Frequently Asked Questions tax help tax return preparation

Please reach us at taxworldafs@gmail.com if you cannot find an answer to your question.

When will I get my refund?

According to the IRS, most refunds are issued within 21 days for taxpayers who e-filed and who are having their refund directly deposited. Refunds take six weeks or longer if you submitted paper returns. Claiming certain credits or deductions might delay your refund. You can check the status of your refund on the IRS “Where’s My Refund” website. '

Can I file my amended return electronically ?

Yes. If you need to amend your 2019, 2020 or 2021 Forms 1040 or 1040-SR you can now file Form 1040-X, Amended U.S. Individual Income Tax Return electronically using available tax software products.

, amended Form 1040-NR and amended Form 1040-SS/PR can now be filed electronically for tax year 2021

If my child was born on December 31st, can I claim my child as a dependent on my tax return?

Yes, if your child was born alive during the year and the tests for claiming your child as a dependent are met, you may claim her as a dependent. You may also be entitled to claim:

The child tax credit (CTC) and/or additional child tax credit (ACTC)
Head of household filing status
The earned income credit (EIC)

When is the deadline to file taxes?

Usually, the filing deadline is on or around April 15, though if the 15th falls on a weekend or holiday the deadline can be bumped to the next business day.

Credits you may be eligible for :

The earned income tax credit provides a credit for lower-income Americans. The IRS EITC Assistant can help you determine if you qualify.
The child tax credit provides a credit of up to $2,000 per qualifying child. As much as $1,400 of this credit is refundable. Eligibility begins phasing out at $200,000 in income for single filers and $400,000 in income for married couples filing jointly.
The child and dependent care tax credit is valued at 20%–35% of the costs of allowable care expenses, up to $3,000 in expenses for the care of one qualifying person. A taxpayer caring for two or more dependents could claim a maximum credit of $6,000.
The American opportunity tax credit provides a maximum credit of $2,500 for qualifying educational expenses paid for eligible students. The credit is available only for tuition paid for the first four years of post-secondary education and there are income limits.
The lifetime learning credit provides a maximum credit of $2,000 per year for postsecondary educational costs. There are also income limits, and the credit is worth only 20% of qualifying expenses, up to a $10,000 maximum.

Depending on your situation, there are probably other deductions and credits you can claim.

TAXWORLD ACCOUNTING & FINANCIAL SERVICES LLC

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Frequently Asked Questions tax help tax return preparation

TAXWORLD ACCOUNTING & FINANCIAL SERVICES LLC

FINANCIAL FREEDOM

Frequently Asked Questions tax help tax return preparation

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