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There are thousands of income tax questions that people have concerning their income taxes. This should come to no surprise as the tax laws are constantly changing and are confusing to start with. There are several places you can turn to get the answers to your question. An accountant, IRS, or specialized tax websites will several of the most frequently asked income tax questions. Here are a few of the ones that people are most concerned about.
1. How do I file my income tax return?
You have two options for filing your income tax return. You can take your information to an accountant and have them calculate your return, or you can do it yourself using a tax form, or with electronic filing with specialized computer software. If you own a business, or have a lot of deductions to take on your return each year, it is a good idea to take you tax material to an accountant to ensure no mistakes are made.
2. What happens if I make a mistake on my return?
This will depend greatly on the type of mistake that was made. If the mistake is a simple mathematical calculation that you made the mistake on, it is generally caught and fixed during processing. If you did not attach a required schedule form, the IRS will contact you and ask for the missing information to be sent within a set period of time. If you did not report all your income, or claim a credit, you can file an amended form.
3. What is the age limit for dependents?
Any child who is living in your home, or is financially dependent on your income, can be listed as a dependent on your return. Generally, the guidelines are that the child be under 19 years of age, or under the age of 24 if a full time student.
4. Do I have to have a child to qualify as head of household?
In some circumstances, in the cases where the child is a grandchild, unmarried, stepchild, or is adopted you can still file as head of household.
5. Can I claim the Earned Income Credit if my wife and I file separately?
The Earned Income Credit is a great credit helps people who earn under a certain amount get a larger return on their income tax. However, this only applies to a married couple who have dependents and file jointly.
6. How much does a student have to earn before they have to file an income tax return?
An unmarried dependent must file an income tax return if their income level exceeds a certain amount that is calculated in a separate form; Publication 501. However, you should still file a return to receive money back if you had any income tax withheld from your pay, qualify for an earned income credit, or quality for an additional child tax credit.
Income tax questions can cover several different aspects of income tax filing. If you still have pressing questions, then you should locate the nearest tax preparer or contact the IRS for answers to your questions.
1. How do I file my income tax return?
You have two options for filing your income tax return. You can take your information to an accountant and have them calculate your return, or you can do it yourself using a tax form, or with electronic filing with specialized computer software. If you own a business, or have a lot of deductions to take on your return each year, it is a good idea to take you tax material to an accountant to ensure no mistakes are made.
2. What happens if I make a mistake on my return?
This will depend greatly on the type of mistake that was made. If the mistake is a simple mathematical calculation that you made the mistake on, it is generally caught and fixed during processing. If you did not attach a required schedule form, the IRS will contact you and ask for the missing information to be sent within a set period of time. If you did not report all your income, or claim a credit, you can file an amended form.
3. What is the age limit for dependents?
Any child who is living in your home, or is financially dependent on your income, can be listed as a dependent on your return. Generally, the guidelines are that the child be under 19 years of age, or under the age of 24 if a full time student.
4. Do I have to have a child to qualify as head of household?
In some circumstances, in the cases where the child is a grandchild, unmarried, stepchild, or is adopted you can still file as head of household.
5. Can I claim the Earned Income Credit if my wife and I file separately?
The Earned Income Credit is a great credit helps people who earn under a certain amount get a larger return on their income tax. However, this only applies to a married couple who have dependents and file jointly.
6. How much does a student have to earn before they have to file an income tax return?
An unmarried dependent must file an income tax return if their income level exceeds a certain amount that is calculated in a separate form; Publication 501. However, you should still file a return to receive money back if you had any income tax withheld from your pay, qualify for an earned income credit, or quality for an additional child tax credit.
Income tax questions can cover several different aspects of income tax filing. If you still have pressing questions, then you should locate the nearest tax preparer or contact the IRS for answers to your questions.
