FAQs

Bright Success Group Inc

Have a real estate or tax-related question? We have the answer. Check out these FAQs and give us a call today for more information!

  • When is the best time to buy or sell a home?

    The best time to buy and sell is in the summer. Also, for buying a house, you want to look at the interest rates. For financial planning around real estate transactions, it's a good idea to consult the tax preparation professionals Springfield Gardens, NY residents rely on to make sure you're not missing any tax-saving opportunities.

  • What should I expect during a home inspection?

    They will check all over the house to see the condition of the home and how the house is kept. If you're buying or selling, it's also wise to speak with the tax preparation professionals Springfield Gardens, NY residents depend on to understand any tax implications that may come with the transaction.

  • What types of tax and accounting services do you provide?

    At Bright Success Group Inc, we provide small business tax services, personal tax preparation, and sales tax services. As the tax preparation professionals Springfield Gardens, NY residents rely on, we’re committed to helping clients stay compliant and keep more of what they earn. According to a recent survey by Credello, only 13% of Americans file their taxes completely on their own, while 53% rely on an online software system—highlighting the value of professional support when it comes to accurate and stress-free filing.

  • What is your filing status?

    Whether you are required to file a tax return depends on age, dependence, and other factors. Speaking with our tax preparation professionals in Springfield Gardens, NY can help you determine your filing requirements with confidence.

10 common income tax filing questions:

  • What documents do I need to file my taxes?

    You typically need W-2s, 1099s, receipts for deductions, prior-year tax returns, and any relevant financial statements.

  • How can I reduce my tax liability?

    Tax deductions, credits, and strategic planning (such as retirement contributions) can help lower your tax bill.

  • What’s the difference between a tax credit and a tax deduction?

    A tax credit directly reduces the amount of tax owed, while a deduction lowers your taxable income.

  • How do I know if I need to file a tax return?

    Filing requirements depend on income level, filing status, and other factors set by the IRS.

  • Can I file my taxes late?

    Yes, but you may face penalties and interest. You can request an extension, but payments are still due by the deadline.

  • What happens if I owe taxes and can’t pay right away?

    The IRS offers payment plans and installment agreements if you’re unable to pay in full.

  • How long does it take to get my tax refund?

    Refunds typically take 21 days if filed electronically and longer if filed by mail.

  • Should I file my taxes myself or hire a professional?

    If your taxes are simple, DIY tax software may work. However, for complex situations, a professional can help maximize savings and ensure compliance.

  • How can I avoid an IRS audit?

    Keeping accurate records, reporting all income, and avoiding excessive deductions can help minimize audit risk.

  • What are the tax implications of starting a business?

    Business owners must consider self-employment taxes, deductions, and different tax structures like LLCs or S-corps.

Common real estate questions:

  • How do I start the process of buying a home?

    Start by getting pre-approved for a mortgage, determining your budget, and working with a real estate agent to find the right property.

  • How much does it cost to hire a real estate agent?

    Typically, buyers don’t pay agent commissions—sellers cover them. The commission is usually between 5-6% of the home’s sale price, split between the buyer’s and seller’s agents.

  • What’s the difference between pre-qualification and pre-approval?

    Pre-qualification is a basic estimate of what you can borrow, while pre-approval is a more in-depth process where a lender verifies your financial details.

  • How long does it take to buy or sell a home?

    The home-buying process can take 30-60 days after an offer is accepted, while selling a home depends on market conditions but typically takes 1-3 months.

  • What are closing costs, and who pays them?

    Closing costs include fees for loan processing, title insurance, and inspections. Buyers usually pay 2-5% of the home price, but some costs can be negotiated with the seller.

  • Should I sell my home before buying a new one?

    It depends on your financial situation. Selling first can provide cash for your next home, but buying first ensures you have a place to move into without rushing.

  • What factors affect my home’s value?

    Home value is influenced by location, market conditions, home size, condition, recent sales in the area, and any upgrades or renovations.

  • Do I need a home inspection when buying a house?

    Yes, a home inspection helps identify potential issues before closing and can save you from costly repairs in the future.

  • Is now a good time to buy or sell a home?

    The best time depends on market conditions, interest rates, and personal circumstances. A real estate agent can help assess the current market.