Q: How do I get started with my tax return?

A: The first step is gathering all necessary documents, please refer to our comprehensive checklist. The checklist provides directions for personal and business taxes. At Wilson Management Tax Services Management Tax Services, we’re here to help you organize your information and ensure you have everything needed for a smooth filing process.

Q: Is a W-2 required to file my tax return? Or can I use my last paystub from 2024?

A: A W-2 is required to file your tax return accurately. While you can use your last paystub to estimate your taxes, you should not file your return until you receive your official W-2.

Q: Who can I claim as a dependent?

A: You can claim qualifying children or qualifying relatives as dependents, subject to specific IRS rules. For children, they must be under 19 (or 24 if a full-time student) and meet relationship, residency, and support tests. Wilson Management Tax Services Management Tax experts can help you determine who qualifies as your dependent.

Q: Is there an age limit on claiming my child as a dependent?

A: Yes, there are age limits for claiming a child as a dependent:

• Under 19 at the end of the calendar tax year
• Under 24 if a full-time student
• No age limit if your dependent permanently and totally disabled (e.g., Blind)

We can review your specific situation to ensure you’re claiming dependents correctly.

Q: Can I receive a tax refund if I am currently making payments under an installment agreement for prior year’s federal taxes?

A: Yes, you can still receive a tax refund while on an installment plan for previous years’ taxes. However, the IRS will apply your refund to your outstanding balance. The final refund will be based payment made on the outstanding debt. We can help you understand how this might affect your financial situation.

Q: How do I know if I must file a quarterly individual estimated tax payments?

A: You generally need to make quarterly estimated tax payments if you expect to owe at least $1,000 in federal tax for the calendar year, after subtracting withholdings and credits. This often applies to self-employed individuals or those with significant non-wage income. Let us help you calculate and plan for these payments.

Q: What documents do I need to bring for my tax appointment?

A: We are here to help make this process easy for you. Please see the Checklist which give a comprehensive list of all documents needed. Our team at Wilson Management Tax Services is here to help you.

Q: How long does it take to prepare my tax return?

A: The time varies depending on the complexity of your return. Simple returns can often be completed in one appointment, while more complex situations may take longer. At Wilson Management Tax Services, we prioritize accuracy and maximizing your benefits, which sometimes requires additional time.

Remember, at Wilson Management Tax Services, we’re here to assist you every step of the way. Our expert team can handle your tax preparation needs, answer any questions you may have, and ensure you’re taking advantage of all available deductions and credits. Don’t hesitate to reach out for personalized assistance with your tax situation.

Q: How long should I keep my tax records?

A: It is important to get organized and store your papers in file cabinet that allows you easy access Generally, you should keep tax records for at least 7 years from the date you filed your original return.

Q: What happens if I can’t pay my tax bill in full?

A: If you can’t pay your full tax bill, don’t panic. The IRS offers several payment options, including installment agreements and offers in compromise. At Wilson Management Tax Services, we can help you explore these options and find the best solution for your financial situation. Remember, it’s always better to file your return on time, even if you can’t pay in full.

Q: How does working from home affect my taxes?

A: Working from home may impact your taxes, especially if you’re self-employed or have a home office. You might be eligible for home office deductions, which could include a portion of your rent or mortgage interest, utilities, and home maintenance costs. Please note that working remotely is not defined as self-employed. However, the rules can be complex, particularly for W-2 employees. Our team can help you navigate these rules and maximize your eligible deductions.

Q: I received unemployment benefits. Are these taxable?

A: Yes, unemployment benefits are taxable at the federal level and in most states. At Wilson Management Tax Services, we stay up to date with the latest tax laws and can help you understand how your unemployment benefits will impact your tax return.

Q: How do life changes like marriage, divorce, or having a child affect my taxes?

A: Major life events can significantly impact your tax situation. For example:

• Marriage might change your filing status and tax bracket
• Divorce could affect your filing status and deductions
• Having a child can lead to additional credits and deductions

At Wilson Management Tax Services, we understand that life changes can be both exciting and stressful. We’re here to help you understand how these changes affect your taxes and ensure you’re taking advantage of all available benefits.

Remember, every tax situation is unique, and tax laws can be complex and change frequently. At Wilson Management Tax Services, we’re committed to providing personalized, expert assistance to help you navigate your specific tax circumstances. Don’t hesitate to contact us with any questions or concerns – we’re here to help make tax season as smooth and beneficial as possible for you.

Q: How does SmartVault help Wilson Management Tax Services provide a better client experience?

SmartVault enables us to streamline our tax preparation process and provide a more secure, efficient service to our clients. By using SmartVault, we can save time, minimize errors, and provide a more convenient experience for our clients. Our clients can easily upload documents, review returns, and sign forms electronically, all from the comfort of their home. Access SmartVault on our secure Client Portal.