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For tax preparation, you should bring the following documents: W-2 forms from all employers 1099 forms for other income (e.g., interest, dividends, self-employment) Last year's tax return Social Security numbers for you, your spouse, and dependents Documentation of deductions and credits (e.g., mortgage interest, charitable donations, medical expenses) Records of any taxes paid (e.g., property tax receipts) Bank account information for direct deposit of your refund
You can check the status of your federal tax refund using the IRS “Where’s My Refund?” tool available on the IRS website or via the IRS2Go mobile app. You will need your Social Security number, filing status, and the exact refund amount. For state refunds, visit your state's Department of Revenue website.
If you cannot pay your tax bill in full, you should still file your return on time to avoid penalties. The IRS offers payment options such as: Installment Agreements: Allows you to pay your tax debt over time. Offer in Compromise: A settlement option where you may be able to settle your tax debt for less than the full amount. Temporarily Delay Collection: If you’re unable to pay, the IRS may temporarily delay collection until your financial situation improves.
A tax deduction reduces your taxable income, thereby lowering the amount of income subject to tax. A tax credit, on the other hand, directly reduces the amount of tax you owe on a dollar-for-dollar basis. For example, a $1,000 deduction reduces taxable income by $1,000, while a $1,000 credit reduces your tax bill by $1,000.
To qualify for the EITC, you must meet certain income limits, which vary based on your filing status and the number of qualifying children you have. Generally, you must: Have earned income from employment or self-employment Have a valid Social Security number Be a U.S. citizen or resident alien for the entire tax year Not have investment income exceeding a certain amount Meet specific income thresholds
You should keep your tax records for at least three years from the date you filed your original return or two years from the date you paid the tax, whichever is later. However, it’s advisable to keep certain records longer: Employment tax records: At least four years after the date the tax becomes due or is paid. Records related to property: Until the period of limitations expires for the year in which you dispose of the property.
Yes, you can still file your taxes if you haven’t received your W-2. First, contact your employer to request the form. If you do not receive it by mid-February, you can use Form 4852, Substitute for Form W-2, to estimate your wages and withholding. Additionally, you may need to file Form 1040X to amend your return once you receive the actual W-2.
The deadline for filing your federal tax return is typically April 15th each year. If April 15th falls on a weekend or holiday, the deadline is the next business day. For state tax return deadlines, check with your state’s Department of Revenue.
To amend a federal tax return, you need to file Form 1040-X, Amended U.S. Individual Income Tax Return. For state returns, you will need to file the appropriate amendment form for your state. Make sure to provide all necessary documentation to support the changes and explain the reasons for the amendment.
If you receive an IRS notice or letter, read it carefully to understand why the IRS is contacting you and follow the instructions provided. Typically, the notice will explain any changes to your tax return or request additional information. Respond promptly to avoid penalties or further action. If you need assistance, consider contacting a tax professional.