What should I do If I made a mistake on my federal return that I’ve already filed?
You need to go for Amendment
Include copies of any forms and/or schedules that you’re changing or didn’t include with your original return.
To avoid delays, file Form 1040-X only after you’ve filed your original return. Generally, for a credit or refund, you must file Form 1040-X within 3 years after the date you timely filed your original return or within 2 years after the date you paid the tax, whichever is later.
Allow the IRS up to 16 weeks to process the amended return.
I don’t owe taxes. Can I file electronically after April15?
Yes, electronically filed tax returns are accepted until October.
If April 15 falls on a weekend or legal holiday, you have until midnight the next business day following April 15 to timely file either Form 4868 or your tax return.
If you timely file Form 4868, you have until October 15 to timely file your return. If October 15 falls on a weekend or legal holiday, you have until midnight the next business day following October 15,
If you have a balance due and don’t timely file Form 4868, you may be subject to a failure to file penalty if you file your
How long it takes to file my tax returns?
We shall file your tax returns electronically within 24 hours after your acceptance and your consent for filing to all revenue departments. In case if you are not eligible for E-filing, we shall provide you the signed (with the digital signature done by our Preparer) tax return copy along with the filing instructions for onward filing with revenue departments.
How can I get my Tax Refund from the Departments?
While filing your Tax Return with the concern department if you provide your bank details on the tax return then your refund will be credited directly to your account, otherwise you will receive a paper check.
How long the preparation process takes place?
As soon as you provide relevant tax notes, tax documents and other required information, we shall initiate preparation process and send you the Estimated Tax Summary within 24 hours.
What do I do if I receive a notice from the IRS about my taxes?
Don’t panic! the first thing to do is carefully read the notice – to determine why it was sent, what the IRS is requesting, and what they want you to do. It may be nothing of importance; it may even be a notice in your favor. After reading it you should bring it to our attention.
How long do I keep my records and tax returns?
You should keep your records and tax returns for at least 3 years from the date the return was filed or the date the return was required to be filed, whichever is later. It is recommended that you keep these records longer if possible
What is the difference between a C corporation and S corporation?
A C Corporation and an S Corporation are exactly the same in respect to liability protection. The difference is in how you are taxed. A C Corporation has what is referred to as a double taxation. First the corporation is taxed, and secondly the dividends are taxed on the shareholders’ tax returns. An S Corporation is not taxed at the corporate level, only at the shareholder level. Most small businesses are eligible to file as S corporations. But the appropriate election must be made
What are the consequences of early withdrawals from my retirement plans?
If you withdraw money from a 401(k) or an IRA before age 59 1/2, the distribution is taxable and there is a 10% penalty on the taxable amount. The main exceptions that let you withdraw money early without penalty are as follows:
Qualified retirement plan distributions if you separated from service in or after the year you reach age 55 (does not apply to IRAs).
Distributions made as a part of a series of substantially equal periodic payments (made at least annually) for your life or the joint lives of you and your designated beneficiary.
Distributions due to total and permanent disability.
Distributions due to death (does not apply to modified endowment contracts)
Qualified retirement plan distributions up to (1) the amount you paid for unreimbursed medical expenses during the year minus (2) 7.5% of your adjusted gross income for the year.
IRA distributions made to unemployed individuals for health insurance premiums.
IRA distributions made for higher education expenses.
IRA distributions made for the purchase of a first home (up to $10,000).
Distributions due to an IRS levy on the qualified retirement plan.
Qualified distributions to reservists while serving on active duty for at least 180 days
What are the differences between a Roth and a Traditional IRA?
A traditional IRA lets you deduct contributions in the year you make them, and the distributions are included as income on your return when you withdraw from the IRA after reaching age 59 1/2. A Roth IRA does not let you deduct the contributions, but you also do not report the distributions as income, no matter how much the Roth account has appreciated. With a Roth, you can exclude the income earned in the account from being taxed
What college expenses may I deduct?
There are several ways you can claim deductions for college expenses on your tax return. They are the tuition deduction, the HOPE credit and the Lifetime Learning Credit. If we are preparing your return we will determine which ones you qualify for and which one gives you the greatest tax benefit.
How do I find out about my refund?
The best way is to use the Check Your Refund link from the Resources pages of our website! To look up the status of your federal or state refund, you will need your social security number, filing status, and exact amount you’re expecting back.
If I claim my child who is full-time college student as a dependent, can my child claim their own personal exemptions when they file their return?
If you claim you’re an exemption for your child they can’t claim their own personal exemption on their income tax return. Your child should check the box on their return that someone else can claim them as dependent
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