Tax FAQs for Individuals
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What Do I Need To File a Tax Return?
Common documents include but are not limited to:
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All W-2, 1099, 1098 and any other tax forms received.
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All records and receipts related to unreimbursed work expenses.
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Homeowner records and expenses.
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Documents related to child and dependent care expenses.
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A copy of last year's tax return if available.
NB - The IRS and state tax agencies are increasingly cracking down on people who claim the same dependent more than once, such as estranged parents both claiming the same child. Tax preparers increasingly will ask that you provide Social Security cards for yourself and for each dependent. This helps eliminate electronic filing errors by making sure the name and Social Security Number matches the IRS records for each person on the tax return.
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Do I Even Need To File?
Whether you need to file or not may depend on your income, filing status, age and dependency status. You should probably still file a return even if it is determined that you do not have to as you may be eligible to receive a tax refund. Contact us for more info.
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Should I Do My Own Taxes?
If you're into numbers, have a simple tax situation (no dependents, no property, no investments etc.) and you have a basic understanding of the tax laws and changes, then filing your own tax return is certainly an option for you.
Hiring a professional is also another option and possibly the better one. While technology certainly makes the process more affordable, you may not be aware of all the benefits that are available to you which may go a long way in reducing your tax liability or increasing your refund. It's not what you know but rather what you do not know that may end up costing you more in the long run.
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What Should I Do If I Receive a Notice From The IRS?
Get in touch with your tax professional. Each year the IRS sends millions of letters and notices to taxpayers. Although some people may feel anxious when they receive one, many are easy to resolve. Here’s what to do if you receive a letter or notice from the IRS