As the years pass and the laws change, so do the frequently asked questions regarding taxes. Most individuals want to ensure they are filing competently and efficiently, our team at Hoods Tax & Accounting wants to ensure you do so too!
How do I notify the IRS of my change of address?
You can do so in multiple ways including;
Choose the method that best fits your daily life and worry no more!
Is there an age limit for claiming my child as a dependent?
Yes, there is an age limit to claiming your child as a dependent. However, there are other aspects to consider as well. If a child is disabled, they may be qualified to continue as a dependent under you. There are qualifying tests to determine other forms of disability, which can be found on the IRS website. Apart from a child who is disabled, in order to claim a child as a dependent, they must be younger than 19 or a student 24 or younger.
What is a split refund?
This is the ability to divide your refund in any desired proportion and direct deposit it into any three accounts within the United States. Fill out Form 8888 (Allocation of Refund) if you want to split your tax refund.
We hope that these answer the questions you have been asking! If you want more information on tax-related content, read more of our blogs, or contact us today!
Taxes tend to be stressful for most people, and worry about getting them paid on time starts to arise. But what happens if you don't pay your taxes on time? Continue reading to find out.
Almost immediately, interest and penalties on your unpaid taxes begin. This can be anywhere between 0.5% and 25% interest on your unpaid taxes. As time goes on and you still haven't paid your taxes, you will receive notices in the mail informing you of the balance you have due.
If these two forms of contact have been unsuccessful, legal claims on properties and assets will begin to arrive. These are statements that the government has the rights to land and assets you own. These liens can also prevent you from receiving loans and get a job. The IRS could also send your account to a collection agency.
If it has been longer than three months, and you still haven't paid your taxes, your belongings can be rightfully sold at auction, and your passport could be restricted or revoked.
In order to keep these events from happening, it is important to pay your taxes and pay them on time. Our wonderful and knowledgeable team members at Hoods Tax & Accounting can assist you in understanding your taxes and ensuring they are paid on time.
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