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There are many tax questions that you may have about numerous topics. For many questions you will need to visit with your tax professional. Having a certified accountant look over your tax withholding and return is a good idea. However, there are some commonly misunderstood tax questions that you can learn about on your own. Here are some of the most common tax questions that people ask.
1. What if I Made a Mistake on My Return?
If you made a mistake on your tax return, it is not the end of the world. You would be surprised how many people make mistakes on their tax returns. If you made a mistake, it can be fixed. You will not be hauled off to jail because of one error. Depending on the type of mistake you made, there are different ways to fix it. If you simply made a mathematical error, the IRS will most likely catch it and change it for you. You will not have to do anything in most cases. If you forgot to attach a document, the IRS will contact you and ask for the necessary paperwork. If you forgot to report income or did not make all of the necessary claims, you can file an amended return. This simply amounts to another form that you have to fill out called 1040x.
2. What Is a Split Refund?
Many people have heard of the term "split refund" but do not know what it is. The term "split refund" simply means that you can split up your refund into multiple deposits. You can divide your return up into two or three different accounts if you want and the IRS will deposit the money directly into those accounts. The only requirement is that the institutions have to be in the United States.
3. Can My Child Claim Themselves?
Figuring out who can be claimed on a tax return can be confusing. If your child is old enough to file their own taxes, they can claim themselves on their tax form. If this is the case, you will not be able to claim them. If they don't make much money and do not claim themselves, you can still claim them. If this is the case, make sure that your child checks the box on their tax return that says someone else can claim them as a dependent.
4. Can I Claim Child Tax Credit and Child Care?
You can claim both the child tax credit and child and dependent care credit at the same time if you qualify. This is not "one or the other". If you can qualify for both credits you get them. Some people have children but do not send them to child care. In this case, they would only get the child tax credit. Some people send their elderly parents to dependent care and they could not claim the child tax credit. The answer to this situation depends entirely on your unique situation.
