by Deborah Ritz, Independent Tax Preparer QUESTION: Is Direct Deposit a Safe Way to Get a Tax Refund? How safe is the direct deposit feature for having tax refunds issued directly to a checking or savings account? What happens if there’s a mistake in the bank account number or routing number? What can be done if […]
Health Savings Plans & their effect on taxes What is a Health Savings Plan and how would it affect my income taxes? A HSA basically work like this: You and/or an employer put money into your HSA account (the account can be set-up through your employer as a benefit or you set up an account […]
How do I determine if I have to file tax return As an individual taxpayer the requirement to file depends in part on your filing status, age, and gross income. If you are single, you must file a tax return if your gross income was at least $9,500 ($19,000 if married and filing jointly). If […]
Getting set to start the new tax filing season How soon can I file my income tax return? As soon as you receive the information you need to file (W-2, Unemployment 1099G, bank interest etc.) you may fill out both the federal and state income tax forms and mail them in. However if you want […]
by Deborah Ritz I’ve was enrolled in college in 2015. Are there tax benefits available for college expenses? If you and your education expenses qualify you have a choice of one of the following: 1. Lifetime Learning Credit is a non-refundable tax credit. You may be able to claim a lifetime learning credit of up […]
by Deborah Ritz I haven’t gotten my W-2 yet. Isn’t my employer required to give my W-2 to me before the end of January? According to the Internal Revenue Service (IRS), businesses must send their employees’ W-2’s by February 1, 2016. The normal date of January 31 was extended this year because that due date fell […]
by Deborah Ritz QUESTION: What is the earned income tax credit? — Again this year the IRS estimates that four out of five eligible taxpayers actually claim this credit, but many still are either unaware of their eligibility or don’t know how to claim it. For example, some families, including those in the military and […]