Tax FAQ's
This page was created to give you answers to common tax questions we receive. Contact us if we can help clarify anything!
withholdings / tax rates
- How do I ensure accurate pay withholdings?
- How does changing jobs or having multiple employers affect my withholdings?
- How can I still owe if I claim “0” on my W4?
- Will contributing more to our 401k help us not owe with our tax return filing?
- Do I need to make estimated tax payments?
- Are my work bonuses & commissions really taxed at a higher rate?
- How are my taxes affected by receiving a lump sum of income?
- Do I have to pay payroll taxes for my cleaning person, nanny, gardener, pet sitter, or home nurse?
- What is my tax rate?
deductions / credits
- What are the differences between tax credits and tax deductions?
- Should I utilize my employer's flex account, or take the child care credit?
- Should I participate in my employer's flex spending account for medical expenses?
- How can a health savings account help me?
- How do I value and keep records for my property donations? (Goodwill, etc.)
- How does the premium tax credit work?
- Are renovations/improvements made to my primary home tax deductible?
- Can I deduct employee-related business expenses?
- How do I get a tax deduction for donating a vehicle?
- Are my gambling losses tax deductible?
- Should I take the standard deduction? Or should I itemize deductions?
- Should I track medical expenses for tax purposes?
- When can I deduct moving expenses?
- Is my car registration fee deductible on my tax return?
- Are there any tax deductions for my motor home, boat, or travel trailer?
- How does the electric vehicle tax credit work?
- How does the solar tax credit work?
business-related
- What tax & financial tips should I know for my business?
- How do I determine what is considered a business expense, verses a personal expense?
- What are "self-employment" taxes?
- When are work "uniforms" tax deductible?
- Can I deduct expenses for a vehicle I use in my business?
- What are direct vs. indirect expenses for a home office?
- How do I deduct shared business and personal use expenses, like cell phone and internet?
- What is depreciation for business assets?
- My business is currently structured as a sole proprietorship, should I incorporate?
miscellaneous
- How long should I keep various tax records?
- I'm married...should I file joint, or separate?
- Is there an age limit on claiming a dependent?
- Why is my state refund taxable?
- Are unemployment benefits taxable?
- Is disability income taxable?
- Is social security income taxable?
- Is my settlement taxable?
- Will I have to pay taxes on my inheritance?
- Why did I get a notice about additional taxes owed after filing my return and paying the taxes due?
- When does the IRS charge interest/penalties and how are the amounts calculated?
- Is it the IRS, or a scam?
- What do I do if I receive a letter from the IRS?
- How does the 2018 Tax Reform affect me?
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