Q. What documents do I need to file taxes?

A. Basic documentation includes social security cards for yourself (spouse and dependents, if necessary), W2 (if employed), financial records (see self-employed). Other documentation may include daycare information (name, address and EIN), Education form 1098-T, Retirement forms 1099-R and 1095-A or 1095-B for healthcare. Other documentation may be required upon request.

 

Q. What documentation is need if self-employed?

Basic documentation includes social security cards for yourself (spouse and dependents). Financial records in the form of a spreadsheet, word document or receipts, car information to include make and model, mileage/ or actual repair expenses, expenses can be included separately or in financial record. Additional documentation may be required upon request. See form on website.

 

Q. How do I know if there is an offset (balance due) on my refund.

A. Call Financial Management 800-304-3107

 

Q. When does tax season begin and end? How do I apply for an extension and how long is it for?

A. Tax season being Jan 23, 2017 and ends April 18, 2017. An extension can be filed using Form 4868 and it is for 6 months.

 

Q. What is the penalty associated with filing taxes late?

A. The lesser of $135 for the actual tax due within the first 60 days. Thereafter the penalty is 5% per month not to exceed 25% of the tax amount due.

 

Q. What do I do if I file taxes then receive a W2?

A. File an amended (1040X) tax return including the new income amount. 

 

Q. Do I have to pay the full amount of my taxes due by the due date?

A. No you may set up a payment plan through the IRS if you met the requirements.

 https://www.irs.gov/individuals/payment-plans-installment-agreements

 

Q. What are the requirements for EITC? 

A. You need earned income (from work or self-employment) and adjusted gross income within certain limits, a qualifying dependent(s) and meet basic rules. 

https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/do-i-qualify-for-earned-income-tax-credit-eitc

 

Q. What is the age limit for Child Tax Credit?

A. 16 or younger by end of year.

 

Q. What do I do if I receive a letter from the IRS.

A. Contact your tax preparer immediately to discuss options. You will need to fill out Form 2848 to release Power of Attorney if you want your preparer to represent you before the IRS.

 

Q. How do I release an exemption to an ex for our child(ren)?

A. Besides it being in the decree Form 8332 will be a written way in case the IRS wants proof. 

FAQ's