When having your taxes done, you probably have a lot of questions. Your tax service IA professionals can answer all of them for you. But here are some answers to some of the more common questions that you may want to have answered before you visit your local tax preparer.
What is the age limit for claiming my child as a dependent?
In order to be able to claim your child as a dependent, they must meet four criteria. The first requirement is their relationship to you. The child must either be your biological child, step child, foster child, adopted child, a brother or sister, or they can be a descendant of one of these. For instance, a nephew or grandchild can be a dependent in some cases. The next requirement is that they must live with you for at least 6 months out of the year. As for age, the child must be under the age of 19 at the end of the year or under 24 if they are a full time student. They must also not provide more than half of their own financial support.
What if I’ve made a mistake on a previous tax return?
In most cases, the IRS will catch a mistake on your tax returns when you send them in. Whether you made a simple mathematical error or if you forgot to attach a form, you will receive a letter from the IRS to tell you about your error. If you didn’t report all of your income or if there were some credits you forgot to claim, you will need to file an amended form for that particular year. You can do this within three years of the date when you filed your original return. If you think you need to file an amended return, talk to your tax service IA professionals to ensure you do it correctly.
Do I need to pay quarterly if I am self-employed?
If you are self-employed, you are typically required to make estimated quarterly payments for your taxes. You are also required to file an annual return. The self-employment tax, or SE tax, is a Social Security tax and Medicare tax for people who work for themselves. It’s similar to the taxes that traditional employees pay. Before you decide if you are supposed to pay SE tax and income tax, subtract your business expenses from your business’s income. If your expenses are less than your income, that figure is your net profit and that is generally what you are taxed on.
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