Questions: What are exemptions, deductions and credits? Answer: In short, the main difference among them is that both exemptions and deductions only reduce your taxable income while tax credits actually reduce your actual tax. Exemptions, or also called personal exemption, were phased out in 2017 Tax Act law. For example, […]
When can you withdraw 401K?
Question: When can you withdraw 401K/IRA? Answer: 401K and Individual Retirement Accounts were meant to encourage taxpayers to save for retirement. The IRS implemented some restrictions regarding withdrawals of 401K and traditional IRA accounts. You can withdraw ANYTIME but there are penalties if you have not reached certain age and […]
What is FUTA Tax?
Question: What is FUTA Tax? Answer: The Federal Unemployment Tax Act (FUTA), with state unemployment systems, provides for payments of unemployment compensation to workers who have lost their jobs. Most employers pay both a Federal and a state unemployment tax. Employees or workers are NOT liable for FUTA Tax. Only […]
Do I have to report Gambling Income?
Question: Do I have to report Gambling Income? Answer: Yes! Gambling winnings and losses include lotteries, raffles, bets on athletic contests, bingo, bets on horse or dog racing, and all casino wagering, among other activities. Office pools and similar personal wagering activities are not included. Form W-2G must be issued by […]
When Can I File My 2014 Tax?
Question: When Can I File my 2014 Tax? Answer: The earliest date you can file your 2014 Tax (filed in 2015) is January 20, 2015. IRS will began to accept tax return on this date. You can both e-file your tax return and mail your tax return on January 20, […]
My IRS Check has not been cashed, how to check?
Question: I have sent a check to IRS but it has not been cashed? How do I check on the check status? Answer: During the tax seasons, it can take IRS 2 to 4 weeks to cash the checks, if not longer. First, check to see if the cash […]
Should I notify IRS if I moved?
Question: I just moved. Should I notify IRS about the new address? Answer: If you moved, you need to notify the IRS of your new address. To notify IRS on your new address, you need to fill out Form 8822, Change of Address. Click here to download IRS Form 8822 Change […]
What is the Contact Information for Alaska Dept of Revenue
Question: What is the contact information for Alaska Department of Revenue? Answer: Below is Alaska Department of Revenue contact information. Forms request mailing address Alaska Dept. of RevenueP.O. Box 110420Juneau AK 99811-0420 Forms request 907-465-2320 Tax assistance 907-465-2320 Website www.revenue.state.ak.us The state of Alaska does not have an individual income […]
What is the contact information for Florida Dept of Revenue?
Question: What is the contact information for Florida (FL) Dept of Revenue? Answer: Below is the contact information for Florida Department of Revenue: Forms request mailing address Florida Department of Revenue5050 West Tennessee StreetTallahassee FL 32399-0100 Tax assistance 800-352-3671 Website http://dor.myflorida.com/dor There is no personal income tax in Florida. The […]
What is the contact information for Nevada Dept of Revenue?
Question: What is the contact information for Nevada Dept of Revenue? Answer: Below is the contact information for Nevada Department of Revenue: Forms request mailing address Nevada Department of Taxation1550 College ParkwayCarson City NV 89706 Forms request 775-684-2000 Tax assistance 775-684-2000 Website www.tax.state.nv.us Nevada Dept of Revenue does not have an individual income, […]