Information About Filing Your Taxes

 

What is the deadline for filing my taxes?

April 15 is the official deadline, but sometimes that date falls on a weekend or after Emancipation Day (a holiday in DC), and the deadline is extended to April 18.

What documents do I need to file my taxes?

  • Driver’s license
  • Social security card
  • Social security card or birth certificate for dependents
  • Last year’s tax return

If you are an employee of a company:

  • Form W2

If you are a private contractor:

  • Form 1099

If you are self employed:

  • Form 1040
  • Bank statements
  • Receipts of business activity
  • Business diary

If you are unemployed and received unemployment benefits:

  • 1099-G

If you have additional sources of income:

If you sold you sold a home:

  • Form 1099-S

If you have investments

  • Real estate income and expenses
  • Brokerage accounts
  • 1099-B
  • Retirement Accounts
  • 1099-R
  • Dividends
  • 1099-DIV
  • Interest
  • 1099-INT

If you’re receiving SSA or SSDI benefits:

  • Form 1099-SSA

If you receive RRB benefits:

  • Form 1099-RRB

If you earned any winnings:

  • Form W-2G

If you are a student:

  • Form 1098-T

When should I get my W2?

Your employer should send your W2 by January 31. If you don’t receive it by February 15, contact the IRS at 800.829.1040.

 

Deductions

Do I qualify for any deductions?

Probably! These are the most commonly overlooked deductions:

Home

  • Mortgage Interest
  • Property Taxes
  • Selling Costs

Car

  • Car Interest
  • Parking Fees
  • Tolls
  • Mileage
  • Vehicle Registration

Personal

  • Charitable Donations
  • Moving Fees
  • Gambling Losses
  • Work Uniforms
  • Alimony Paid
  • Foreign Income Taxes
  • Medical Expenses
  • Educational Expenses
  • Books
  • Equipment
  • Transportation
  • Student Loans

I had something else in mind. Are there more deductions?

Yes! There are hundreds of deductions that might be available to you. Ask your TaxBand agent for more details or check out the full list on the IRS website.

 

Expenses

What if I own a business?

You can write off your business expenses! Your TaxBand agent will walk you through the process.

 

Credits

Do I qualify for any credits?

Most likely! These are the credits that most people receive:

Individual

  • Earned Income Tax Credit
  • Child and Dependent Care Credit
  • Adoption Credit
  • Elderly and Disabled Caregiver
  • American Opportunity Tax Credit
  • Lifetime Learning Credit

Business

  • Research Credit
  • Small Business Healthcare Credit
  • Plug-In Electric Vehicle Credit
  • Manufacturer’s Energy Efficient Appliance Credit
  • Abusive Tax Shelters and Transactions Credit

 

Amendments & Extensions

I forgot to mention some deductions, credits, or expenses on my tax return. What should I do?

You can amend your tax return by filing Form 1040-X. You have three years from the date that you filed your tax return, or two years from the date that you paid your tax balance, to file an amended return. It usually takes the IRS 8-12 weeks to process an amended tax return.

I need more time to file my taxes. What can I do?

You can request an extension by filing Form 4868 before the deadline to file for an extension.

 

Payment Information

How much does it cost to do my taxes with TaxBand?

Our fees are determined by the number of forms we have to file for you. We’ll let you know the cost of our services once we complete them, and we won’t submit anything until you approve the invoice.

How can I pay you?

We accept payment by check, money order, debit card, or credit card.

What if I can’t afford to pay you until I get my refund?

We can deduct our fees directly from your refund once it is issued. However, if your refund will be applied to outstanding balances, we will require payment at the time that services are rendered.

 

Information About Refunds

How do I know if I should expect a refund?

After reviewing your information, a TaxBand agent will let you know if you are eligible for a refund. You can also use the IRS Tax Calculator to get an idea of what to expect.

What are my options for receiving my refund?

At the time of filing, you can choose to have your refund issued as a check, uploaded to a prepaid debit card, or deposited directly into your bank account.

When will I get my refund?

If you file electronically, it usually takes the IRS up to 21 days to process your return. If you file by mail, it usually takes the IRS four to six weeks to process your return. After that time, the IRS will send you the date that your refund is due. The due date is usually within a week of that notification.

You can check the status of your refund anytime by visiting the IRS website or by calling 800.829.1040.

I filed electronically, and it’s been 21 days. Why haven’t I gotten my refund yet?

Sometimes, the IRS takes a little longer to process returns for many different reasons. One of the main reasons is just an influx of tax returns. If the IRS needs additional information to process your return, they will let you know.

I filed early. Shouldn’t that make the processing faster?

If you claimed the Earned Income Tax Credit or the Additional Child Tax Credit, The PATH Act requires the IRS to hold your refund until at least February 15 in order to verify information to prevent fraud. Even if you filed as early as January, you may not see your refund until as late as February 27. You can check the status of your refund by visiting the IRS website or calling the IRS at 800.829.1040.

My refund is less than my TaxBand agent said it would be. Where is the rest of my money?

The IRS can apply all or part of your federal or state tax refund to outstanding balances with the IRS or other government agencies or financial institutions. To find out the details, you can call the Treasury Offset Program and Debt Management Services at 800.304.3107.

Who should contact if I have questions about my return after it’s submitted?

Once your return is submitted, your TaxBand agent will only have access to the IRS database, which is accessible to all taxpayers. To save yourself some time, you can contact the IRS directly with any questions you have.

What should I do if I lose my refund check?

Call the IRS at 800.829.1954 and ask them to reissue your refund check.

 

Information From the IRS

I owe money to the IRS and can’t afford to pay it. Can I get on a payment plan?

Sure! The IRS offers a variety of payment options.

  • The Installment Agreement allows you to pay your balance in monthly installments. You’ll need to file Form 9465 to request this option.

  • The Short-Term Extension gives you an additional 120 days to pay your balance. You’ll need to call the IRS at 800.829.1040 to request this option.

  • The Application for Extension of Time For Payment of Tax Due to Undue Hardship allows you to pay lower monthly installments over a longer period of time. You’ll need to file Form 1127 to request this option.

 

Healthcare Information

Who is required to have health insurance?

According to the Affordable Care Act, most U.S. residents need to have health insurance to avoid tax penalty.

What is the Affordable Care Act?

The Affordable Care Act, or “Obamacare,” is a series of laws intended to make health insurance and healthcare more affordable, more accessible, and of higher quality for U.S. citizens. For more details about the program, visit the Affordable Care Act website.

What is the penalty for not having health insurance?

The penalty is $695 per adult and $347.50 per dependent up to a maximum of $2,085 per household or 2.5% of household income above tax return filing threshold. For more details, call the IRS at 800.829.1040.

How do I get health insurance?

You can get health insurance through your employer or the Health Insurance Marketplace.

I’m a U.S. citizen, but I live outside of the U.S. Am I required to have U.S. health insurance?

You don’t need U.S. health insurance if you’re outside of the country for more than 330 days.

I didn’t have health insurance for a few months. Will I still be penalized?

If the gap in your coverage was less than three months, you will not be penalized.