Frequently Asked Tax Questions

The Foreign Earned Income Exclusion (FEIE) is a provision in the U.S. tax code that allows qualifying American citizens and resident aliens living abroad to exclude a portion of their foreign-earned income from U.S. federal income tax. It is claimed using Form 2555.

For tax year 2024, the exclusion limit is $126,500. To qualify, you must meet either the bona fide residence test (living in a foreign country as a legal resident) or the physical presence test (being present in a foreign country for at least 330 full days in a 12-month period).

Two Chicks Tax Company prepares Form 2555 for clients throughout Mississippi and nationwide. Contact us if you earn income abroad.

You may benefit from professional tax preparation if any of the following apply to you:

You are self-employed or have 1099 income · You own a small business · You have rental income · You have foreign income or assets · You experienced a major life event (marriage, divorce, home purchase, new dependent) · You received an IRS notice · You want to ensure your return is accurate and you're not leaving money on the table.

Two Chicks Tax Company in Waynesboro, MS serves individuals, families, and businesses throughout Wayne County and the Pine Belt region. Call (601) 509-4192 to discuss your situation.

U.S. citizens with foreign income typically need one or more of the following, filed with their standard Form 1040:

Form 2555 — Foreign Earned Income Exclusion (for income earned while living abroad that qualifies for the FEIE)
Form 1116 — Foreign Tax Credit (for income taxes paid to a foreign government)
FinCEN 114 (FBAR) — Required if you held more than $10,000 in foreign financial accounts at any point during the year

The right forms depend on your specific situation. Two Chicks Tax Company prepares both Form 2555 and Form 1116 and can help determine which approach minimizes your U.S. tax liability.

Two Chicks Tax Company uses a complexity-score based pricing model or a standard hourly rate, depending on the nature of the engagement. Your fee is determined by the type of return, the number of schedules required, and the overall complexity of your tax situation.

Simple individual returns cost less than returns involving multiple schedules, business income, foreign income, or multi-state filings. We accept cash, check, debit card, and credit card.

Contact us at (601) 509-4192 or through our online form for a personalized fee estimate.

An Enrolled Agent (EA) is a federally licensed tax practitioner authorized by the U.S. Department of the Treasury. The EA is the highest credential the IRS awards to tax professionals — above CPA or attorney designations for tax-specific representation purposes.

EAs earn their credential by passing a rigorous three-part Special Enrollment Examination covering individual tax, business tax, and IRS representation procedures. They are authorized to represent taxpayers before the IRS in audits, collections, and appeals.

Both Olivia Cannon and Jessica Conner of Two Chicks Tax Company are actively working toward Enrolled Agent certification. Both currently hold the IRS Annual Filing Season Program (AFSP) credential.

Yes. Two Chicks Tax Company assists entrepreneurs in Waynesboro and Wayne County with business formation, including help with entity selection (LLC, S-Corporation, or sole proprietorship), Mississippi Secretary of State registration, and understanding your initial tax obligations.

Choosing the right business structure from the start can have a significant impact on your tax liability. For example, electing S-Corporation status at the right time can reduce self-employment tax for business owners who reach a certain income level.

Reach out to discuss your new business idea.

The IRS Annual Filing Season Program (AFSP) is a voluntary IRS recognition program for non-credentialed tax return preparers. To earn the AFSP Record of Completion, a preparer must complete a minimum number of continuing education hours each year, including a federal tax law refresher course, federal tax updates, and an ethics component.

AFSP holders are listed in the IRS's public directory of credentialed preparers. Both Olivia Cannon and Jessica Conner of Two Chicks Tax Company hold the AFSP credential in addition to their combined 7+ years of CPA firm experience.

Two Chicks Tax Company maintains two extended-hours seasons to align with the major federal filing deadlines:

Tax Season: January 1 – April 15 · Monday–Friday, 9 AM – 5 PM CST
Extension Season: August 1 – October 15 · Monday–Friday, 9 AM – 5 PM CST
Off-Season (Mon–Thu): 9 AM – 3 PM CST
Off-Season (Friday): 9 AM – 1 PM CST

The office is located at 1502 Azalea Dr, Waynesboro, MS 39367. Call (601) 509-4192 to schedule. Walk-ins welcome during business hours.

For your tax appointment at Two Chicks Tax Company, please bring:

For all clients: Government-issued photo ID · Social Security numbers for yourself and all dependents · Prior year tax return (if available) · All W-2 and 1099 forms · Bank account information for direct deposit

For homeowners: Form 1098 (mortgage interest statement) · Property tax records

For self-employed / business owners: Income records or a profit and loss summary · Business expense receipts · Vehicle mileage log (if applicable)

For rental property owners: Rental income records · Expense receipts for repairs, insurance, and property management

Yes. Two Chicks Tax Company prepares entity-level business tax returns for small businesses throughout Wayne County and the Pine Belt region of Mississippi, including:

S-Corporation returns (Form 1120S) · Partnership returns (Form 1065) · Self-employed / sole proprietor (Schedule C on Form 1040) · Payroll tax filings (Forms 941, 940, W-2s) · Sales tax returns (Mississippi DOR)

We also assist with estimated tax planning, unemployment filings, and general accounting. View our full list of business services.

Yes. In addition to tax preparation, Two Chicks Tax Company offers grant writing assistance and help with government loan applications for small business owners in Waynesboro and Wayne County.

We assist with identifying relevant funding programs, preparing financial summaries and supporting documentation that lenders and grant reviewers require, and writing application narratives that present your business case clearly. Contact us to learn more.