FAQs

Here you can find answers to some common tax and accounting related questions.

1. Q: What items do I need for my taxes?
   • Tax Appointment Checklist
   • Personal information -
     • Last years income tax if you are a new client
     • Name, address, Social Security number and Date of Birth for yourself, spouse and dependents
     • Dependent Provider, Name, Address, Tax ID and S.S.N.
     • Banking information if Direct Deposit Required
       
       
   • Income Data Required -
     • Wages and/or Unemployment
     • Interest and/or Dividend Income
     • State/Local income tax refunded
     • Social Assistance Income
     • Pension/Annuity/Stock or Bond Sales
     • Contract/Partnership/Trust/Estate Income
     • Gambling/Lottery Winnings and Losses/Prizes/Bonus
     • Alimony Income
     • Rental Income
     • Self Employment/Tips
     • Foreign Income
       
       
   • Expense Data Required -
     • Dependent Care Costs
     • Education/Tuition Costs/Materials Purchased
     • Medical/DentalMortgage/Home Equity Loan Interest/Mortgage Insurance
     • Employment Related Expenses
     • Gambling/Lottery Expenses
     • Tax Return Preparation Expenses
     • Investment Expenses
     • Real Estate Taxes
     • Estimated Tax Payments to Federal and State Government and Dates Paid
     • Home Property Taxes
     • Charitable Contributions Cash/Non-Cash
     • Purchase qualifying for Residential Energy Credit
     • IRA Contributions/Retirement Contributions
     • Home Purchase/Moving Expenses



2. Q: What is taxable and non-taxable income?
   • TAXABLE INCOME -
     • Wages, salaries, tips, bonuses, vacation pay, severance pay, commissions
     • Interest and dividends
     • Certain types of disability payments
     • Unemployment compensation
     • Jury pay and election worker pay
     • Strike and lockout benefits
     • Bank “gifts” for opening or adding to accounts if more than “nominal” value
     • Cancellation of debt (unless excludable by law or regulation)
     • AlimonyRecoveries of items deducted in previous year
     • Gains from sales of property, stocks and bonds, stock options, etc.
     • Pensions and annuities distributions (amounts not contributed by taxpayer with after-tax dollars)
     • Traditional IRA distributions (amounts deducted in prior years)
     • Rental income, farm income, business income
     • RoyaltiesTrust/estate income, Partnership/S corporation income
     • Executor’s commissions
     • Social Security benefits (above the base amount)
     • Notary fees
     • Most court awards or damages
     • Fees or property received for services or barter income
     • Prizes, awards, gambling winnings, and illegal income
     • Certain scholarships, fellowships and grants
       
       
   • NONTAXABLE INCOME
     • Gifts and most inheritances
     • Life insurance proceeds
     • Child support
     • Certain veteran’s benefits
     • Dividends on veteran’s life insurance loans
     • Insurance reimbursement of medical expenses not previously deducted
     • Welfare payments
     • Compensatory damages for personal physical injury or physical illness
     • Workers’ compensation
     • Some qualified pension distributions for Public Safety Officers
     • Adoption Expense
     • Reimbursements for qualifying expenses
     • Meals and Lodging for the convenience of your employer
     • Cash Rebates from a dealer or manufacturer
   
   
   
   • Some income may be taxable under certain circumstances, but not taxable in other situations. Examples of items that may or may not be included in your taxable income are:
     • Life Insurance
       • If you surrender a life insurance policy for cash, you must include in income any proceeds that are more than the cost of the life insurance policy. Life insurance proceeds, which were paid to you because of the insured person’s death, are not taxable unless the policy was turned over to you for a price.
     • Scholarship or Fellowship Grant
       • If you are a candidate for a degree, you can exclude amounts you receive as a qualified scholarship or fellowship. Amounts used for room and board do not qualify.
     • Non-cash Income
       • Taxable income may be in a form other than cash. One example of this is bartering, which is an exchange of property or services. The fair market value of goods and services exchanged is fully taxable and must be included as income on Form 1040 of both parties



3. Q: Can yoy tell me my tax amount before I decide to work with your company?
   • No our company do not participate with that though you can use the link in Item 5 of FAQ to get a rough idea. We are fully committed to our clients and expect commitment to work with us on the part of clients as well.



4. Q: How can I track the status of my federal refund?
   • https://sa1.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp



5. Q: What are the tax rates for 2015 and how can I get an idea of my tax amount?
   • Please follow the link below for tax tables
     http://www.irs.gov/pub/irs-pdf/i1040tt.pdf