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Tax Return FAQ's

Can't Pay Taxes On Time?  Here Are Five Tips....

?IRS Tax Tip 2016-48 

The IRS urges you to file on time even if you can't pay what you owe. This saves you from potentially paying a penalty for a late filed return.

Click on the link here for Five Tips or on the one above for more information or call us with any questions.

When do I get too old to have to file a tax return?

Never. Filing requirements are based on age and income. So there is never a magic age where you don't have to file a return. It is always best to consult a tax professional to see if you need to file or if there is a credit you are entitled to but can only receive if you file. Remember state filing requirements are different than the federal and vary state to state.

I live in Indiana(OHio) etc, but work in Kentucky. How do I get all the local taxes back they took out of my pay?

You don't. You always pay local taxes where you work. State taxes should only be paid to the state you live in, for wages only, other types of property have different rules, but city taxes are always paid where you work. You may be able to get a credit for the other local taxes on your city or county tax return but you will not get a refund if you worked there.

I don't have to pay taxes on my Social Security after I reach 65.

False. The amount of your Social Security that is taxable is determined by the other income on your return, not your age. This is commonly confused with being penalized on your Social Security for the amount of income you earn. There is a limit on the amount of money you can make before reaching the full retirement age for Social Security( this is determined by the year you were born. It is not 65 anymore.) There is a $1 for every $2 penalty. Basically you have to pay back to Social Security $1 for every $2 you earn before full retirement age for earning more than $ 15120.00 or $1260 per month. Once you reach full retirement age you can earn any amount of income with no penalty but you may still pay taxes on a percentage of your Social Security when you file your return.

I pay for keeping up a home for myself so I am Head of Household.

False. You must have a dependent child or parent to file Head of Household. Maintaining a home for yourself, unfortunately does not qualify for IRS. A custodial parent can file Head of Household without a dependent on the return if the only reason is the non custodial parent is claiming the child due to divorce.

I got married in December so I am filing Single on my taxes.

Tax filing status is determined by your situation on the last day of the year. If you marry in December, you are married. You can file Married Filing Joint or Married Filing Separately, but you cannot file Single. In reverse, if you divorce in December you are single for the entire year for tax purposes. If you are legally unable to marry someone else you are married for tax purposes. Exceptions do apply for possible filing status of Head of Household but Single is not an option.

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Check the background of this financial professional on FINRA's BrokerCheck