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TOP 10 MOST POPULAR FAQs
How do I know if I have to file a tax return?
Individuals are required to file a tax return if their income is above their filing threshold. The amount of income you can earn depends on your filing status, age, and the type of income.
There are times when it may be beneficial to file even if you are not required to do so.
What income do I have to pay taxes on?
The IRS wants it share of most types of income, but there are some exceptions.
Contact us to make sure you report the correct amount of income.
What filing status should I choose?
There are five filing status options and choosing the correct one can make a big difference on the income tax you pay.
Contact us to make sure you use the best filing option for your circumstances.
I'm divorced, which parent can claim a child as a dependent?
We no longer have dependency exemptions, but there can be significant tax benefits to claiming a child.
The person claiming the child can have a more beneficial filing status, head of household, and claim child related credits. There are rules regarding who can claim the credits and the head of household status.
Contact us for guidance on who is eligible to claim the child and the related tax credits.
What tax form should I use?
There are more than a thousand IRS tax forms for individuals and businesses.
Most individuals will file a form 1040, but there are numerous schedules and forms that accompany a 1040.
We can take care of the overwhelming task of deciding what forms you need to file.
Should I take the standard deduction or itemize?
With the increase in the standard deduction in 2018, less taxpayers will itemize. The standard deduction for 2019 is 12,200 for single taxpayers, 24,400 for married filing joint taxpayers and 18,350 for head of household taxpayers.
There is an additional standard deduction for taxpayers who are over 65 years of age or blind. Claiming the standard deduction is easier than itemizing but the extra work of tracking expenses paid for things like home mortgage interest, property taxes, sales tax, charitable donations, medical expenses, etc. can pay off with a lower tax burden if those expenses exceed your standard deduction.
What’s the difference between a tax credit and a tax deduction?
A tax deduction is a deduction or exemption that reduces your taxable income.
A tax credit reduces the amount of tax you owe dollar for dollar.
What are some deductions and credits I can claim?
There are numerous tax deductions or credits that may be available to you.
We can make sure you receive every tax break to which you are entitled.
What if I can’t afford to pay the tax I owe?
Even if you can’t pay the tax you owe, a taxpayer needs to file their return and pay as much of the tax as possible to avoid some or all of the penalties and interest.
Contact us and we can guide you on setting up payment options with the IRS.
When are taxes due?
Most individuals are due April 15th, but there are other due dates that affect individual taxpayers. Estimated tax payments, extended tax returns, due dates to file 1099s…
Don’t miss a due date. Let us worry about when your taxes are due and other due dates for your situation.