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Tax Questions Answered
Can I check the status of my Federal or California State refund?
Yes you can! Simply click below to be directed to the proper site.
How to Choose the right preparer for your Tax Return
IRS Commissioner Doug Shulman advises "Taxpayers should protect themselves from unscrupulous preparers. There are some simple steps people can take to choose a reputable tax preparer."
The IRS offers these tips to keep in mind when picking your tax return preparer:
1. Be wary of tax preparers who claim they can obtain larger refunds than others.
2. Avoid tax preparers who base their fees on a percentage of the refund.
3. Use a reputable tax professional who signs the tax return and provides a copy.
4. Consider whether the individual or firm will be around months or years after the return has been filed to answer questions about the preparation of the tax return.
5. Check the person's credentials. Only enrolled agents, CPAs and attorneys can represent taxpayers before the IRS in all matters, including audits, collection and appeals. Other tax return preparers may only represent taxpayers for audits of returns they actually prepared.
6. Find out if the return preparer is affiliated with a professional organization that provides its members with continuing education and other resources and holds them to a code of ethics.
At Fulton Accounting, we have over 20 years of experience. As an Enrolled Agent and QuickBooks ProAdvisor, we participate in continuing education to keep up to date with the current tax laws and get you all of the deductions you deserve. We provide complete accounting and bookkeeping services for your business and prepare personal as well as business tax returns. Call or email us today to discuss your situation and for a free consultation.
You can get more information about choosing a tax return preparer and avoiding fraud by reading IRS Fact Sheet 2010-03, How to Choose a Tax Preparer and Avoid Tax Fraud.
I am not sure my taxes were correct in previous years, can I correct them?
So you’ve discovered an error or determined that you are entitled to a previously unclaimed credit or deduction after your tax return has been filed. Should you amend your tax return?
The IRS usually corrects math errors or requests missing forms – such as W-2s or schedules – when processing an original return. In these instances, the IRS recommends not to amend your return. However, you should file an amended return if any of the following were reported incorrectly:
Your filing status
Your dependents
Your total income
Your deductions or credits
If you owe additional taxes for previous years, you should file an amended return and pay the tax as soon as possible to limit interest and penalty charges. Interest is charged on any tax not paid by the due date of the original return, without regard to extensions. The sooner you take care of it, the less you owe!
Generally, to claim a refund, you must file within three years from the date you filed your original return. Contact me and I would be happy to discuss your particular situation with you.
I missed the deadline to file my taxes, Can you help?
So the deadline came and went for filing your taxes. Don't worry, I can help you get back on track and get you up to date with your taxes; personal, small business, or corporate. The key is to get your paperwork filed as soon as possible. Call me today and I will bring you up to date.
What is the credit for first time and current homeowners who buy a house?
Under the provisions of HR 3548, first-time homebuyers will continue to be eligible for the 10 percent tax credit of up to $8,000 on the purchase of a principal residence through April 30, 2010. The tax credit was previously scheduled to expire on November 30, 2009, so the new law revives the credit for an extra five months. It also provides that if a binding written contract for purchase is entered into by the deadline, the homebuyer can have until June 30, 2010 to complete the purchase transaction.
In addition to the time extension, Congress added a few enhancements to the tax credit. Most significantly, the measure extends eligibility for the tax credit (limited to a maximum amount of $6,500) to current homeowners who purchase a new principal residence. To be eligible, the homeowner must have owned and lived in their current home for five consecutive years in the time leading up to the purchase of the new home.
The new law also eases the income limits for tax credit eligibility. Under the new law, the tax credit phases out between income levels of $125,000 and $145,000 for individuals and $225,000 and $245,000 for joint filers. Under the prior law, the tax credit phased out between income levels of $75,000 and $95,000 for individuals and $150,000 and $170,000 for joint filers.
Some limitations have also been added to the tax credit eligibility standards. The credit can now be claimed only on a home that is purchased for $800,000 or less. The homebuyer claiming the credit must be at least 18 years of age. Some home purchases from related persons will not qualify for the credit. The credit can not be claimed by a taxpayer who is a dependent of another taxpayer. And no credit will be allowed by IRS without a properly executed settlement statement to document the purchase attached to the tax return on which the credit is claimed. Accounting, Bookkeeping, Accountant, bookkeeper, income tax, taxes, billing, payroll
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