Frequently Asked Questions

Get ready for tax filing preparation by gathering a few documents. Here is a list for your reference:

• Your previous tax return (new client),

• Social Security numbers and birthdates for those filing and their dependents,

• W-2 forms from employers,

• 1099 forms for interest, dividends, sales, retirement, Social Security, self employment, and unemployment,

• Property tax statements,

• Forms 1098 for mortgage interest,

• Assets held outside of the United States,

• Purchase and sale information,

• Childcare provider information for the childcare credit (name, address, and social security number or employer identification number),

• Bankruptcy or divorce papers (if applicable),

• All other forms of income,

• Student loan interest form 1098,

• Form K-1 if you have an investment in a Partnership, S Corporation, Estate or Trust,

• Records of estimated taxes paid,

• Proof of donations greater than $300,

• Health Insurance Marketplace form 1095-A (if applicable),

• Cryptocurrency sales and earnings ledger (if applicable),

• Routing numbers and account numbers for bank account(s) for direct deposit for tax refunds or paying balances due,

• Out-of-pocket medical expenses (if large), and

• Document showing sales tax paid for large purchases such as a vehicle, boat, or trailer.

Wondering if a document is applicable? Feel free to contact us to learn more.

Taxpayers usually receive a refund within 21 days. Check the status at https://www.irs.gov/refunds or via the IRS2Go app. You will need your social security number, filing status and exact refund amount to submit the inquiry. Wait to check until 24 hours after e-filing or 4 weeks after mailing a tax return.

We can help you request an extension through e-filing the forms for your individual taxes or for your business or corporation. Remember, you still need to pay your taxes by the filing deadline (typically April 15). Extensions must be filed prior to the due date of your return. An extension provides up to six months to complete your tax filing.

According to the IRS, your child must be younger than 19 years old or be a "student" younger than 24 years old as of the end of the calendar year. There is not an age limit if your child is "permanently and totally disabled”.

If you are self-employed, you can deduct your home office space. To qualify, the space must be exclusive to your home office. There are two calculation options. The new simplified option allows for a standard deduction of $5 per square foot of home used for business (maximum 300 square feet). Learn more about the home office deduction requirement and options: https://www.irs.gov/businesses/small-businesses-self-employed/home-office-deduction

A 401(k) account is intended for retirement and can be withdrawn after 59-1/2. However, you can withdraw money if you can show a hardship. Plan administrators can grant withdrawal for tuition, medical bills, prevention of foreclosure or purchase of principal residence. You will need to pay a 10 percent early withdrawal penalty plus federal and state taxes. You may also consider a loan against the funds, but you will need to pay it back within 5 years.