Taxes are not everyone’s expertise. That is why we hire Tax Professionals. While everyone faces different taxation complexities, nonetheless the baseline is common. Here are some frequently asked questions regarding taxes and their easy solutions.
1. Which Documents are important for Taxes?
There are two tax forms that each taxpayer is given via mail. W-2 from the company/employer you work for and 1099-INT for bank interest.
The essential information regarding filling these forms includes the social security number, your identity card number, and your spouse’s details if you are married, etc.
2. I don’t have enough money. Do I need to pay my taxes?
You are liable to file a tax return form. Let the IRS know your financial details and they will guide you through the correct tax procedures.
3. Having a dependent is common. Who qualifies as a Dependent?
Your spouse, your children, elderly parents all come under the umbrella of ‘Dependent’. If you have relatives that reside with you, they can also be counted as dependents only if they ‘qualify’ the given requirements.
4. Do Students have Tax benefits?
The college education is expensive. The IRS has specific programs for students that can be benefited from. Having knowledge about the items you can deduct can save you money. The ‘Tuition and Fee deduction’ can help you save up to $4,000 on your college expenses- taxable income.
5. How can I learn about taxes?
My tax help MD provides a full time service to all taxpayers, online and in person. If you have queries regarding taxes, you can opt for the free consultation they offer by dialing the helpline number. If you have a specific tax related issue such as ‘injured spouse’ or ‘tax return filing’, you can contact the Tax Help MD experts anytime and they will guide you through the details and possible solutions.
These were the basic, commonly asked questions regarding taxes. If you have any further questions, feel free to contact My tax help MD and the tax Professionals will help you through your troubles and provide you with easy solutions.