Tax Help for Prior Year Tax Preparation

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Tax Questions

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Who must file? If your gross income was as least as great as the amount shown below and you are under 65 year...
I am unemployed; do I have to pay taxes? You are only legally required to file a return if your income is above $9,500 for single filer...
What is e-filing and am I eligible? E-filing allows you to file your tax return online instead of printing it out and mailing it t...
How long until I receive my tax refund? A refund takes about 8 to 15 days for direct deposit e-filers, up to 3 weeks for e-filers who ...
What is a tax extension and am I eligible? If you can’t get your return in to the IRS by the normal April deadline, you can request an ex...
How long do I have to file for an extension? You must file for a tax extension by the normal tax deadline, generally April 15. For 2011 tax...
I received an extension. When should I file by? If you receive an extension, you have an additional six months to file. Your new tax deadline ...
Should I still file taxes owed from a prior year? Yes. Every day that your prior year return goes unfiled and your taxes unpaid, penalties and i...
Can I still get a refund on late taxes? Yes you can, but the IRS only pays out refunds for three years after the original due date of ...
Is there a penalty to file late? Yes, depending on your circumstances. If you are due a refund, there are no penalties for fili...
What if I didn’t pay all of my taxes one year? If you didn’t pay all of your taxes one year, penalties and interest have been accruing on tha...
What if I cannot pay all of my prior year taxes? Even if you can’t pay all of your prior year taxes, it’s still better to file your return than...
Can I wait another year? Yes, but it makes more sense to file now. If you are due a refund, you can only claim it for t...
What tax laws are new in 2011? Most importantly, the deadline to file taxes this year is April 17, 2012, as opposed to the no...
What are the types of filing statuses? There are five possible filing statuses, based on your marital status and family circumstances...
I pay for most of the expenses in the household; do I get a tax break? If you support a household, you may be able to receive preferential tax treatment, including a...
Who qualifies as a dependent? Dependents are divided into two categories: qualifying children and qualifying relatives, each...
Which adults can qualify as a dependent? You may be able to claim certain adults who are permanently and totally disabled, regardless o...
How do you determine if a college student is a dependent? You can claim a full-time college student under the age of 24 as a qualifying child, provided ...
Can I claim my boyfriend or girlfriend as a dependent? You cannot claim your boyfriend or girlfriend as a qualifying child. But you may be able to cl...
Can someone who is in prison be listed as a dependent on your income tax return? Yes, provided they meet all the requirements of either a qualifying child or qualifying relati...
What tax breaks can a dependent get me? For every dependent you have, you are allowed to claim a dependency exemption, which decreases...
Can a dependent file a tax return and get a refund? Yes, dependents can and, under certain circumstances, must file a tax return. D...
What about income not recorded on my W-2? You still have to report and pay tax on any income that’s not included on your W-2. For exampl...
I rent out a property to others; do I have to pay taxes on this income? Yes, you must report and pay taxes on all your rental income using Schedule E [Supplemental In...
Do I have to report income from child support payments? No, you do not have to report child support on your tax return because these payments constitu...
What is the difference between adjusted gross income (AGI) and modified adjusted gross income (MAGI)? Adjusted gross income (AGI) is your total gross income (which includes all income from whateve...
What is the difference between deductions and credits? Both deductions and credits save you money on your taxes, but they do it in different ways.
What is the difference between a refundable and a nonrefundable credit? A refundable credit is one that allows you to get money back in the form of a refund if the si...
What are above-the-line deductions? An above-the-line deduction is a deduction that you subtract from your gross income. The term ...
What types of credits could I get as a student? Students and the parents of students might qualify for the refundable American Opportunity Tax...
I had financial aid for college, is there a credit or deduction I should file for? Students with financial aid may be able to take the Student Loan Interest Deduction, which let...
Can I deduct any of my medical expenses? You can deduct medical and dental expenses that exceed 7.5% of your AGI as long as you itemize...
I am self-employed, is there a deduction for me? A number of different deductions could apply to you and your business, too many to cover here....
Do I get a deduction for owning (or buying) a home? There are several tax breaks available to homeowners. The Home Mortgage Interest Deductio...
Do I have to pay state income tax if I work outside my home state? Yes, you have to file a state tax return for every state in which you live or earn money. File...
Do I list income from the state in which I live on a nonresident tax form? No, when you file taxes as a nonresident, you only have to include the income you received fro...
I worked more than one job in more than one state during the tax year; how should I file my taxes? You have to report and pay tax on all of your income, from all of your jobs, so be sure to rec...
What states do not levy a personal income tax? Seven states have no income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington, and...
What is an amended return, when is it necessary. and how do I go about filing one? Filing Form 1040X [Amended Individual Return] allows you to correct information on a tax retur...
I received another tax document (such as a W-2) after I submitted my tax return. What do I do? In this case it is generally best to file an amended return. If you are receiving a W-2 or a 1...
I’m being audited; does this mean I may go to jail? You could go to jail, but it’s highly unlikely. Generally, the only people who get sent to jai...
What should I do about a change of address? You need to let the IRS know if you change your permanent address. If it’s tax time, all you h...
How do I update my withholding? You can change your withholding at work by submitting a new Form W-4 [Employee’s Withholding A...
If I received a refund from the IRS, can I expect a refund from my state also? If you receive a refund from the IRS on your federal tax return, you can most likely expect a ...