Frequently Interview Questions
Here are some of the most common questions, along with our best answers.
We have built our service delivery system around a team of expert that is dedicated to ensuring the best result possible. We also know the importance of professionalism in every aspect of our works and thus only provide a tax professional that has the best experience with your needs.
Our tax professionals understand the functionality of every business and will work closely with you while forming a family-like bond that is built on trust and transparent dealings.
A Qualifying dependent is a person who meets the IRS requirements to be your dependent for tax purposes. However, the person cannot have a gross yearly income over $4,150. (That's the value for 2018 returns — it usually changes each year.)
The EIC which stands for Earned Income Tax Credit, is a benefit for working people with low to moderate income. It helps to reduce your tax debt and in some cases quality you for a refund. To qualify, you must meet certain requirements and file a tax return, even if you do not owe any tax or are not required to file.
Although the insurance mandate has been removed, the repeal doesn’t take effect until 2019. Therefore, failure to have health insurance this year may cost you a penalty of $695 per adult and $347.50 per child for a maximum of $2,085 per family, or 2.5 percent of the household income, whichever is greater.
Prior to 2018, the tax laws allow you to deduct your moving expenses if your relocation relates to any job changes. However, since the beginning of the 2018 tax year, the moving expense deduction is only made available to certain military personnel.
The importance of tax payments is limitless. In fact, taxes go to different places. From paying the salaries of government workers to supporting common resources, like police and firefighters, your Tax money helps to ensure the smooth running of the nation.
There are so many ways to help increase your tax refund asides tax deduction. Our tax consultants will help analyze your tax situation and provide the best ways to improve your tax refunds.
In cases where you file your taxes but fail to pay them, the IRS will charge you a failure-to-pay penalty which is 0.5 percent of your unpaid taxes for each month you don't pay, up to 25 percent. You will also owe interests on the unpaid amount.
Tax brackets are a range of income taxed at a given rate. They show you the tax rate to be paid on each portion of your income.