General Tax & Accounting Inquiries

Do I really need an accountant or CPA to file my taxes?

While you are legally permitted to file your own tax returns, doing so often costs you more in the long run. There is no substitute for a professional’s understanding of tax law. The real question is: Are the potential savings of doing it yourself worth the risk of missing thousands of dollars in deductions or triggering an IRS audit? We ensure you keep as much income as legally possible.

What is the difference between a Tax Preparer, a CPA, and an IRS Enrolled Agent?

This is a common question. Here is the breakdown of credentials:

• CPA (Certified Public Accountant): Licensed by the State of Ohio, a CPA can perform a wide range of functions, including certifying financial statements, auditing, and high-level tax strategy.

• IRS Enrolled Agent (EA): Licensed directly by the Federal Government (IRS). EAs are America's tax experts, specifically dedicated to tax law and authorized—just like CPAs—to represent taxpayers before the IRS.

• Tax Preparer: An individual who prepares returns but may not have high-level credentials or representation rights.

• At Summit Accounting & Tax, we prioritize continuing education to ensure expert handling of your finances, regardless of designation.

What is the difference between tax preparation and tax planning?

• Tax preparation is the act of filing your mandatory forms based on historical data from the previous year.
• Tax planning is a proactive service where we strategize during the year to maximize legal deductions and credits, effectively managing your future tax liability before the year ends.

Summit Accounting & Tax Appointments & Services

Do I need an appointment for tax services?

For virtual services, no appointment is strictly necessary to get started—you can upload documents at your convenience. If you prefer a consultation or have complex business accounting needs, please call 330-644-8181 to schedule a phone or in-office meeting.

Who do you serve?

We serve a wide range of clients, from individual filers with simple returns to small business owners requiring complex bookkeeping, payroll, and strategic tax planning.

Are you taking new customers in the greater Akron / Canton / Cleveland areas or remotely?

Yes! We are always looking to build relationships with new individual and business clients. However, we do review every inquiry to ensure our expertise is the right fit for your specific needs. If we aren't the best match for you, we will do our best to guide you toward a solution that is.

What does it cost to use your services?

We believe in transparency, but because every financial situation is unique, we cannot provide a "one-size-fits-all" price list. We offer customized pricing based on the complexity of your return or business needs.

• Next Step: Call us at 330-644-8181 for a free quote. We can briefly discuss your situation and give you an accurate estimate.

How long does it take for my tax return to be completed?

During the height of tax season, we work diligently to complete returns as quickly as possible. Turnaround times can vary based on the volume of clients and the completeness of the information you provide. We promise to provide you with a realistic timeline when you submit your documents and will keep you updated on our progress.

Virtual Services & Security

How does virtual tax preparation work at Summit Accounting & Tax?

Our process is designed for security and convenience. Instead of visiting our Akron office, you simply upload your tax documents (W-2s, 1099s, expense reports) to our encrypted client portal. Once we receive your data, we prepare your return and communicate via secure email or phone to review the details before filing.

We have streamlined the process to be secure, simple, and often more cost-effective than traditional in-office visits:

1. Contact Us: We confirm we can help you.

2. Upload: We send you a secure link to upload your documents (W-2s, 1099s, etc.).

3. Review: We communicate via email if we have questions.

4. Sign & File: You sign the forms electronically, pay online, and we file the return. This service is available for both individuals and small businesses.

Is it safe to upload my tax documents online?

Yes. We strictly adhere to IRS Publication 4557 and federal data privacy laws. We utilize a secure, encrypted portal for all document transfers to protect your Social Security Number and sensitive financial data. We advise clients never to email sensitive documents directly without encryption.

Specialized Services & Compliance

Is your staff up to date on recent tax legislation?

Yes. Tax laws change frequently (such as the One Big Beautiful Bill, Inflation Reduction Act or TCJA updates). Our team dedicates significant time to continuing education, reading new bills, and taking classes to understand how these changes affect you. Rest assured, your return will be accurate and compliant with the absolute latest federal and state laws.

I haven’t filed my taxes in five years. Can you help with back taxes?

Yes. We specialize in helping non-filers get back into compliance. Simply let us know which years are missing, and we can help you gather the necessary information to file those outdated returns and minimize penalties.

Can you help if I receive an IRS notice or Audit letter? Absolutely. As authorized tax professionals, we can help you understand IRS or Ohio Department of Taxation correspondence. We can assist in drafting responses and rectifying discrepancies to resolve issues regarding your tax liability.

Do you represent individuals in an IRS audit?

Yes. Because we have qualified professionals (such as Enrolled Agents and CPAs) on staff, we are authorized to represent taxpayers before the IRS. We review audit representation requests on a case-by-case basis to ensure we can provide the necessary defense for your specific situation.

Do you offer Fractional CFO (Chief Financial Officer) services?

Yes, we offer fractional CFO services for businesses that need high-level financial strategy without the cost of a full-time executive. We evaluate these requests individually to ensure we can dedicate the time and resources necessary to help your business grow.

I have a large tax bill due to the IRS. Can you help me negotiate a settlement?

While tax resolution and "Offers in Compromise" are not our primary focus, we can assist with initial assessments. If your case requires specialized legal negotiation, we can refer you to trusted firms that handle complex tax settlements. Call us to discuss your situation first.

Do you handle Ohio Municipal Income Tax (RITA/CCA)?

Yes. One of the most common issues for Ohio residents is the complexity of local "city" taxes. We prepare and file all necessary local returns and filings for municipalities including Akron, Canton, Green, and other cities, utilizing RITA (Regional Income Tax Agency) or CCA, ensuring you avoid local non-filing penalties.

Tax Terminology Glossary

Confused by tax jargon? At Summit Accounting & Tax, we believe an educated client is an empowered client. We have compiled this list of common terms to help you understand your financial picture.

General Tax Terms

Adjusted Gross Income (AGI) Your AGI is your total gross income minus specific deductions (like student loan interest or retirement contributions). This number is critical because it determines your eligibility for many other tax breaks and credits.

Deductions vs. Credits This is the most common point of confusion for taxpayers.

• Tax Deduction: Lowers your taxable income. If you are in the 22% tax bracket, a $1,000 deduction saves you $220.

• Tax Credit: Lowers your tax bill dollar-for-dollar. A $1,000 credit lowers your bill by exactly $1,000. Credits are generally more valuable than deductions.

Extension (Form 4868) An extension grants you an additional six months to file your tax return (usually until October 15th). However, it is not an extension to pay. You must estimate and pay any taxes owed by the April deadline to avoid interest and penalties.

Standard Deduction A flat dollar amount that reduces the income on which you are taxed. Most taxpayers choose the Standard Deduction unless their specific expenses (Itemized Deductions like mortgage interest, state taxes, and charity) add up to a higher amount.

Withholding The amount of income tax your employer takes out of your paycheck and sends directly to the IRS on your behalf. If you withhold too much, you get a refund. If you withhold too little, you will owe money (and potentially penalties) when you file.

Ohio & Local Tax Terms (Important for City Residents)

RITA (Regional Income Tax Agency) RITA is an agency that collects municipal (city) income taxes for many Ohio communities. If you live or work in a RITA municipality, you often must file a separate return (Form 37) in addition to your Federal and State returns.

CCA (Central Collection Agency) Similar to RITA, the CCA collects taxes for a different set of Ohio cities (including Cleveland, Canton, and Akron suburbs). It is crucial to know which agency your city utilizes to avoid non-filing notices.

School District Income Tax In Ohio, some school districts levy an additional income tax on residents to fund local schools. This is separate from your city tax and is filed with the State of Ohio. Not every district has this tax, but we check every return to ensure compliance based on your address.

Business Tax Terms

EIN (Employer Identification Number) Also known as a Federal Tax ID. It is like a Social Security Number for your business. You need this to open a business bank account, hire employees, and file business returns.

Estimated Taxes (1040-ES) Since our tax system is "pay-as-you-go," self-employed individuals and business owners must make quarterly tax payments (April, June, September, and January). Failing to do so can result in underpayment penalties.

S-Corporation A tax designation that allows a business to pass its taxable income, credits, and deductions directly to the shareholders. This often helps small business owners save on Self-Employment taxes compared to a standard LLC or Sole Proprietorship.