Our Faq's
When you receive your W-2, you can have your taxes prepared right away, but the IRS will not accept them before a pre-defined date.
April 15, of that year is most time the deadline to file. It is also the deadline to file for an extension on individual tax returns. If you have file for an extension by this date. You can still eFile your return by Oct 15, 2021.
The “Where’s My Refund” on the IRS website provides the most up-to-date information regarding the status of your refund. This tool is updated every 24 hours.
The minimum income amount depends on your filing status and age. In 2019, for example, the minimum for single filing status if under age 65 is $12,000. If your income is below that threshold, you generally do not need to file a federal tax return.
You Have investment income below $3,650 in the tax year you claim the credit. Have a valid Social Security number. Claim a certain filing status. Be a U.S. citizen or a resident alien all year.
With tax reform to qualify, a child must have been under age 17 (i.e., 16 years old or younger) at the end of the tax year for which you claim the credit. The child must be your own child, a stepchild, or a foster child placed with you by a court or authorized agency,
For 2021, the Child Tax Credit is worth $2,000 per qualifying child, and households can claim the Child Tax Credit for every child who qualifies. For example, if you have three children 16 or under, you can take a Child Tax Credit of $6,000.
An adult son or daughter may be claimed as a qualifying child if he or she is younger than 19 at the end of the year and lived with the taxpayer for more than half the year, or if he or she was a student younger than 24, or permanently and totally disabled.
IRS allows you to claim elderly or disabled relatives. The person who you want to claim as a dependent must either be a relative by blood or marriage or a member of your household. Relatives do not have to live with you to qualify. Examples include a mother, father, grandparent, stepmother, stepfather, mother-in-law, and father-in-law.
Yes, if there is more than one household and each taxpayer paid more than 50% of their respective households, it is possible to have more than one taxpayer meet the HOH filing status even if they live at the same place.
The exact amount of the credit depends on where your income falls under the range. The maximum credits for 2021 are $543 for those with no qualifying children, $3,618 for those with one child, $5,980 if you have two children, and $6,728 for those with three or more children
If you paid a daycare center, babysitter, summer camp, or other care provider to care for a qualifying child under age 13 or a disabled dependent of any age. You may qualify for a tax credit of up to 35 percent of qualifying expenses of $3,000 for one child or dependent, or up to $6,000 for two or more children.
Anyone can use Form 1040, regardless of whether they qualify to use the 1040EZ or 1040A. If you are self-employed, itemize your deductions, owe household employment tax or have $100,000 or more in taxable income, you must use Form 1040, according to the IRS.
Form 1040EZ is the easiest federal income tax form to complete, but it also has the most conditions and restrictions on its use. You file your income tax return with a status of single or married filing jointly.
Your taxable income is $100,000 or less, all your taxable income comes from wages, salary, tips, Interest income amounting to less than $1,500.
The IRS will take your refund even if you are in a payment plan (called an installment agreement). But if you cannot pay your taxes right away, it is always best to get into an IRS payment agreement to minimize penalties and interest and prevent collection enforcement actions.
A sole proprietor without employees and who does not file any excise or pension plan tax returns does not need an EIN (but can get one). In this instance, the sole proprietor uses his or her social security number (instead of an EIN) as the taxpayer identification number.
Take credit for all your estimated tax payments on line 66 of Schedule 5 (Form 1040). Also include in that line any overpayment from your prior year tax return that you had credited to your estimated tax for the year you are reporting.