Here is a list of common questions that our clients ask us. If you need more information don’t hesitate to get in touch with us.
If you mail in your tax return, you will typically receive your refund within six weeks from the date the IRS received your tax return. If your tax return is electronically filed, the refund will typically be issued within three weeks from the date the IRS acknowledges your tax return.
It depends on whether the student receives taxable income. Being a student does not automatically make you tax exempt. Keep in mind that if the student has additional Scholarship income after paying tuition and fees, that may be included in the students taxable income.
E-file means electronically filing your tax return. When we e-file your return, you can be sure the IRS receives your tax return quickly and if you are due a refund, you can receive it in as little as 10 days.
Generally, if social security benefits are your only source of income, then those benefits will not be taxable. Taxpayers do pay federal income taxes on a portion of their social security benefits if they have significant income in addition to their benefits.
The taxes on income can be finalized only on the completion of the previous year. However, to enable a regular flow of funds and for easing the process of collection of taxes, Income-tax Act has provisions for payment of taxes in advance during the year of earning itself or before completion of previous year.
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