Question 1

What paperwork should I bring to my tax interview?

Accepted Answer

Below is a list of documents to bring with you to your tax interview.. 
PERSONAL INFORMATION FOR EACH FAMILY MEMBER:
 • Name
 • Date of Birth
 • Social Security Card /ITIN/ATIN
 • Last Year’s Tax Return
 • Valid Driver’s License
INCOME AND TAX INFORMATION:
 •  W-2’s
 • Interest (1099-INT or substitute)
 • Dividend Slips (1099-DIV or substitute)
 • Stock Sales (1099-B or Broker Statement)
 • Self-Employment Income and Expenses
 • Sale of a Personal Residence
 • Rental Income and Expenses
 • Sale of any Business Assets
 • Gambling or Lottery Winnings (W-2G for some winnings)
 • State Income Tax Refund (1099-G)
 • Pension Income (1099-R)
 • Estimated Taxes Paid
 • Social Security or Railroad Retirement (SSA-1099 or RRB-1099)
 • IRA or 401(k) Distribution (1099-R)
 • Unemployment Compensation (1099-G)
 • Miscellaneous Income (1099-MISC)
DEDUCTIONS/ADJUSTMENTS:
 • Medical Expenses
 • Real Estate or Personal Property Taxes
 • Mortgage Interest
 • Charitable Contributions (cash and non-cash)
 • Gambling Losses
 • Moving Expenses
 • Traditional IRA Contributions
 • Higher Education Expenses
 • Educator Expenses
 • Student Loan Interest
TAX CREDITS:
 • Child Care Provider/Address and Employer Identification Number (EIN) or Social Security Number (SSN)
 • Adoption Expenses
 • Retirement Savings Contributions Credit

Question 2

What documents should I receive from my employer?

Accepted Answer

The forms to prove employment may vary depending on individual situations. For most, an employer will provide a W-2 form. The self-employed (i.e. independent contractors, product sales representatives such as Mary Kay, etc.) should receive a 1099-MISC from the company.

Question 3

What documents do I need if I am unemployed?

Accepted Answer

If you received unemployment benefits from your state over the past year, you must claim that as income and, therefore, pay taxes on those benefits. The unemployment agency should provide you with a 1099-G form, which explains the amount of benefits you drew during the past year. The Internal Revenue Service (IRS) receives a copy as well and will tax you at the appropriate rate in your tax bracket. Not everyone owes. If you worked a portion of the past year, chances are you paid payroll taxes and may earn a refund if those deductions were overpaid.

Question 4

What documents do I need if I am self-employed?

Accepted Answer

You will need to file a Schedule C using IRS Form 1040. Depending on your type of business and where you conduct business, there may be other forms you will need. You may also need to make quarterly estimated payments by filing Form 1040-ES, Estimated Tax for Individuals.

Question 5

What documents do I need if I have a mortgage?

Accepted Answer

Your mortgage company should send you Form 1098 which reports the mortgage interest you paid.

Question 6

Do I have to pay taxes on money that was gifted to me?

Accepted Answer

No. The federal tax laws do not consider gifted money to be earned income therefore it is not taxable to you. No state has a tax law on gifted money either.

Question 7

When is the deadline to file my taxes?

Accepted Answer

The standing deadline for personal taxes is April 15. However, sometimes that date falls on a weekend or after Emancipation Day (a holiday in DC) and pushes the deadline to as late as April 18.

Question 8

When is the earliest that I can file my taxes?

Accepted Answer

When you get your W-2, you can have your taxes prepared right away, but the IRS will not accept them before a pre-defined date.

Question 9

Can I claim charitable donations without a receipt?

Accepted Answer

Yes, you can as long as you keep good records in case you are ever audited by the IRS. Be sure to record the name of the organization, the date and location, as well as a detailed description of what you donated. Keep notes on the amount you claimed as a deduction and how you figured the fair market value on the items you donated. In the case of a monetary donation, as long as it’s less than $250, a canceled check or even a payroll deduction can suffice for proof of the donation.

Question 10

Can my spouse and I file our tax return together if we are legally separated and not divorced?

Accepted Answer

If your divorce is not final, you may choose to file married filing jointly. Just note, that you and your spouse are responsible for the tax bill and any future audits.

Question 11

If I forgot to report a second income on my taxes, how can I report it now?"

Accepted Answer

Since it is not a small change (missing form or math miscalculation), missed income probably requires that you file an amendment. You’ll need to file Form 1040X, Amended U.S. Individual Income Tax Return, on paper; no e-filing here. Additionally, if any changes you are making need forms or schedules attached, make sure you do so.
Don’t panic, you have three years since the date of filing or two years from paying (whichever is later) to correct the issue. But note, if your amended return claims more refund money, go ahead and cash your original refund check – no need to wait the average 12 weeks it takes to process your amended return. However, if your amended return shows you owe, you’ll want to lower fees and interest by paying those taxes as fast as you can.
You can then track the status of your amended tax return(s) with the IRS’s ‘Where’s My Amended Return’ tool.(https://www.irs.gov/filing/wheres-my-amended-return) Check the IRS’s site about three weeks after you’ve mailed your amended return or call 866-464-2050.

Question 12

What is the Earned Income Tax Credit?

Accepted Answer

Earned Income Tax Credit (EITC) is a tax benefit for low, or middle-income families. To qualify for this break, you must meet specific requirementswhich involve income amount, filing status, qualifying dependents, and more.

Question 13

What are qualified education expenses?

Accepted Answer

Qualified education expenses are costs associated with a college education. This includes amounts paid for tuition, fees, school supplies, and other student costs. Items that cannot be expensed include room and board, insurance, medical expenses, transportation, non-credit courses, etc.

Question 14

Is childcare deductible if I work full time?

Accepted Answer

Many parents who work full time overlook the fact that, in many cases, they qualify for a sizeable tax deduction if their kids go to childcare while they work. Daycare, summer camp and other forms of childcare are eligible for deduction. Basically, if you work fulltime, and your child is under 13, you might qualify for a deduction up to $2,100.

Question 15

I’m married, but we keep our finances separate, so can I file as single?"

Accepted Answer

Technically, you can file separately, but you will miss out on many tax advantages that come with being married. Jointly filing couples receive a larger standard deduction, qualify for two exemptions, and, in some cases, qualify for two tax credits. If you have a financial reason to file separately it is possible, but it’s important to recognize the benefits of joint filing.

Question 16

What is the child tax credit (CTC)?

Accepted Answer

The child tax credit (CTC) provides a credit of up to $1,000 per child under age 17. If the CTC exceeds taxes owed, families may receive some or all of the credit as a refund, known as the additional child tax credit (ACTC) or refundable CTC.

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