Your Financial Questions, Answered

We know taxes and financial planning can feel overwhelming. That’s why we’ve compiled clear, straightforward answers to the questions we hear most often. Explore our FAQs to find guidance on tax strategy, cash flow, compliance, and more.

General Questions

What financial consulting services do you offer?

At TaxMaster Financial Services, we go beyond tax preparation to provide year-round advisory services. Our core offerings include:

Tax Preparation & Planning – Compliance with confidence, plus proactive strategies that often save clients $10K–$50K annually.
CFO Services and Consulting – Helping businesses grossing $1M+ improve cash flow, reduce costs, and scale smarter.
Business Consulting – Guidance to strengthen profitability, operations, and revenue growth.
Financial Life Planning – Comprehensive planning that aligns money with your goals, values, and legacy.

Our goal is simple: to give you clarity, control, and peace of mind in every financial decision.

How can a tax advisor help my business?

A tax advisor does far more than file returns. The right partner can:

Identify overlooked deductions and credits.
Build proactive tax strategies to minimize liability.
Improve cash flow management so your revenue works harder for you.
Provide ongoing guidance as your business grows and changes.
Help you avoid costly mistakes and make smarter financial decisions.

In short, a tax advisor is not just a compliance partner — they’re a strategic ally for your business success.

I’m a new client — What should I do before my appointment?

Welcome to TaxMaster Financial Services Corporation!

To help us help you better, you can register your personal, encrypted portal to upload documents to us and download completed tax returns.

New Client TaxDome Portal link

Not sure what to send us or upload?

Please see next FAQ for the list of tax documents you will likely need to bring to your first appointment.

Do you only work with clients in New York City?

No — while our office is based in New York City, we proudly serve clients across the U.S. and worldwide. With secure digital tools, encrypted document sharing, and Zoom consultations, location is never a barrier to working with us.

What’s the difference between tax preparation and tax planning?

Tax preparation is the process of filing your return accurately and on time — it’s compliance-focused.

Tax planning, on the other hand, is proactive. It involves reviewing your situation throughout the year to identify strategies that reduce your tax liability, improve cash flow, and maximize savings. Tax planning often creates $10K–$50K+ in savings annually for our clients.

What types of businesses do you specialize in?

We work with a wide range of entrepreneurs and professionals, including (but not limited to):

Marketing and creative agencies
Professional service firms (law, consulting, healthcare, finance)
Socially responsible businesses and B-Corps
Growth-minded small businesses earning $1M+ in revenue
Non-profit organizations

Our sweet spot is working with business owners who want a true advisory partner, not just a tax preparer.

Do you offer retirement planning?

Yes. As a CERTIFIED FINANCIAL PLANNER™, we help clients design and fund retirement plans for themselves, their families, and their employees. This includes choosing the right plan structure (401(k), SEP, SIMPLE, etc.), optimizing contributions for tax savings, and ensuring your retirement goals align with your overall financial life plan.

How secure is my financial information?

Security is our top priority. We use a state-of-the-art encrypted client portal for document upload, download, and messaging. Every tax return is reviewed by at least two professionals before filing, and we maintain strict confidentiality standards at every step.

What makes TaxMaster Financial Services different from other firms?

Most accountants focus on compliance only. At TaxMaster Financial Services, we:

Provide year-round advisory services instead of one-time tax prep.
Combine tax expertise with business coaching and fractional CFO support.
Bring in the psychology of money to help you improve your relationship with finances, not just your numbers.
Offer audit protection up to $1 million for peace of mind.

It’s this holistic approach that makes us more than a tax firm — we’re a partner in your financial success.

Can you help if my cash flow is tight, even though my revenue is growing?

Yes. Many business owners face this challenge. Through CFO services and consulting, we analyze your revenue streams, expenses, and timing of inflows/outflows to optimize cash flow. Often, businesses don’t need more revenue — they need to keep more of what they earn.

What if I already have an accountant?

That’s fine — many of our clients work with us alongside an existing accountant. The difference is that we provide advisory and planning services year-round. We don’t replace your accountant unless you want us to; instead, we complement their work with proactive strategies and big-picture guidance.

Do you offer personal financial planning, or just business services?

We do both. Our financial life planning helps individuals and families align money with values and goals — whether that’s funding a worry-free retirement, saving for children’s education, or leaving a lasting legacy.

How do I know if I’m a good fit for your firm?

You’re a great fit if you’re:

A business owner or professional who wants proactive financial guidance.
Someone who values integrity, transparency, and building long-term wealth.
Ready to move beyond “tax season” into year-round clarity and control.

If this sounds like you, we’d love to start with a consultation.

Tax Return Questions

Do you assist with IRS audits and tax disputes?

Yes. We provide audit support and defense services to give you peace of mind if the IRS comes calling. Our audit protection covers up to $1 million in representation costs (depending on your package), ensuring you never face an audit alone.

We can:

Communicate directly with the IRS on your behalf.
Provide documentation and strategy to resolve disputes.
Minimize disruption so you can stay focused on running your business.

With our team on your side, you’ll always have a knowledgeable advocate protecting your best interests.

I received a notice, what do I do?

We are able to help you respond to a federal or state notice you have received. To best serve you, these are the step you can take to make sure we are able to help you in a timely manner.

Here is what to do:

GET US A COPY OF THE NOTICE

We can’t help you unless we are looking at the notice. You can get the notice to us in one of several ways:

1. You can upload it to you TaxDome Portal. That is the safest and fastest way to get the notice to us
2. You can fax it to 212-247-0961. That’s our fax number.
3. You can bring it in to our office personally.

Our office address is:
1384 Broadway, Suite 1602
New York, NY 10018

4. You can also mail it to us. This is the least reliable and so is not recommended even if certified. If you mail us a copy, please keep a copy for yourself as a reference.

Once we have the notice in hand, we figure out what it is, what it means, and what has to be done.

What documents do I need to submit for my returns?

The documents vary, depending on the person, and changes in their lives from one tax year to another. Below is a list of the kind of documents you may need to submit to your accountant to complete your return.

PLEASE UPLOAD YOUR DOCUMENTS TO OUR PORTAL, IF POSSIBLE.

We prefer to receive clear copies of your documents. If you mail or bring us documents, we do not need your original documents. Please keep a copy. All of your documents are scanned into our system and returned to you when your taxes are complete.

Below is a list of the documents we need in order to accurately and completely file your tax returns. As the client, you are responsible for submitting correct documents and letting us know as soon as possible if you receive corrected tax documents in the mail.

Your most recent banking account information, both the routing number and account number if you are filing with our office for the first time or updating your previous year’s information.

Forms W-2 for wages, salaries, and tips.

All Forms 1099 for interest, dividends, retirement, miscellaneous income, unemployment compensation, nonemployee compensation, Social Security, state or local refunds, gambling winnings, etc.

Brokerage statements showing investment transactions for stocks, bonds, virtual currencies, etc.

Schedule K-1 showing income from partnerships, S corporations, estates and trusts.

Statements supporting educational expenses, deductions or distributions, including any Forms 1098-T, 1098-E, or 1099-Q.

Any tax notices sent to you by the IRS or other taxing authority.

All Forms 1095-A, 1095-B, and/or 1095-C related to health care coverage or the Premium Tax Credit.

Statements supporting deductions for mortgage interest, taxes, and charitable contributions (including any Form 1098-C).

Copies of closing statements regarding the sale or purchase of real property.

Legal papers for adoption, divorce, or separation involving custody of your dependent children.

A copy of your income tax return from last year, if not prepared by this office.

A valid drivers’ license or non-driver ID.

When can I expect my refund?

Check on the status of your refund using the appropriate link below:

FEDERAL

NEW YORK

NEW JERSEY

CONNECTICUT

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The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker – dealer, state – or SEC – registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

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