When it comes to taxes and IRS, burying your head in the sand and claiming ignorance is never going to work.
Everyone has tax questions and sometimes they may seem too simple to ask. But, it never hurts to seek an answer for your common tax questions. Here are a few basic tax questions with their answers.
Do I Have to File a Federal Income Tax Return?
In most cases, the answer is yes. The only exception is if your income is less than your personal exemption plus your standard deduction, both of which are determined by your age and marital status.
Even if you have a low income, there is no harm in filing a tax return. You might be owed a refund.
When do I Get My Refund?
Most filers get a refund within 21 days from the day they file their return.
Can IRS Withhold My Refund?
There are four case scenarios where IRS can either withhold all or part of your refund.
- If you are behind in paying your federal student loans.
- If you are behind in paying for child support.
- If you are behind in paying for state income taxes.
- If you have got too much of government subsidy to buy health insurance on a federal or state exchange.
Will I Get Audited?
Audit rates are low, but this does not mean your return will escape scrutiny. Be honest about all your incomes and don’t try to claim deductions you don’t qualify for. Inviting attention by falsifying records is not a smart move.
Tax Help MD
Are you embarrassed to ask the simplest of tax-related questions? No need to be embarrassed! Our experts at Tax Help MD are ready to answer all your queries, no matter how simple they are. Call us now on 888-632-4506 and get the answers you need!