Best Tax Preparation Services in Orange, CA

If you have not received your Form W-2 on time, you should ask your employer for it. Banks are not required to send a 1099 statement of income received if you earned less than $10, so you may not receive that. They are also not required to send you an interest statement if you received less than $600 in interest. This information can be acquired by using monthly statements if required.

Tool on the IRS website. Be sure to have a copy of your current tax return available because you will need to know your social security number shown on your return, the filing status and the exact whole dollar amount of your refund. will usually have information about your refund 72 hours after the IRS acknowledges receipt of your e-filed return, or three to four weeks after mailing a paper return. Check back weekly, on Wednesdays, for any updates to your refund information.

You may have to pay taxes on some of your social security benefits if you have more than $25,000 in income for a single person or $32,000 for couples who are married filing jointly.

For both Traditional and Roth IRAs the general limit is the lessor of $6,000 (or $7,000 for people over 50) or your earned income. These amounts are phased out if you are covered by a workplace retirement plan and have higher modified adjusted incomes.

Tax deductions reduce the amount of taxable income you have. For example, suppose you make $50,950 per year, which places you in the 22% tax bracket. A standard tax deduction of $12,950 would reduce your taxable income to $38,000. As a result, you would only be taxed on that amount. You might use itemized deductions instead, but the effect is the same. Your taxable income would decrease. On the flip side, a tax credit reduces the amount of money you owe in taxes. So, if you get a tax credit of $1,000, you will pay the IRS $1,000 less.