Q: How to file an extension?
At M&A we make it easy. We’ll send you the extension form, fill it out and we’ll file it with the IRS. The best part is that it’s free of charge for our clients.
Q: Does filing for an extension stop the penalties from accruing interest?
The government expects you to pay what is owed by the first deadline. (See deadline dates here) and whatever amount is not paid will be accruing interest and penalties. The extension is an extension to file, not an extension to pay.
Q: How do I sign my tax return?
E-file signature is needed on the document 8879. The website does have a short “how to” video.
Q: I received a letter from the IRS, what do I do?
Send us a copy of the letter, front and back. We will have it evaluated from our IRS specialist and he will let you know if and how to take care of it. We are equipped to respond with a written notification. If it needs more escalation, we handle audits as well. Learn more here.
Q: What do I do if I misplaced or haven’t received a tax document from the IRS?
Q: What documents should I bring to my tax appointment?
- Form(s) W-2 (wages, etc.)
- Form(s) 1099 (interest, dividends, miscellaneous income, etc.)
- Schedule(s) K-1 (income/loss from partnerships, S corporations, etc.)
- Form(s) 1098 (mortgage interest) and property tax statements
- Brokerage statements from stock, bond or other investment transactions
- Closing statements pertaining to real estate transactions
- Any tax notices received from the IRS or other taxing authorities
- Profit & Loss statement per business or rental location. (Annual sums of expenses in categories)
- For a more complete list, read more here.
Q: Why is my previous years tax return needed if I’m a new client?
There is more than one reason to bring the prior year tax return. Helping to verify vital information is an easy one. Some information from last tax year affects this tax year. We are also very education focused. If we are able to see what tax situation you are coming from, we are better able to explain and show differences. We also use it as a template to help ensure things aren’t forgotten, if you had certain income or deductions last year – often you also have them this year too. Not all W2s and 1099s make it through the mail!
Q: How do I give you missing information needed by the tax advisor?
There are three different ways that you can submit your documentation to us. The documents can be uploaded to the portal, can be faxed or emailed to firstname.lastname@example.org.
Q: Who can I claim as a dependent?
A person can claim a Qualifying Child or Qualifying Relative as a dependent. There are tests used to confirm if someone is a qualifying child or relative, see below.
Must be the taxpayer’s child, stepchild, eligible foster child, brother, sister, stepbrother, stepsister, or a descendant of any of them.
Be under the age of 19 or a full-time student under age 24, or any age if totally and permanently disabled.
Lived with the taxpayer over half of the tax year.
Provided less than half of their own support.
Did not or will not file a joint return, unless only filed to claim a refund.
They cannot be a qualifying child of another taxpayer that has higher priority under the tie-breaker rule.
Cannot be the taxpayer’s or anyone else’s qualifying child.
Must either live with the taxpayer all year as a member of the household or be related to the taxpayer.
Have gross income of less than $4,150.
The taxpayer must provide over half of the person’s support for the tax year.
Q: How much should I withhold?
The answer to the question depends on several variables such as; total income, number and type of dependents, total deductions, and total credits. For the most accurate answer, please consult with a tax advisor. Learn more here.
Q: Do I have to pay taxes on my Social Security Benefits?
Social Security benefits are only taxable if your total income is above the amount ($25,000 Single/HOH – $32,000 MFJ).
Q: How do I access the client portal?
You can find a button at the very top of the website that will take you straight there. All you need to know is the email you provided to us and your password. We make it easy, so if you don’t seem to remember the password, just give us a call and we can reset it in a jiff.
Q: Is it necessary to fill out the client organizer that is downloaded on the portal prior to my appointment?
Yes, we do need the information completed in the organizer in preparation for your appointment. If you don’t have the chance to print out the organizer beforehand, please ensure that you are at the office 10-15 min prior to your appointment time to complete prior to the appointment.
Q: I need a copy of my tax return. How do I get it?
There’s 3 ways of doing that. We can send it to the portal and you can print it out. We can mail the return to you or you can come in office and pick up a copy. A small fee will be assessed if we have to print the return. You are also able to view your tax transcripts by following the instructions here.
Q: I need copies of my tax documents that were brought to the appointment. (W2s, 1099s, etc)
Call us at 281-440-6279 and we can upload them to the client portal for you to access.
Q: Where’s my refund?
Once we have filed the return, it is in the hands of the IRS. There are several ways that you can find out how long the wait will be by logging into the www.irs.gov website. The icon “where’s my refund” or download the app onto your phone. Just need the last four digits of your social and the exact amount that your return is. Learn more here.
Q: How long do I keep my tax records?
The IRS says you should hang onto your tax documents for three years; if you get audited, that’s generally the look-back period they’re allowed to cover. However, if they suspect fraud or underpayment of income tax, or if you’ve written off worthless securities, they can request up to seven years’ worth of tax records. Hang onto documents like receipts that justify deductions like business expenses, charitable donations and so on. Read more here.
Q: How do I speak to a live person from the IRS?
Q: What’s the difference between a tax credit and tax deduction?
Both tax credits and tax deductions can reduce the amount of tax you must pay. Deductions reduce the amount of income you pay taxes on, which in turn reduce your tax. Credits are a dollar-for-dollar reduction in the amount of tax you owe.
Q: What if I can’t afford to pay the tax I owe?
Q: Can I file Head of Household (HOH)?
Below is the criteria that must be met to file HOH.
The taxpayer cannot be married at the end of the tax year.
The taxpayer paid over half the cost of keeping up their home.
Their home was the principal residence of either the taxpayer’s qualifying child or a qualifying relative.
The taxpayer must be a U.S. citizen or resident for the entire tax year.
Q: Do I get a deduction for my student loan payments?
Yes. You are allowed up to $2,500 of interest paid on qualified education loans for college or vocational school expenses. The deduction is available for interest paid on behalf of the taxpayer, the taxpayer’s spouse, or the taxpayer’s dependent. The deduction is phased out when adjusted gross income is between ($65,000 and $80,000 Single/HOH – $135,000 and $165,000 MFJ). Read more here.
Q: What is an Enrolled Agent?
An EA or an enrolled agent is a federally licensed tax practitioner who has the right to represent taxpayers before the IRS. EAs prepare taxes, help with audits and tax appeals, advise, represent and prepare tax returns for people corporations, partnerships, estates, trusts and anyone else that is required to report to the IRS. Read more here.
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11555 Champion Forest Dr.
Houston, TX 77066
Phone: (281) 440-6279
Fax: (281) 716-6000
Building Relationships that Last Generations