Frequently Asked Questions (FAQ)


How can I make an appointment?

Yogi CPA is open virtually year round for tax and CFO services. We have flexible hours to accommodate your schedule. Please use the “Contact Us” chat box directly on our website, or reach out to our Onboarding Specialist at hello@yogicpa.com.

Where is your office?

We have two offices in California and New York. Yogi CPA California office is located at 1100 W. Town and Country Road Suite 1250, Orange, CA 92868. Yogi CPA New York office is located at 136 Madison Ave 6th floor, New York, NY 10016. All visits are by appointment only.

What is your preferred communication method?

The preferred communication method is via email and virtual appointments. Our onboarding process is thoughtful and designed to offer the best customer service while reducing our environment footprint!

What should I prepare for my virtual appointment?

During our onboarding process, we will provide an online survey for you to fill out. Please also provide your previous tax returns, or financial statements, if applicable.

Tax Forms & Deadlines

What should I do if I am missing some tax forms from banks or employers?

If you have not received your Form W-2 on time, you should ask your employer for it. Banks are not required to send a 1099 statement of income received if you earned less than $10, so you may not receive that. They are also not required to send you an interest statement if you received less than $600 in interest. This information can be acquired by using monthly statements if required.

What do I do if I receive a letter from the IRS?

If you receive a letter or notice from the IRS, it will explain the reason for the correspondence and provide instructions. Many of these letters and notices can be dealt with simply, without having to call or visit an IRS office. Please email us as soon as your letter arrives.

What are the deadlines for filing my tax returns?

Tax return deadlines are as follows:

  1. W-2 and 1099 Forms: January 31
  2. Personal Returns: April 15
  3. S Corps and Partnerships: March 15
  4. C Corps and Single-member LLC Returns: April 15
  5. Employer Payroll Forms & Taxes: required every quarter on April 30th, July 31st, October 31st, and January 31st

If a deadline falls on a weekend, the deadline will automatically be extended to the following Monday. In addition, if you are unable to meet a deadline, you may be able to petition for a 6-month extension or a 5-month extension for LLC returns.

Tax Refund & Payment Status

How can I check on the status of my individual return refund?

The fastest, easiest way to find out about your current year refund is to go to the Where’s My Refund? tool on the IRS website. Be sure to have a copy of your current tax return available because you will need to know your social security number shown on your return, the filing status and the exact whole dollar amount of your refund. Where’s My Refund? will usually have information about your refund 72 hours after the IRS acknowledges receipt of your e-filed return, or three to four weeks after mailing a paper return. Check back weekly, on Wednesdays, for any updates to your refund information.

Will I receive a tax refund if I am currently making payment under an installment agreement or payment plan for a prior year's federal taxes?

No. As a condition of your installment agreement, any refund due to you in a future year will be applied against the amount that you owe. If the refund is more than the outstanding amount due, the remainder will be refunded to you.

Does the IRS offer any late payment options?

If you can’t pay your business taxes by the appropriate due date, you’ll incur some penalties and fees. However, the IRS does offer a variety of payment options. First, make sure to pay as much as you can by the due date. Then, you may be able to request a 120-day extension. If you get this extension, you’ll still have to pay the necessary interest. You can also try to set up an installment plan to pay the rest of your taxes.

What is the direct deposit/withdrawal features offered by the IRS and State agencies?

Direct deposit allows your refund to be deposited directly into a checking or savings account that you choose. This feature eliminates the possibility of your check being stolen from your mailbox, and allows you to receive your refund as soon as 10 days after you have filed.

Direct withdrawal allows you to choose the checking or savings account and the date you wish to have your amount due paid to the IRS. This eliminates the possibility of forgetting to pay your balance due on time and accruing additional interest.

What if I have a Balance Due?

You may choose to have the funds automatically withdrawn from your savings or checking account on the date you determine by the tax filing deadline. You may also pay by credit card using one of the IRS Preferred Credit Card Payers (there is a charge for their service).

Individual Tax Return Questions

Can you prepare a tax return from another state?

Yes! Yogi CPA prepares state tax forms for all states that require the filing of a tax return.

What should I do if there are changes to my family?

If you had a new family member; you may claim that new person as an exemption. If, unfortunately, your spouse or dependent passed away this year, you may still claim the exemption for the year. 

In some situations, a person who is not your child may be your dependent, special rules apply for these people who have joined your family to be claimed as dependents. Contact us for more help with this.

Why should I file my tax return electronically?

  1. You will get your refund back faster
  2. You will know right away that your return is accepted by the IRS
  3. Fewer mistakes are made on electronically filed returns
  4. You save postage costs and the inconvenience of driving to the post office
  5. Your tax return information is secured

How do I know if I have to file a tax return?

You have to file a tax return if you have gross income of at least $13,850 if you are Single and under 65, $20,800 if you are Head of Household, or $27,700 if you are Married Filing Jointly or Qualifying Widower. These limits apply to 2023 tax year.

Even if you do not have to file, you should file a federal income tax return to get money back if any of the following apply:

  1. You had income tax withheld from your pay.
  2. You qualify for the earned income credit.
  3. You qualify for the additional child tax credit.
  4. You qualify for the making work pay credit.

Do I have to pay taxes on my social security benefits?

You may have to pay taxes on some of your social security benefits if you have more than $25,000 in income for a single person or $32,000 for couples who are married filing jointly. These limits apply to 2023 tax year.

What is the 2023 Federal Standard Deduction for people (under 65) who do not itemize?

Single or Married Filing Separately: $13,850

Married Filing Jointly: $27,700

Head of Household: $20,800

Standard deductions are higher for people who are over 65 and/or are blind.

How much may I contribute to my company's 401(k) or 403(b) plan?

  1. The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is $22,500
  2. The catch-up contribution limit for those aged 50 and over is $30,000. These limits apply to 2023 tax year.

How much may I contribute to my IRA in 2023?

For both Traditional and Roth IRAs the general limit is the lessor of $7,500 (or $8,500 for people over 50) or your earned income. These amounts are phased out if you are covered by a workplace retirement plan and have higher modified adjusted incomes. 

What is the difference between a tax deduction or a tax credit?

Tax deductions reduce the amount of taxable income you have. For example, suppose you make $50,950 per year, which places you in the 22% tax bracket. A standard tax deduction of $13,850 would reduce your taxable income to $37,100. As a result, you would only be taxed on that amount. You might use itemized deductions instead, but the effect is the same. Your taxable income would decrease. On the flip side, a tax credit reduces the amount of money you owe in taxes. So, if you get a tax credit of $1,000, you will pay the IRS $1,000 less.

Business and Non-Profit Tax Preparation

Which tax filing form should I use for my business?

The tax return you file depends on how you set up your business. Most businesses are sole proprietorships or LLCs and those will file a Schedule C within the owner’s Form 1040.

A partnership will first prepare a Partnership Form 1065 and then provide each partner with the K-1 information required for them to include in their 1040. If your business is incorporated as a C Corporation or S Corporation, Form 1120 or Form 1120S is required accordingly. An LLC can also be taxed as a S Corporation or C Corporation.

What do you require for a typical business tax filing?

We require the following documents in order to file your return:

  1. All 2023 tax documents (any form 1099 received or issued, any tax notices from IRS and/or other tax authorities)
  2. All entity paperwork (EIN letter, incorporation, minutes, ownership if applicable)
  3. Your Profit & Loss for 2023, Balance Sheet as of year end 2023

What is a Form 990?

Form 990-N, 990-EZ or 990 is the annual report that the IRS requires most charitable organizations to file in order to document and maintain tax exempt status. If your organization’s 990 (990-EZ or 990-N) is not filed, the IRS will revoke your tax exempt status.

A 990 informational return must be filed annually. It is due 5 and a half months after the end of your organization’s fiscal year. If your organization had fewer than $50,000 in gross receipts you may file the 990-N. This form is only available to be filed electronically.

How does my organization apply for 501(c)3 status?

A Form 1023 or 1023-EZ must be completely and accurately filed for an organization that is formed for an approved tax exempt purpose. Our team at Yogi CPA can help you navigate this process and apply for your federal tax exempt determination.

For other questions, please use the “Contact Us” chat box directly on our website, or reach out to our Onboarding Specialist at hello@yogicpa.com