Frequently Asked Questions (FAQ)

Appointments

How can I make an appointment?

Yogi CPA is open 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.

Do you offer in-person meetings?

We have two in-person meeting locations in California and New York. For California, the address is 1100 W. Town and Country Road, Suite 1250, Orange, CA 92868. For New York, the address is 136 Madison Ave, 6th floor, New York, NY 10016.

All visits are by appointment only. We encourage clients to meet virtually and provide the same quality of service for clients across 50 States and internationally.

What is your preferred communication method?

The preferred communication method is via email and virtual appointments, please reach out to our Onboarding Specialist at hello@yogicpa.com. Our onboarding process is fast, 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 customized survey for you and your business to fill out at your convenience. We may request for your previous tax returns and/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 or Form 1099 by the expected deadline, first contact your employer, bank, or other payer and request a copy. The IRS also recommends checking your IRS Individual Online Account or obtaining a Wage & Income Transcript if the form is still unavailable. Banks generally are not required to issue Form 1099-INT unless you earned at least $10 in interest during the tax year. However, all taxable interest must still be reported on your tax return, even if you do not receive a Form 1099-INT. If necessary, you can determine the amount using your monthly or annual bank statements.

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?

The standard federal tax filing deadlines are:

Forms W-2 and many Forms 1099: January 31
Individual income tax returns (Form 1040): April 15*
S corporation and partnership returns: March 15
C corporation returns: April 15*
Employer quarterly payroll tax returns (Form 941): April 30, July 31, October 31, and January 31

If a filing deadline falls on a weekend or federal holiday, it is automatically extended to the next business day.
If you cannot meet the filing deadline, you may request an automatic 6-month extension. For LLCs, the filing deadline and extension period depend on how the LLC is taxed (e.g., as a sole proprietorship, partnership, or corporation).

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? is generally updated once every 24 hours, usually overnight. Refund information is typically available within 24 hours after e-filing, 3–4 days after correcting a rejected return, or about 4 weeks after mailing a paper return. You can check the tool daily for updates.

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 tax refund to be deposited directly into the checking or savings account of your choice. This is the fastest and most secure way to receive your refund, eliminating the risk of a paper check being lost or stolen. Most refunds are issued within 21 days for electronically filed returns, although processing times may vary.
Direct withdrawal allows you to authorize the IRS or state tax agency to electronically withdraw the amount you owe from your designated checking or savings account on a date you choose. This helps ensure your payment is made on time and may reduce additional interest and penalties for late payment

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 welcomed a new family member during the year, they may qualify as your dependent, which could make you eligible for certain tax credits or other tax benefits. If your spouse or dependent passed away during the year, special tax rules may apply, and they may still be claimed if the IRS eligibility requirements are met.
In some situations, a person who is not your child may also qualify as your dependent. Special IRS rules apply when determining whether someone qualifies as a dependent. Please contact us if you need assistance determining your eligibility

Why should I file my tax return electronically?

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

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

For the 2025 tax year, you generally must file a federal income tax return if your gross income is at least:

$16,100 if you are Single and under age 65.
$24,150 if you are Head of Household and under age 65.
$32,200 if you are Married Filing Jointly or a Qualifying Surviving Spouse, and both spouses are under age 65.

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:

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

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

You may have to pay federal income tax on a portion of your Social Security benefits if your combined income (provisional income) exceeds:

$25,000 if you are Single, Head of Household, or a Qualifying Surviving Spouse.
$32,000 if you are Married Filing Jointly.

Combined income generally includes your adjusted gross income (AGI), any tax-exempt interest, and one-half of your Social Security benefits. Depending on your combined income, up to 85% of your Social Security benefits may be taxable.

What is the 2025 Federal Standard Deduction for people (under 65) who do not itemize?

Single or Married Filing Separately: $16,100

Married Filing Jointly: $32,200

Head of Household: $24,150

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?

For the 2025 tax year, the elective deferral (employee contribution) limit for participants in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan (TSP) is $23,500.
If you are age 50 or older, you may make an additional $7,500 catch-up contribution, for a total annual contribution of $31,000.
If you are ages 60 through 63, you may be eligible for a higher catch-up contribution limit of $11,250, allowing total contributions of up to $34,750, if your employer's plan permits it.

How much may I contribute to my IRA in 2025?

For both Traditional and Roth IRAs, the maximum contribution is the lesser of $7,000 (or $8,000 if you are age 50 or older) or your taxable compensation for the year. Your ability to deduct Traditional IRA contributions or contribute to a Roth IRA may be reduced or phased out if you are covered by a workplace retirement plan or your modified adjusted gross income (MAGI) exceeds the applicable IRS limits.

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

A tax deduction reduces your taxable income. For example, if you earn $50,950 and claim the 2025 standard deduction of $15,750 (Single filer), your taxable income would be reduced to $35,200. You pay tax only on your taxable income. You may also choose to itemize deductions instead of claiming the standard deduction if it results in a greater tax benefit.
A tax credit, on the other hand, directly reduces the amount of tax you owe. For example, if you qualify for a $1,000 tax credit, your tax liability is reduced by $1,000. In general, tax credits provide a greater dollar-for-dollar tax benefit than tax deduction

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:

All 2025 tax documents (any form 1099 received or issued, any tax notices from IRS and/or other tax authorities)
All entity paperwork (EIN letter, incorporation, minutes, ownership if applicable)
Your Profit & Loss for 2025, Balance Sheet as of year end 2025

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

THANK YOU!

FAQ