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Go to irs.gov/refunds to check on the status of your federal tax refund for the current year. You can type 'where’s my state tax refund' into your search bar to check the status of your state tax refund.
Your filing status if you are not married and have no dependents is single. You can file head of household if you are considered unmarried for the tax year and pay more than half of the household expenses. You must also have a qualifying child or dependent. Generally, your marital status on the last day of the tax year will determine your marital status for the entire year. In most cases, married filing a joint return will provide the best result for married couples. You have an option to file married separate, if this is the better option, or if each person wants to be responsible for their own taxes.
When starting a business, it is important for the owner(s) to decide how it will be taxed. An individual is not required to incorporate. He or she can be taxed as a sole proprietor and file a Schedule C with their personal tax return. Sole proprietors and partners can form an LLC for liability protection purposes. If a business owner decides to incorporate, they have a choice to let the corporation pay its own tax or elect to file as a Subchapter S and pass the profits from the business to their personal tax returns for taxation.
Prior to your first visit, please have all applicable paperwork together. This should include the previous year’s tax return for personal and any businesses. If this for tax preparation, please have all W-2s, 1099s (interest, dividends, & bonds), mortgage and real estate taxes, retirement income, and social security statements. Also, bring any closing statement for sales of personal residence or business real estate. We will also need your form 1099B that show gains and/or losses from the sale of stocks and mutual funds. If you should have any questions prior to your first visit with us, please do not hesitate to call for clarification.
Absolutely, we are open Monday-Friday from 8:30AM until 4:00PM. You can reach us at (302) 644-8634 or email us using the form below to set up a meeting with us.
Please click here to see the individual income tax rates. There are seven tax brackets for each filing status: short-term capital gains, investments held one year or less, are taxed at your regular tax rate. Investments held for longer than one year are taxed at a rate that is typically lower than the regular tax rates. Long-term capital gains are taxed at 0%, 15% or 20%, depending on your income.
Taxable income is described as gross income or adjusted gross income (which is minus any deductions or exemptions allowed in that tax year). Taxable income includes wages, bonuses and tips, investment income, social security and other government payments. Also included in taxable income is any profit from a business, rentals, and stock sale.
Please let us know when you receive a notice and your concerns. Additionally, send us a copy via email or mail. Be aware the IRS doesn’t email or phone people. Beware of phishing scams and phone scams.
Business owner(s) need to think about how they want their business to continue once they are no longer around to run the daily operations. This includes putting together a written plan that sets up a mechanism of succession if the owner becomes disabled or passes away. A succession plan also needs to be funded. This may include life insurance that provides cash flow to the business and/or funds to purchase shares of the business from beneficiaries of a deceased owner.
Under the new tax law, which was in effect beginning January 1, 2018, Section 199A of the Internal Revenue Code provides many taxpayers a deduction for Qualified Business Income from a qualified trade or business operated directly by the Taxpayer or through what is known as a pass-through entity (for example, an S-Corporation or Partnership). This deduction is also known as the Section 199A Deduction. Eligible taxpayers may be entitled to a deduction of up to 20 percent of the qualified business income.
