documents, such as wills, death certificates, bank and investment accounts, and copies of all recent tax returns for the decedent.  If you’ve already retained an attorney, bring any documents that the attorney may have prepared.  We’ll be able to assess your situation and plan the next steps for an orderly settlement of the estate.  We file all estate and fiduciary tax returns that may be required, as well as any final personal returns for the decedents.

Do I have to pay tax on all of the money that I inherit?

Generally, no.  That’s usually the biggest surprise for beneficiaries of an estate.  With assets such as bank accounts, investments, real estate or a personal residence, no tax is generally paid by the person who inherits these assets.  However, assets of a tax-deferred nature, like IRA’s, 401(K)’s, annuities and pension plans will usually result in some tax being paid by the beneficiary.

Tax Services

Why should I use a professional tax preparer?

Even though software programs such as Turbo Tax have made computerized filing much more accessible, taxpayers still must have the knowledge and experience to take advantage of all deductions that are available to them.  In addition, tax laws change every year, and it is nearly impossible for a non-tax professional to keep up on all of the federal and state changes.

Another advantage of using a professional preparer is that our professionals will be available to answer your questions all year long.  Whether it’s planning your tax situation for future years, updating your quarterly estimates, or guiding you through an IRS audit, you know you’ll be able to contact us.  If you need great tax advice and personal service, call us today.  We're located just off of I90, very close to Albany, Troy, East Greenbush and Rensselaer, so we're convient to the whole Capital District.

The big, national tax businesses say that I can get my refund in one day! It sounds like a good deal. Should I do it?

Beware!  Any firm that promises you a refund in one day is going to charge you a hefty fee for that convenience.  It amounts to a massive interest rate on your money, and you should steer clear of these traps.  Besides, when we prepare your return and file it electronically for you, you can get your federal refund in as little as six to eight days!  That’s right, and we don’t charge any extra fee for the electronic filing service.

What are your fees for personal income tax preparation?

Good question!  Our fees vary with the amount of complexity of each tax return.  We don’t charge a set minimum or maximum and don’t charge on a per-form basis.  Our fees are based strictly on the time necessary to complete your return, thoroughly and accurately.  There are never any extra or hidden charges, and there is no separate charge for electronic filing.  Our fees compare very favorably with the big national tax chains!  And remember, with our firm you get the benefit of a CPA with decades of experience and the personal attention that you deserve.

Articles

JUN 9

The “Non-Probate Revolution” – Estate Tax and Administration Issues

Consequences of the Non-Probate Revolution:  Tax and  Administration Issues for Estates By  Richard W. Mulvey, CPA, MA The term “non-probate revolution” is generally attributed to law professor John H. Langbein, who, while at the University of Chicago in 1984, published a seminal work that examined the declining importance of the probate process  and with it, the future of the laws of […]

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JUN 11

Special Tax Breaks Costly and Complicated

Gov. Cuomo’s proposal to create tax-free business zones on New York State’s college campuses has had at least one positive influence on public policy discourse in Albany.  It has brought to light the reality that our federal and New York State tax codes are composed mainly of dozens and dozens of special tax breaks granted […]

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Testimonials

"Rick Mulvey and his staff have prepared our income taxes for the last decade, and they're always there to consult with us if we have any questions.  Their fees are reasonable, and their service is outstanding.  Don't risk preparing your own tax returns!"

Charles, Saratoga, NY
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