Frequently Asked Questions
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- Q. Who needs to file a tax return?
- A. The following guidelines are for the 2008 tax year:
If your filing status is AND at the end of 2008 you Were….. THEN file a return if your Gross income was at least… Single Under 65 8950.00 Single Over 65 10300.00 Married filing jointly Under 65 (both spouses) 17900.00 65 or older (one spouse) 18950.00 65 or older (both souses) 20000.00 Married filing separately Any age 3500.00 Head of household Under 65 11500.00 65 or older 12,850 .00 Qualifying widow(er) with Dependent child Under 65 14400.00 65 or older 15450.00 Self- employment income Any age 400.00
You also may need to file a tax return to claim credits you are entitled to even if you would not nornmally need to file a return. (Items such as earned income credit, child tax credit, telephone excise tax credit, etc..) - Q. My son/daughter is 16 and worked a summer job earning 5000.00. Can I still claim their exemption on my tax return?
- A. Yes as long as your son/daughter is your "Qualifying Child." If the parents claim the child as a personal exemption on their federal tax return, the child cannot claim themselves with a federal exemption. The child can still claim a personal exemption at the state level(Ohio).
- Q. Why should I have my return e-filed?
- A. With e-file through a Authorized IRS E-file Provider such as Hiers Tax Service, Inc you receive your refund much faster and it is secure and safe. With direct deposit your refund will normally be in your bank in 10 to 14 days. Both your federal and state returns are E-filed. You also receive a written acknowledgement that the IRS has received your return.
- Q. What is a RAL?
- A. This is a Refund Anticipation Loan from a bank that allows you to receive your refund amount in as little as 24 hours. The bank fee is dependent on the amount of the loan.
- Q. I run a home based business. Can I prepare my own tax return?
- A. You CAN but you will probably miss many deductions you are entitled to such as home office deduction, auto expense and deprecation on equipment you use, to name just a few.
- Q. What business services do you provide?
- A. We provide bookkeeping, payroll services, including quarterly payroll returns for small businesses, W-2 and 1099s, and complete tax preparation services.
- Q. Should I file jointly with my spouse?
- A. This is a question where a general answer will not suffice. In many states, Ohio being one, you can often save many tax dollars by filing separate tax returns. This is best determined by a tax professional that knows your individual situation.
- Q. What if I am audited?
- A. Don’t panic! If you receive a notice from the IRS the first thing you want to do is contact your professional tax preparer. They can assist you to determine what information the IRS needs.