Following are some questions we hear regularly and answers we hope you’ll find helpful in planning and preparing your taxes. Please contact us if you have a question not listed here or if we may be of any other service.
Yes! We are here for you twelve months a year, not just during tax season. Whether you have a simple tax question, or a complex one you can always contact us and get your question answered or any tax issues resolved.
Absolutely! We fully understand that you have put your faith and trust in us to properly prepare your tax return. If we make a mistake on your return that was our fault, we will amend your return at no charge and pay any penalties and interest charged by the IRS due to our mistake. If our mistake triggers and IRS audit we will represent you at no charge as well.
We advise, represent, and prepare tax returns for individuals, partnerships, corporations, estates, trusts and any entities with tax-reporting requirements. We are experts in all areas of taxation including:
Before you respond to any tax agency letter, call us first! These letters are often just a “query” and don’t necessarily have all the facts. we can help decipher the “tax language” they use in their letters, and help you respond to any correspondence appropriately.
MFS is usually the least beneficial filing status, but sometimes necessary. There are many tax deductions and credits you cannot take advantage of with this filing status. If you are able to work together on the taxes at all or there are concerns about the validity of your spouse’s information, give us a call so we can discussed it before filing, as there are serious issues that must be addressed prior to filing as well as things which, once done, cannot be changed.
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 as a dependent if the child meets the qualifying relative test. As long as all of the following tests are met, you may claim a dependency exemption for your child:
If you 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. In this case your daughter should check the box on her return indicating that someone else can claim her as a dependent.
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. The money is applied to the earliest tax due and then brought forward.
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 HOH status even if he or she released a claim to exemption for the child.
Many mathematical errors are caught in the processing of the tax return itself so you may not need to correct these mistakes.
If you did not attach a required schedule, the IRS will contact you and ask for the missing information.
If you did not report all of your income or did not claim a credit or expenses that you were entitled to, you should file an amended or corrected return using Form 1040X “Amended U.S. Individual Income Tax Return.”
You may deduct home equity debt interest as an itemized deduction, if all of the following conditions apply:
You pay the interest in the tax year
The debt is secured with your home
The home equity debt is limited to the fair market value of the home reduced by home acquisition debt, up to a total of $100,000 ($50,000 if filing Married Filing Separately).
Following are some questions we hear regularly and answers we hope you’ll find helpful in planning and preparing your taxes. Please contact us if you have a question not listed here or if we may be of any other service.
