Tanner Tax Services 

What documents do I need if I have a mortgage?

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Your mortgage company should send you Form 1098 which reports the mortgage interest you paid. 

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What documents should I receive from my employer?

The forms to prove employment may vary depending on individual situations. For most, an employer will provide a W-2 form. The self-employed (i.e. independent contractors, product sales representatives such as Mary Kay, etc.) should receive a 1099-MISC from the company.

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What documents do I need if I am unemployed?

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If you received unemployment benefits from your state over the past year, you must claim that as income and, therefore, pay taxes on those benefits. The unemployment agency should provide you with a 1099-G form, which explains the amount of benefits you drew during the past year. The Internal Revenue Service (IRS) receives a copy as well and will tax you at the appropriate rate in your tax bracket. Not everyone owes. If you worked a portion of the past year, chances are you paid payroll taxes and may earn a refund if those deductions were overpaid.

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What documents do I need if I am self-employed?

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You will need to file a Schedule C using IRS Form 1040. Depending on your type of business and where you conduct business, there may be other forms you will need. You may also need to make quarterly estimated payments by filing Form 1040-ES, Estimated Tax for Individuals.

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What documents do I need if I am divorced?

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Taking necessary steps before tax time will make things easier once you file your taxes for the first time after a divorce. Change your W-4 through your employer so taxes will be withheld at the correct rates. Also, if you (or a family member) changed your name, file Form SS-5 with the Social Security Administration to ensure there aren’t any complications with the IRS.

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When is the deadline to file my taxes?

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The standing deadline for personal taxes is April 15. However, sometimes that date falls on a weekend or after Emancipation Day (a holiday in DC) and pushes the deadline to as late as April 17.

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When is the earliest that I can file my taxes?

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When you get your W-2, you can have your taxes prepared right away, but the IRS will not accept them before a pre-defined date.

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Is there a penalty for filing my taxes after the deadline?

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Yes, you can opt to pay your tax liability through an installment plan. In addition to paying taxes through an installment payment plan, there may be other options such as the Offer in Compromise (OIC). Under an OIC agreement, the IRS may agree to settle the taxpayer’s liability for less than the full amount of taxes owed. The IRS is not likely to approve an OIC if there’s evidence that the taxpayer could pay the full amount through an installment payment plan or another method. A taxpayer can request consideration for an OIC by filling out Form 656, Offer in Compromise, or Form 656L, Offer in Compromise (Doubt as to Liability), and mail the application package to the IRS.

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Can I claim charitable donations without a receipt?

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Yes, you can as long as you keep good records in case you are ever audited by the IRS. Be sure to record the name of the organization, the date and location, as well as a detailed description of what you donated. Keep notes on the amount you claimed as a deduction and how you figured the fair market value on the items you donated. In the case of a monetary donation, as long as it’s less than $250, a canceled check or even a payroll deduction can suffice for proof of the donation. 

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Can I deduct expenses paid for repairing my home?

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Typically, general home repairs cannot be deducted from your taxes. Home repairs are meant to keep your home in good condition, but do not increase the value of your home. However, if you live in a “federally declared disaster area” and your home is affected, then you can claim the cost to repair the damages. If you use part of your home as a principal place of business, some repairs can be deducted, but you must itemize your deductions on Schedule A.

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Does Tanner Tax Services offer e-file?

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Yes, we do. Tanner Tax Services offers e-file and free direct deposit for refunds directly sent to the customer's bank account.

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How are my taxes impacted if I have filed bankruptcy?

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Depending on which Chapter you filed for, taxes may not be exempt. With Chapter 7 bankruptcy, federal taxes are exempt from discharge. When filing Chapter 13 bankruptcy, it is very important to file and pay your taxes during the bankruptcy proceedings because the court can dismiss your claim if you fail to meet this requirement. Dismissing the claim leaves you responsible for all of your debts.

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Can my spouse and I file our tax return together if we are legally separated and not divorced?

 

If your divorce is not final, you may choose to file married filing jointly. Just note, that you and your spouse are responsible for the tax bill and any future audits. 

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Do I have to pay taxes on money that was gifted to me?

 

No. The federal tax laws do not consider gifted money to be earned income therefore it is not taxable to you. No state has a tax law on gifted money either.

 

Am I taxed on money that I inherit from a loved one?

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Generally, property received as an inheritance is not included in your income. However, if property you receive this way later produces income such as interest, dividends, or rents, the income is taxable to you.

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Do I need to report work-study income if I am a full-time student?

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Yes, any money which you received as a result of work is taxable income and must be reported on your tax return. Attach your W-2 showing your earnings and your taxes withheld to your tax return.

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Why should I file my taxes electronically?

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The main reason for filing taxes electronically (e-filing) is to get your refund faster. Twenty-four hours after sending your tax return, the IRS will send you a confirmation of receipt or a rejection notice. Generally, e-filing is safer and faster than filing on paper.