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Frequently Asked Questions

  • I need to file my tax return, what documents do you need from me?
    • A copy of last year's tax return
    • A copy of any carry forward schedule, the most common of which are:
      1. Depreciation schedules
      2. Amortization schedules
      3. Suspended loss carryovers
    • The originals of W-2's, 1099's, K-1's, etc. that are input documents for this year's return
    • Birth dates and social security numbers - yours, your spouse's, and that of all dependents
    • A list of any questions you might have

  • What should I do if I discover an error after filing my individual tax return?
    The IRS will usually correct calculation errors, or request a missing form (like W-2s) or a schedule
    K-1. If that's what happens, you don't have to amend your return.

  • When do I have to file an amended return?
    You will need to file an amended return if you incorrectly reported any of the following information:
    1. Your total income
    2. Your filing status
    3. Your deductions or credits

  • What form do I use if I need to file a corrected "amended" return?
    Form 1040X U.S. Individual Income Tax Return: if you have previously filed a paper or electronically-filed Form 1040, 1040A, or 1040EZ return. Be sure that you enter the year of the return you are amending on top of Form 1040X.

  • What is the fastest way to get my refund?
    When it comes to your taxes, earlier is better. You can usually save up to 4 weeks by filing early and electronically. Also, have your refund direct deposit into your bank account. As an early filer, you will not only avoid last minute rushes, but also get a faster refund.

  • What if I can't get all my documents in time to meet the April 15 tax deadline?
    If you can't meet the April 15 deadline to file your tax return, the IRS will allow an automatic six-month time extension from the IRS, Form 4868. You will have the extra time to get your paper work together, but it does not extend the time you have to pay any tax due. That means you will be charged interest on any amounts not paid by the April deadline, plus a late payment penalty if you have paid less than 90 percent of your total tax by that date.

  • How do I request an extension?
    To get the automatic extension, file Form 4868, Application for Extension of Time to File U.S. Individual Income Tax Return, with the IRS by the April 15 deadline, or make an extension-related electronic payment. You can file your extension request by phone or mail the paper Form 4868 to the IRS.

  • How will selling my house affect my tax returns?
    If you are single, you may be able to exclude up to $250,000 of gain(profit), if you are married and you file a joint return, twice that amount $500,000 from your federal tax return. This exclusion is allowed each time you sell your main home, but generally not more frequently than once every two years.
    1. You must have owned and resided in as your main home for at least two out of the five years prior to its sale.
    2. You must not have taken this exclusion on another home in two years prior to the current sale.

  • Don't think you can afford us? How can you save me money?
    Just think about the cost of one bounced check or late charges because your check didn’t get to your credit card on time. Late payment will harm your credit score and increase the rate of interest on everything from credit cards to mortgages.

  • If I give a gift to a friend or family member, do I have to report this to the IRS?
    You may give a gift to any one person that is valued to up to $12,000, without having to report the total gift to the Internal Revenue Service. If the gift is over $12,000 you must report it and you, the gift giver, may have a tax liability. The person receiving the gift does not have a tax liability and does not have to report the gift.

    However, the person who receives your gift does not have to report the gift to the IRS or pay gift or income tax on its value. What qualifies as a gift? Cash or income produced from property given without expecting to receive something of value in return.

    Are there any exceptions to the gift rule?

    You can give an unlimited amount annually to:
    • Gifts to your spouse
    • Tuition or medical expenses paid directly by you to an educational or medical institution for someone's benefit
    • Gifts to political organizations
    • Gifts to charities
    You and your spouse can give separate gifts of up to the annual limit to the same person without making it a taxable gift.