Generally, property received as an inheritance is not included in your income. However, if property you receive this way later produces income such as interest, capital gains, dividends, or rents, the income is taxable to you.
To see a full list of materials to bring to a first meeting, clickHERE
There is no way we can address all of the questions that individuals might have when reviewing our website or thinking about their taxes. These are just a few that we hear on a regular basis. If you have specific questions, please call us or email us. Our primary concern is to get you the information you need to make sound decisions about your tax returns.
Why is my refund less than I expected?
Can my spouse and I file our tax return together if we are legally separated and not divorced?
Depending on which Chapter you filed for, taxes may not be exempt. With Chapter 7 bankruptcy, federal taxes are exempt from discharge. When filing Chapter 13 bankruptcy, it is very important to file and pay your taxes during the bankruptcy proceedings because the court can dismiss your claim if you fail to meet this requirement. Dismissing the claim leaves you responsible for all of your debts.
The standing deadline for personal taxes is April 15. However, sometimes that date falls on a weekend or after Emancipation Day (a holiday in DC) and pushes the deadline to as late as April 18. Refer to theTax Calendar.
Typically, general home repairs cannot be deducted from your taxes. Home repairs are meant to keep your home in good condition, but do not increase the value of your home. However, if you live in a “federally declared disaster area” and your home is affected, then you can claim the cost to repair the damages. If you use part of your home as a principal place of business, some repairs can be deducted, but you must itemize your deductions on Schedule A.
Can I deduct expenses paid for repairing my home?
Frequently Asked Questions
How are my taxes impacted if I have filed bankruptcy?
The first step is to check the IRS Tax Relief Site to see if your area has been determined as a “disaster area” by the President because the IRS provides specific relief to these victims. If you are in a disaster area and you were impacted by the disaster, meet with a tax preparer to determine which year you should claim casualty loss. Doing so will help you figure out the best possible tax break.
When is the earliest that I can file my taxes?
What are my next steps if I have been impacted by a natural disaster?
What tax consequences will I face if I lost my home in a foreclosure?
Why should I file my taxes electronically?
How can I check the status of my refund?
When you get your W-2, you can have your taxes prepared right away, but the IRS will not accept them before a pre-defined date.
For any Further Questions, Feel Free to Fill Out the "Have a Question" Form on this Screen or the "Contact" Page.
The main reason for filing taxes electronically (e-filing) is to get your refund faster. Twenty-four hours after sending your tax return, the IRS will send you a confirmation of receipt or a rejection notice. Generally, e-filing is safer and faster than filing on paper.
How do I schedule a visit?
Do I need to report work-study income if I am a full-time student?
Can I claim charitable donations without a receipt? (Goodwill, etc.)
When is the deadline to file my taxes?
The 'Where’s My Refund' tool on the IRS website provides the most up-to-date information regarding the status of your refund. This tool is updated every 24 hours.
If your divorce is not final, you may choose to file married filing jointly. Just note, that you and your spouse are responsible for the tax bill and any future audits.
Since it is not a small change (missing form or math miscalculation), missed income probably requires that you file an amendment. You’ll need to file Form 1040X, Amended U.S. Individual Income Tax Return, which can not be e-filed. Additionally, if any changes you are making need forms or schedules attached, make sure you do so.
Don’t panic, you have three years since the date of filing or two years from paying (whichever is later) to correct the issue. But note, if your amended return claims more refund money, go ahead and cash your original refund check – no need to wait the average 12 weeks it takes to process your amended return. However, if your amended return shows you owe, you’ll want to lower fees and interest by paying those taxes as fast as you can.
Do I have to pay taxes on money that was gifted to me?
You can claim unreimbursed employee expenses on form 2106. These expenses include what you pay for uniforms (not suitable for every day wear), tools, union dues, and travel. Travel does not include miles you drive to work; it is miles your employers requires you to drive
What should I bring to my first meeting?
Many factors can contribute to why your refund is less than you expected. You have to consider the three elements that define a refund: your taxable income, the amount withheld from your paycheck for federal and state taxes, and your tax rate. If you aren’t getting as much money back try to look on the bright side – you didn’t give the IRS a zero-interest loan.
Am I taxed on money that I inherit from a loved one?
To schedule a visit, call us today at 410-692-9871 or email us. We will be glad to find a time that works for you.
No. The federal tax laws do not consider gifted money to be earned income therefore it is not taxable to you. No state has a tax law on gifted money either.
Yes, any money which you received as a result of work is taxable income and must be reported on your tax return. Attach your W-2 showing your earnings and your taxes withheld to your tax return.
If I forgot to report a second income on my taxes, how can I report it now?
For federal taxes, a foreclosure is viewed as the sale of property. Two separate matters will impact your tax liability: any gain from the sale of your property and credited income you receive from any debt forgiveness. There are ways to calculate your Gains and Cancellation of Debt. To learn the specifics on how your particular situation is impacted, visit the Home Foreclosure and Debt Cancellation section on the IRS website.
126 Industry Lane, Forest Hill, MD 21050
Can I deduct job expenses?
Yes, you can as long as you keep good records in case you are ever audited by the IRS. Be sure to record the name of the organization, the date and location, as well as a detailed description of what you donated. Keep notes on the amount you claimed as a deduction and how you figured the fair market value on the items you donated. In the case of a monetary donation, as long as it’s less than $250, a canceled check or even a payroll deduction can suffice for proof of the donation.