Frequently Asked Questions About Our Tax Preparatory Services

  • To get ready to file, you should gather all personal identification, income statements such as Forms W-2, 1099-NEC, 1099-K, and 1099-INT, and any records of digital asset transactions. You should also keep track of your adjusted gross income from the previous year to help verify your identity when e-filing.

  • The 2026 filing season officially begins on January 26, 2026. For most individual taxpayers, the deadline to file and pay any tax due is April 15, 2026.

  • Effective for 2026, the One, Big, Beautiful Bill Act increases the standard deduction to $16,100 for single filers and $32,200 for married couples filing jointly. It also introduces new tax deductions for working Americans, including provisions for overtime pay and certain tips.

  • Self-employed individuals or partners who use a portion of their home exclusively and on a regular basisas their principal place of business may be eligible for this deduction. You can choose between the regular method of dividing home expenses or a simplified option based on square footage.

  • Yes, all income from gig work, even if it is part-time or a side job, is taxable. You are generally required to file a return if your net earnings from self-employment are $400 or more.

  • Starting in 2026, eligible taxpayers may deduct qualified overtime compensation up to $12,500 ($25,000 if married filing jointly). Additionally, there are new deductionsfor up to $25,000 in qualified tips and interest paid on loans for certain U.S.-assembled personal vehicles.

  • S corporations allow business owners to pass corporate income and losses through to shareholders, potentially avoiding double taxation. While this structure can offer self-employment tax savings on distributions, owners who work in the business must pay themselves a reasonable salary subject to payroll taxes.

  • The best way to avoid an audit is to file a complete and accurate tax return. Ensure you report all income listed on Forms W-2 and 1099, as discrepancies detected by IRS automated systemsare common red flags.

  • Beginning in 2026, employer-provided meals that were previously de minimis fringes are generally no longer deductible. However, qualified business meals with clients remain 50% deductible as long as they are not lavish and a representative of the company is present.

  • To receive your refund in the shortest amount of time, the IRS recommends filing electronically and choosing direct deposit. Most refunds filed this way are issued in less than 21 days.

  • Yes. As a tax professional, we are federally required under the Gramm-Leach-Bliley Act (GLBA) and the FTC Safeguards Rule to maintain a Written Information Security Plan(WISP). We use bank-level administrative, technical, and physical safeguards to protect your confidential information. RelyCFO will provide you copy of WISP along with engagement letter, including our document retention policis

  • Turnaround times vary based on the complexity of your return and the timing of your document submission. Generally, once we have a complete and organized set of your tax records, we aim to provide a draft for your review within a set service-level agreement period. You will receive checklist that comprises of various questions that will help you gather required documents. Checklist ensures no income or expenses are left out.

  • While software works for simple scenarios, it cannot think "outside the box"or identify unique, high-value deductions tailored to your specific situation. We provide year-round proactive strategy, audit support, and personalized financial guidance that software algorithms simply cannot offer. Our tax software ensures complete and accurate filing of all forms required with built in checks.

  • Once you sign the engagement letter and submit client checlist + supporting documents, we will immediately start working on your return. We may contact you for any additional information needed. Once return is completed, we will send you summarized version of income and tax liability for your review. Once you approve, pay our fees, you will have full access to the return including all supporting schedules. You would need to authorize us to electronically file the return. (if you insist on paper filing, its your responsiblity to print the return and send it to IRS)

  • Our process is built on three pillars:

    • Onboarding: Securely gathering your personal and business documentation.

    • Preparation & Review: Analyzing your data against new 2026 tax laws to ensure 100% accuracy.

    • Final Filing: Submitting your return electronically for the fastest possible processing.

  • If you discover a change after we have already filed, we can prepare an Amended Return (Form 1040-X). It is important to notify us as soon as possible to avoid potential late-payment penaltiesif the change results in additional tax owed. There is additional charge for filing amended return depending on the complexity and changes needed

  • Don't panic—the IRS offers several payment options. We can help you set up an Installment Agreement (monthly payment plan)

  • Fees are typically due upon completion of the draft return but prior to electronic filing. We offer multiple electronic payment options, including credit/debit cards and secure bank transfers, to make the process as smooth as possible

  • As a best practice, we return all original records to you and retain only digital copies of the final return and supporting workpapers. We are required to keep these records for at least three years, though we often maintain them longer to support you in case of a future audit.

  • We use enterprise-grade technical safeguards, including Multi-Factor Authentication (MFA) and AES-256 encryption for data at rest and in transit. We also utilize secure client portals instead of email to exchange sensitive documents safely. Do not email any documents as it contains sensitive information.

  • Most of the work can be done remotely and through google video chats. If you live in Houston or its sub urbs we can meet in person, although it may not be needed.

  • The IRS typically provides a status update around 24 hours after you e-file your current-year return.

    • Online Tool: Use the official Where’s My Refund? tool on IRS.gov.

    • Mobile App: Download the IRS2Go mobile app to check your status on the go.

    • Phone: Call the automated refund hotline at 800-829-1954