Frequently Asked Questions
1. How do I send my tax documents to you for return preparation?
A: We've made it easy for you! We send a secure link via SMS, allowing you to conveniently upload photos of your tax documents. This ensures a seamless and secure process for sharing essential information.
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2. I keep getting rejected for my AGI. How do I file my tax return without it?
A: If you've faced AGI-related rejections with DIY tax software, worry not. Our software bypasses the AGI requirement for identity verification, as we provide our own in-house identity verification process. This means you can proceed with filing without the AGI hindrance.
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3. How do I track the status of my refund?
A: Tracking your refund is a breeze! You can monitor it through your personalized online portal on our website. Alternatively, you can visit irs.gov/wheresmyrefund for real-time updates on your refund status.
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4. Are there fees for filing an extension?
A: We charge an upfront payment of $100 to file an extension but keep in mind that it only extends the time to file your return, not to pay any taxes owed. Late payment penalties and interest may apply if taxes are not paid by the original deadline.
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5. Can I file an extension online?
A: Yes, you can file an extension online using IRS-approved tax software or through the services of a tax professional such as our tax office. It's a straightforward process that gives you additional time to complete your return.
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6. What happens if I miss the tax filing deadline?
A: If you miss the tax filing deadline, you may face penalties and interest on any taxes owed. It's advisable to file as soon as possible to minimize these additional charges.
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7. Is there a penalty for filing my taxes late?
A: Yes, there may be penalties for filing your taxes late. The penalty is typically a percentage of the unpaid taxes for each month your return is late, up to a maximum amount.
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8. Can I deduct business expenses if I work from home?
A: If you meet specific criteria, you may be eligible to deduct home office expenses, including a portion of your rent or mortgage interest and utilities. The criteria include using a designated area exclusively for business purposes.
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9. What documents do I need for my small business tax return?
A: Necessary documents for a small business tax return include income statements, expense records, business receipts, and any relevant tax forms such as 1099s or W-2s for employees.
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10. Are self-employed individuals eligible for the Earned Income Tax Credit (EITC)?
A: Self-employed individuals may be eligible for the EITC if they meet certain income and filing status requirements. It's essential to review the specific criteria to determine eligibility.
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11. Can I claim a tax deduction for education expenses?
A: Yes, you may be eligible for tax deductions related to education expenses. Common deductions include the Student Loan Interest Deduction and the Tuition and Fees Deduction, depending on your circumstances.
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12. How can I correct a mistake on my tax return after filing?
A: If you discover an error on your filed tax return, you can file an amended return using Form 1040X. This form allows you to correct mistakes and provide additional information.
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13. Can I claim a deduction for medical expenses?
A: You may be able to deduct qualified medical expenses that exceed a certain percentage of your adjusted gross income (AGI). Keep records of medical expenses and consult IRS guidelines for eligibility.
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14. How do I report income from freelance or side jobs on my tax return?
A: Income from freelance or side jobs must be reported on your tax return. Use IRS Schedule C to report business income and expenses if you're self-employed. For side jobs, report the income on your main tax form. We will ask necessary due diligence questions and also require that you provide proof of income.
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15. Can I claim the Child Tax Credit?
A: If you have qualifying dependent children, you may be eligible for the Child Tax Credit. The credit reduces your federal income tax liability for each qualifying child.
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16. Are Social Security benefits taxable?
A: Depending on your total income, a portion of your Social Security benefits may be subject to taxation. Review IRS guidelines and use the Social Security Benefits Worksheet to determine the taxable amount.
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17. Can I claim a deduction for charitable contributions?
A: Yes, you can deduct qualifying charitable contributions on your tax return. Keep detailed records of your contributions and ensure they meet IRS guidelines for deductible donations.
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18. What is the Alternative Minimum Tax (AMT)?
A: The Alternative Minimum Tax (AMT) is a separate tax system with its own rules. Taxpayers may be subject to the AMT if their income exceeds a certain threshold. Consult IRS guidelines to determine if you are affected.
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19. Can I file my taxes without a Social Security number?
A: Generally, a valid Social Security number (SSN) is required to file taxes. If you don't have an SSN, you may use an Individual Taxpayer Identification Number (ITIN) to fulfill this requirement.
