Frequently Asked Questions
Working with Telos Tax & CPA
1. What makes your firm different from other CPAs?
Our forward-thinking approach sets us apart. We prioritize proactive strategies over reactive compliance and guarantee you'll work directly with me, the founder. This ensures a true partnership, prompt communication, and strategic advice focused on your specific goals.
2. What is the process for becoming a new client?
We've built our process around your convenience with a secure, easy-to-use client portal. It gives you one central place to handle everything – from securely uploading documents and signing electronically to managing payments – all on your own schedule. While fully digital, we remain flexible to your personal preferences.
3. How are your services priced?
Our pricing is tailored to the specific needs and complexity of each client's situation. We believe in transparent, value-based pricing and will provide a clear quote for your review and approval before any work begins. This approach ensures there are no surprises and allows us to provide top-tier service that is both effective and cost-conscious.
4. Do I need to be in the Wichita, KS area to work with you?
Not at all! While Telos Tax & CPA is proudly based in Wichita, Kansas, we serve clients across the country. Our streamlined, secure online portal makes it easy and efficient to work with us from anywhere with no in-person visits required. We're experienced with multi-state tax issues for individuals and businesses, making remote collaboration simple, safe, and convenient.
5. I already have an accountant. Why should I consider switching?
If you find yourself frustrated by slow response times, a lack of proactive advice, or surprise bills, it may be time for a change. Clients switch to our firm for superior service. We offer a highly responsive, collaborative partnership with transparent, cost-conscious pricing. We don't just report on the past; we provide the guidance you need for your unique goals.
Tax Preparation & Planning
6. What is the difference between tax preparation and tax planning?
Tax preparation is the annual process of reporting on what has already happened to ensure compliance with tax laws. Tax planning is a proactive, forward-thinking process where we analyze your financial situation throughout the year to develop strategies that legally minimize your tax liability.
7. What documents do I need to get started on my tax return?
The process is simple. New clients receive a personalized digital organizer with a secure link to upload documents. This checklist is tailored to your situation but typically includes items like W-2s, 1099s, mortgage interest statements, and records of business income and expenses.
8. Can you help me if I have unfiled tax returns from previous years?
Yes, absolutely. We can help you get caught up on prior year tax filings. The first step is to assess the situation and create a clear plan to bring you back into compliance with the IRS and state authorities. It's often less stressful than people imagine, and we're here to guide you through every step.
Business Services
9. What accounting services do you offer for small businesses?
We offer a suite of services for small businesses, including strategic tax planning, tax preparation, and bookkeeping support for our advisory clients. We also prepare compiled financial statements, which are essential for securing loans, providing information to investors, or simply gaining a clear understanding of your company's financial health.
10. My business is new. At what point should I hire a CPA?
While it's never too early, a crucial time is when you're first structuring your business (e.g., choosing an LLC vs. S Corp). You should also strongly consider hiring a CPA when your business starts growing or transactions become more complex. Investing in proactive advice early can save you far more than the fees in the long run.
Cost Segregation Studies
11. What exactly is a cost segregation study in simple terms?
A cost segregation study is like a detailed analysis of your property's components. Instead of depreciating the entire building over a long period (27.5 or 39 years), we reclassify its components – such as carpeting, fixtures, and landscaping – that can be depreciated over much shorter periods (5, 7, or 15 years). This strategic reclassification accelerates your depreciation deductions, significantly reducing your current tax liability and improving cash flow.
12. What types of properties benefit from a cost segregation study?
Nearly any type of commercial or residential rental property can benefit. As long as you plan to hold the property for more than a year, a study is likely beneficial under current tax law.
13. I've already owned my property for a year or two. Is it too late to do a study?
No, it's absolutely not too late. The IRS allows you to perform a 'look-back' study on properties acquired or improved in previous years. We can help you 'catch up' on all the missed depreciation in a single year, often resulting in a substantial tax deduction, all without needing to amend prior returns.