Common questions from our clients.

Tax Return: File your income tax return using your new address

Or go to:

IRS.GOV

• Complete IRS Form 8822 – Change of address
• Complete IRS Form 8822B – Change of Business address

Corporations extensions must be filed by March 15th. You have 6 months for the IRS to receive your return (September 15th).

Personal extensions must be filed by April 15th. This extends your paperwork, not the tax that is owed. You have 6 months for the IRS to receive your return (October 15th).

To claim your child as your dependent, your child must meet the qualifying child test or the qualifying relative test.

To meet the qualifying child test, your child must be younger than you and as of the end of the calendar year, either be younger than 19 years old or be a student and younger than 24 years old, or any age if permanently and totally disabled.

There is no age limit on claiming your child as a dependent if the child meets the qualifying relative test.

In addition to meeting the qualifying child or qualifying relative test, you may claim a dependency exemption for your child as long as all of the following tests are met:

• Dependent taxpayer test
• Citizen or resident test, and
• Joint return test

It depends on the type of mistake you made:

• Many mathematical errors are caught during the processing of the tax return and corrected by the IRS, so you may not need to correct these mistakes.
• If you didn't claim the correct filing status or you need to change your income, deductions, or credits, you should file an amended or corrected return using IRS Form 1040X

You must make estimated tax payments for the current tax year if both of the following apply:

• You expect to owe at least $1,000 in tax for the current tax year after subtracting your withholding and refundable credits.
• You expect your withholding and refundable credits to be less than the smaller of:
  • 90% of the tax to be shown on your current year's tax return, or
  • 100% of the tax shown on your prior year's tax return. (Your prior year tax return must cover all 12 months.)

There are special rules for:

• Farmers and fishermen
• Certain household employers
• Certain higher income taxpayers
• Nonresident aliens

https://www.ssa.gov/faqs/en/questions/KA-02471.html

EIC is a tax credit available to low income earners. EITC, Earned Income Tax Credit, is a benefit for working people who have low to moderate income. A tax credit means more money in your pocket. It reduces the amount of tax you owe and may also give you a refund.

https://www.irs.gov/taxtopics/tc409

Your sale qualifies for exclusion of $250,000 gain ($500,000 if married filing jointly) if the following is true:

• You owned the home and used it as your main home during at least 2 of the last 5 years before the date of sale.
• You did not acquire the home through a like-kind exchange (also known as a 1031 exchange), during the past 5 years.
• You did not claim any exclusion for the sale of a home that occurred during a 2-year period ending on the date of the sale of the home, the gain from which you now want to exclude.