To the layman, filing a tax return in Kissimmee and all over the US might seem complicated- both complex and time consuming. Also, during filing, questions of all sorts strike your minds that are compulsory to be answered for you doing your taxes properly. Therefore, in this post we are focusing on some of the most frequently asked questions when filing a tax return in Kissimmee.
What if I miss the deadline?
If you have missed the deadline for filing the tax return in Kissimmee then stop wasting further time worrying; rather, file a tax return right away. If the IRS penalizes you for being late, you can respond with a request letter explaining how the delay was beyond your control.
IRS processes your request by looking at your history, that how responsible you have been when filing tax return in Kissimmee for the past few years. If your previous records prove your accountability then the authorities might show some leniency in the actions going to be taken against you.
Who can I claim as dependents?
In terms of tax return in Kissimmee, a dependant can be a ‘qualifying child’ or a ‘qualifying relative’ that brings dependency exemptions to the taxpayer. The dependents must meet a criteria set by the IRS that includes their relationship to the taxpayer, residency, age, support, etc.
What deductions I get as a student?
Often, people forget to include the tax deductions that one can get on the student loans that they are paying off. If you are repaying a loan, borrowed for you or any of your dependant’s higher education, then you can claim a deduction up to $2,500.00 when filing a tax return in Kissimmee or elsewhere in the US.
Can I include job hunting expenses in the deductions?
Yes, job-searching expenses can also be included in the deductions that you are claiming. However, to do so, you need to show proper documentation of expenses you have made when searching a job. The Cab fares, fuel expenses, cost for printing and sending documents, agency fees, etc can all be included in this claim.
What is the value of noncash charitable donations I made?
First, let’s make it clear that all charitable donations, whether cash or noncash can be claimed as deductions. Contributions made in cash can be proved through checks and pay orders that you have given to a particular charity. What about the noncash donations that you have made? For those, first, you can calculate the market value of the items donated and then ask the charity to provide you with sufficient documents like receipts to support your claim.
Tax is your obligation towards the State and has to be paid annually. Therefore you must be clear on all of its details. Here we tried to clear some of the confusions.
So, this year when filling your tax return in Kissimmee, don’t get stuck if these questions pop up in your minds.
If you need more information about our Kissimmee, FL accounting and tax services, please contact us at 407-344-1012. Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years. Our Orlando accounting and tax firm has its main offices in Kissimmee, FL. Our services are provided nationwide, but mainly in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, Clermont, Davenport, Hunters Creek, Lake Nona, Celebration, Winter Park, Windermere, Dr. Phillips, Maitland, Altamonte Springs, Winter Garden, Ocoee, Apopka, Belle Isle, Edgewood, and Oakland FL. Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin number, incorporations, and non profit 501c3 tax exempt.