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Frequently Asked Questions
Browse through the frequently asked questions about the process of preparing and filing taxes.
Do you e-file returns?
Yes, at no additional charge.
What is the fastest way to receive a refund?
Direct deposit at no extra charge.
What do you charge?
Prices generally range from $39-$399, depending on each individual's tax situation.
What is the best way to make an appointment?
Calling for an appointment is the preferred method of contact so we can go over all pertinent tax information that is needed to properly prepare your tax return, give you an estimate of the cost, and set up an appointment.
What is the process?
- Call to make an appointment and get a price estimate.
- Arrive at your scheduled appointment with all of your tax documents.
- After completion, we will contact you to pick up your prepared tax return.
Who has to file an income tax return?
Generally, if your total income for the year is below the threshold, you do not need to file a federal tax return. However, if you are unsure, it is best to use the IRS online tool to make sure.
Most Americans are expected to submit a federal tax return annually, though some are exempt from this requirement. Your filing status and income level are factors that determine if you need to file. Generally, if your total income for the year is below a certain threshold, a tax return is not necessary.
To make sure, the IRS offers an online tool — Do I Need to File a Tax Return? — that requires your filing status, federal income tax withheld, and other information to calculate your gross income. If the total income is below the threshold, then you do not need to file a federal tax return; however, it is recommended to use the IRS online tool to confirm.
Most Americans are expected to submit a federal tax return annually, though some are exempt from this requirement. Your filing status and income level are factors that determine if you need to file. Generally, if your total income for the year is below a certain threshold, a tax return is not necessary.
To make sure, the IRS offers an online tool — Do I Need to File a Tax Return? — that requires your filing status, federal income tax withheld, and other information to calculate your gross income. If the total income is below the threshold, then you do not need to file a federal tax return; however, it is recommended to use the IRS online tool to confirm.
What’s the difference between federal income tax and state income tax?
The federal income tax is administered by the IRS, a federal agency, and applies to all individuals residing or working in the United States. On the other hand, state income taxes are handled by state tax authorities and apply specifically to people living or working in that particular state.
How do tax brackets work?
Tax brackets refer to the different ranges of income that are taxed at a specific rate. Depending on your filing status, there are seven tax brackets (10%, 12%, 22%, 24%, 32%, 35%, and 37%). The amount of income you earn determines which tax bracket(s) you belong to. While it is true that all of your income is not taxed at the highest rate that applies to you, only the income earned within a particular bracket is taxed at that rate.
What are the filing statuses for individual income tax?
There are five filing statuses available for filing a tax return and determining one's income tax liability: single, married filing jointly, married filing separately, head of household, and qualifying widow/widower with dependent child. The latter status allows a taxpayer to use the same tax rates as those who are married and filing jointly.
What’s the difference between tax deductions and tax credits?
Tax deductions and tax credits are both forms of tax relief that can be claimed when filing an income tax return to decrease the amount of tax owed. It is essential to comprehend the differences between them as they are calculated differently.
Tax deductions can be utilized to reduce the amount of income subject to taxation. These deductions are equivalent to the percentage of the taxpayer's marginal tax bracket. As an example, if an individual is in the 24% tax bracket, a deduction of $1,000 would result in a $240 savings in taxes (since 0.24 x $1,000 = $240).
Tax credits are a great way to reduce the amount of taxes owed to the IRS. Unlike deductions that are calculated based on your income, tax credits are a dollar-for-dollar reduction of your tax due. This means that if you have a $1,000 tax credit, it will save you $1,000 in taxes. This makes tax credits much more valuable than deductions, which only reduce your taxable income.
Tax deductions can be utilized to reduce the amount of income subject to taxation. These deductions are equivalent to the percentage of the taxpayer's marginal tax bracket. As an example, if an individual is in the 24% tax bracket, a deduction of $1,000 would result in a $240 savings in taxes (since 0.24 x $1,000 = $240).
Tax credits are a great way to reduce the amount of taxes owed to the IRS. Unlike deductions that are calculated based on your income, tax credits are a dollar-for-dollar reduction of your tax due. This means that if you have a $1,000 tax credit, it will save you $1,000 in taxes. This makes tax credits much more valuable than deductions, which only reduce your taxable income.
What’s the difference between a standard deduction and itemized deduction?
When determining which type of deduction is more beneficial for you, it's important to note that you cannot claim both the standard deduction and itemized deductions on the same tax return. It's recommended to choose whichever type of deduction results in the lowest tax for you.
When it comes to income tax, there are two main types of deductions available: the standard deduction and itemized deductions. You must pick one or the other, but not both, when filing your annual tax return. The standard deduction is based on your filing status and is usually adjusted for inflation each year. It is subtracted from your adjusted gross income, thus decreasing the amount of income subject to tax.
Itemized deductions, on the other hand, are expenses paid during the year (such as mortgage interest, charitable donations, and medical expenses) that can be used to lower your taxable income. Therefore, it is essential to consider which deduction is most beneficial for you, as you cannot claim both the standard deduction and itemized deductions on the same tax return.
When it comes to income tax, there are two main types of deductions available: the standard deduction and itemized deductions. You must pick one or the other, but not both, when filing your annual tax return. The standard deduction is based on your filing status and is usually adjusted for inflation each year. It is subtracted from your adjusted gross income, thus decreasing the amount of income subject to tax.
Itemized deductions, on the other hand, are expenses paid during the year (such as mortgage interest, charitable donations, and medical expenses) that can be used to lower your taxable income. Therefore, it is essential to consider which deduction is most beneficial for you, as you cannot claim both the standard deduction and itemized deductions on the same tax return.
What’s the difference between refundable tax credits and non-refundable tax credits?
Most tax credits are non-refundable, meaning they can only reduce your tax liability to $0 — any further amount is not refunded. For instance, if your tax liability is $1,500 and you are eligible for a $2,000 non-refundable tax credit, you will owe $0 in taxes but will not receive any additional refund for the remaining $500.
On the other hand, refundable tax credits can go beyond reducing your tax liability to $0, resulting in a tax refund. For example, if your tax liability is $1,500, and you are qualified for a $2,000 refundable tax credit, you will owe $0 in taxes and receive a $500 tax refund.
On the other hand, refundable tax credits can go beyond reducing your tax liability to $0, resulting in a tax refund. For example, if your tax liability is $1,500, and you are qualified for a $2,000 refundable tax credit, you will owe $0 in taxes and receive a $500 tax refund.