Frequently Asked Questions (FAQ's)
Q. How long do I need to keep records?
A. Generally Federal Tax records should be kept a minimum of three (3) years. We recommend that you keep them for at least five (5) years.
Q. How long will it take to get my refund?
A. Generally it takes about 2- 3 weeks to receive your Federal refund if you file electronically and request a direct deposit into one of your bank accounts. It takes an additional week if you request to have a check mailed to you. If you mail in your return it could take anywhere from 4 to 8 weeks to receive your refund. State refunds vary by state.
Q. Should I file electronically?
A. - Yes. Filing electronically not only allows you to receive your refunds faster, but also will alert you if there are any problems with your return, such as a dependent that has already been claimed on someone else’s return. You would receive this information within 24-48 hours instead of several weeks later, which would occur if you mailed in your return.
Q. How can I make sure that I take advantage of all possible deductions and credits?
A. The major deductions for the average taxpayer is their home which allows a deduction for interest and property taxes paid for the year. With lower interest rates in the current market, many people are refinancing their home. There may be some items you may be able to deduct in doing this, so make sure to keep your closing documents available for tax time.Other deductions include: vehicle stickers, charitable donations both cash and non –cash (Goodwill), medical, employee expense, etc.
Q. What should I do if I find something missed on a return already filed?
A. You should consult an accountant to evaluate whether it is worth amending the return. Federal returns can be amended three (3) years from the date they were filed or April 15th whichever is later.
Q. Can you help me with computer hardware or software questions and setup?
A. We can advise you as to the choice of computer hardware and accounting software and help you setup your system and load software.
Q. Should I claim a deduction for a home office?
A. In order to claim a home office, it must be a separate room or place in your home that is used for that purpose only. Is this the only place that you conduct the administrative duties necessary to maintain your business? Or do you have office that you generally go to and use this as a place to do work at home? Can you meet with customers or clients in your home office? These are some questions that may help you determine if you have a “home office” by the IRS standards.
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