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How do I sign my tax return when I (e-filing) using online filing software?

Q)  How do I sign my tax return when I e-file using online filing software? A) According to the IRS  – You sign your tax return using the Self-Select PIN method.  The Self-Select PIN method allows taxpayers to electronically sign their individual income tax return by selecting a five-digit personal identification number (PIN).  The PIN is anyContinue Reading

How do I find out if some one cashed my refund check?

Q) How do I find out if some one cashed my refund check? A) If you need to know whether your federal tax refund check has been cashed, you can initiate a trace on your refund by using one of the following methods: You can use the “Where’s My Refund?” system available through the IRS website. You can callContinue Reading

Filed Under: IRS

I don’t owe taxes. Can I file electronically (e-filing) after April 15?

Q)  I don’t owe taxes. Can I file electronically (e-filing) after April 15? A) According to the IRS- Electronically (e-filing) filed tax returns are accepted until November 23. If April 15 does not fall on a weekend or legal holiday, you must file Form 4868 (PDF), Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, on orContinue Reading

What is a split refund?

Q) What is a split refund? A) The IRS allows your refund to be split. A split refund lets you divide your refund, in any proportion you want, and direct deposit the funds into up to three different accounts with U.S. financial institutions. To allocate a split refund. you should use Form 8888 (PDF), Allocation of Refund, to request to haveContinue Reading

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What are My Self-Employed Tax Obligations?

As a self-employed individual, generally you are required to file an annual return and pay estimated tax quarterly. Self-employed individuals generally must pay self-employment tax (SE tax) as well as income tax. SE tax is a Social Security and Medicare tax primarily for individuals who work for themselves. It is similar to the Social SecurityContinue Reading

Category Archives: Earned Income Tax Credit

I have seven Children can i claim them all on my taxes

Q) I have seven Children can i claim them all on my taxes

A) There is no maximum amount of dependents you’re allowed to claim on your tax return. You can claim all dependents who are qualified child dependents according to IRS rules. Consider it a token of appreciation for supporting the ever-increasing costs of diapers, astronomical college tuition fees and for simply putting food on the table each night.

What qualifies a child as my dependent?
You may see this question to have a simple answer if you are married parents filing a joint return. However, for single parents, married parents who file separately or other relatives, the answer is not as clear.

A qualifying child dependent has slightly different requirements than a qualifying relative dependent does. In order to be considered a qualifying child dependent, they must meet all of the following requirements:

The child must be a U.S. citizen, national, resident or a resident of Mexico or Canada.
The child cannot be claimed by someone else or themselves if they are also taking the personal exemption.
If the child is filing a tax return, they cannot be claiming a dependent.
The child cannot be filing a joint tax return.
The child must be your son, daughter, stepchild, brother, sister, eligible foster child, half sibling, stepsibling, or adopted child. He/she can also qualify if they are an offspring of any of the above.
The child must have lived with you for more than half of the year.
The child must be under 19 years old. If the child is a full-time student, they must be under 24 years old. There is no age limit if the child is totally and permanently disabled.
You must have provided more than half of the child’s annual financial support.
How much is each dependent child worth on my tax return?
Each child claimed as a dependent reduces your taxable income by $4,000. Contrary to popular belief, this does not mean that $4,000 will be added to your refund or directly deducted from your tax bill. It means that the income amount that you are being taxed on is reduced which ultimately reduces your tax bill (or increases your refund amount).

Although claiming a dependent or two on your tax return opens the door to qualifying for the Child Tax Credit, it does not guarantee it. https://www.rapidtax.com/blog/how-many-kids-can-you-claim-on-taxes/

How do I request a non-filing verification letter?

Q) How do I request a non-filing verification letter? A) An IRS Verification of Non-filing Letter – provides proof that the IRS has no record of a filed Form 1040, 1040A or 1040EZ for the year you requested. Non Tax filers can request an IRS Verification of Non-filing of their 2015 tax return status, free of charge,Continue Reading

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I have a question on the tax side of splitting up house proceeds from basically an inheritance (actually from property gifted to 4 siblings

Q) I have a question on the tax side of splitting up house proceeds from basically an inheritance (actually from property gifted to 4 siblings by the last wife of the father of those siblings after his death). Basically, this “inheritance” to 4 siblings involved preparing the property for sale, and really only 1 of theContinue Reading

How can I get a ITIN ?

Q) How can I get a ITIN ? A) According to the IRS – If you do not have a SSN and are not eligible to obtain a SSN, but you have a requirement to furnish a federal tax identification number or file a federal income tax return, you must apply for an ITIN. If you haveContinue Reading

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What happens if I file my IRS taxes late?

According to the IRS – April 15 is the annual deadline for most people to file their federal income tax return and pay any taxes they owe. By law, the IRS may assess penalties to taxpayers for both failing to file a tax return and for failing to pay taxes they owe by the deadline.Continue Reading

Filed Under: IRS

I got a notice that i owe the IRS money from 2008 and I was incarcerated. Who do I talk to about this ?

Q) I got a notice that i owe the IRS money from 2008 and I was incarcerated and never filed my taxes or worked….. Who do I talk to about this ? A) IRS Customer service representatives are available Monday through Friday, 7 a.m. to 7 p.m. local time, unless otherwise noted. Residents of Alaska and HawaiiContinue Reading

I need transcripts from irs confirming my recent filing of my back tax years. 2008, 2012, 13, 14, & 15. How do i get these?

Q) I need transcripts from irs confirming my recent filing of my back tax years. 2008, 2012, 13, 14, & 15. How do i get these? A) According to the IRS: You can get a transcript by mail to view your tax account transactions or line-by-line tax return information for a specific tax year. The method youContinue Reading