Browse F.A.Q. Topics
What do estimated taxes include?Estimated taxes need to be paid quarterly to avoid penalties and interest when the tax returns are filed. The Federal estimated taxes include both income tax and self-employment tax (Social Security Tax). The State estimated taxes are paid to any taxable state in which you resided and/or had earned income during any given year. In most cases, there are two ways to avoid paying penalties and interest for not paying enough in on your estimated taxes. One is to make sure your estimates are equal to or greater than 100% of your previous year’s total tax liability. The other is to make estimates totaling 90% or more of your current year’s total tax liability.
When are Estimated Taxes due?Estimated taxes are due on April 15, June 15, September 15 and January 15.
Federal ResourcesMost Overlooked Credits & Deductions First Time Homebuyer Credit Account Look-up http://www.irs.gov/Individuals/First-Time-Homebuyer-Credit-Account-Look-up IRS Form W-4 http://www.irs.gov/pub/irs-pdf/fw4.pdf
IRS Forms & Publications
How do I notify the IRS my address has changed?Use Form 8822 (.pdf), Change of Address or Form 8822-B (.pdf), Change of Address or Responsible Party - Business Source: http://www.irs.gov/Help-&-Resources/Tools-&-FAQs/FAQs-for-Individuals/Frequently-Asked-Tax-Questions-&-Answers/IRS-Procedures/Address-Changes/Address-Changes
What are the tax changes for this year?There are a variety of changes for the 2014 tax year including new limits on deductions, tax credits and e-filing rules. Contact our office to schedule your free consultation.
I retired last year, and started receiving social security payments. Do I have to pay taxes on my social security benefits?Social Security benefits are generally not taxable. However, the amount of social security benefits that must be included on your income tax return and used to calculate your income tax liability depends on the total amount of your other income and benefits for the taxable year.
How do I know if I have to file quarterly individual estimated tax payments?You must make estimated tax payments for the current tax year if both of the following apply: You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and refundable credits. You expect your withholding and refundable credits to be less than the smaller of: 90% of the tax to be shown on your current year’s tax return, or 100% of the tax shown on your prior year’s tax return
What should I do if I made a mistake on my federal return that I have already filed?In most cases you will need to file an amended tax return.
For head of household filing status, do you have to claim a child as a dependent to qualify?In certain circumstances, you do not have to claim the child as a dependent to qualify for head of household filing status; for example, a custodial parent may be able to claim head of household filing status even if he or she released a claim to exemption for the child. Certain rules apply. Contact our office to schedule your free consultation.
Can I receive a tax refund if I am currently making payments under an installment agreement or payment plan for a prior year’s federal taxes?No. As a condition of your installment agreement, any refund due to you in a future year will be applied against the amount that you owe.
If I claim my daughter as a dependent because she is a full-time college student, can she claim her own personal exemption when she files her return?If you can claim an exemption for your daughter as a dependent on your income tax return, she cannot claim her own personal exemption on her income tax return
How much does an unmarried dependent student have to make before he or she has to file an income tax return?If you are an unmarried dependent student, you must file a tax return if your earned and/or unearned income exceeds certain limits. Contact our office to schedule your free consultation.
Is there an age limit on claiming my child as a dependent?Generally, to be claimed as your dependent, your child must meet the qualifying child test or the qualifying relative test. To meet the qualifying child test, your child must be younger than you and, as of the end of the calendar year, either be younger than 19 years old or be a student and younger than 24 years old. There is no age limit on claiming your child if he/she is permanently disabled.