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Frequently Asked Questions

Get Answers to Your Tax Questions.

What paperwork do I need to provide for the tax return?

Get ready for tax filing preparation by gathering a few documents. Here is a list for your reference:

  • Your previous tax return (new client),

  • Social Security numbers and birthdates for those filing and their dependents,

  • W-2 forms from employers,

  • 1099 forms for interest, dividends, sales, retirement, Social Security, self employment, and unemployment,

  • Property tax statements,

  • Forms 1098 for mortgage interest,

  • Assets held outside of the United States,

  • Purchase and sale information,

  • Childcare provider information for the childcare credit (name, address, and social security number or employer identification number),

  • Bankruptcy or divorce papers (if applicable),

  • All other forms of income,

  • Student loan interest form 1098,

  • Form K-1 if you have an investment in a Partnership, S Corporation, Estate or Trust,

  • Records of estimated taxes paid,

  • Proof of donations greater than $300,

  • Health Insurance Marketplace form 1095-A (if applicable),

  • Cryptocurrency sales and earnings ledger (if applicable),

  • Routing numbers and account numbers for bank account(s) for direct deposit for tax refunds or paying balances due,

  • Out-of-pocket medical expenses (if large), and

  • Document showing sales tax paid for large purchases such as a vehicle, boat, or trailer.

Wondering if a document is applicable? Feel free to contact us to learn more.

Where is my refund?

Taxpayers usually receive a refund within 21 days. Check the status at https://www.irs.gov/refunds or via the IRS2Go app. You will need your social security number, filing status and exact refund amount to submit the inquiry. Wait to check until 24 hours after e-filing or 4 weeks after mailing a tax return.

Is the government rebate I received through the CARES Act considered income?

No, this is a rebate and it is not counted as taxable income for your 2020 tax filing. However, you will want to record the amount of the rebate because it will go on your tax forms in 2021.

How do I get an extension of time to file?

We can help you request an extension through e-filing the forms for your individual taxes or for your business or corporation. Remember, you still need to pay your taxes by the filing deadline (typically April 15). Extensions must be filed prior to the due date of your return. An extension provides up to six months to complete your tax filing.

Is there an age limit for claiming my child as a dependent?

According to the IRS, your child must be younger than 19 years old or be a "student" younger than 24 years old as of the end of the calendar year. There is not an age limit if your child is "permanently and totally disabled”.

Can I deduct home office expenses?

If you are self-employed, you can deduct your home office space. To qualify, the space must be exclusive to your home office. There are two calculation options. The new simplified option allows for a standard deduction of $5 per square foot of home used for business (maximum 300 square feet). Learn more about the home office deduction requirement and options: https://www.irs.gov/businesses/small-businesses-self-employed/home-office-deduction

What are the tax implications for withdrawing from my 401(k) before retirement?

A 401(k) account is intended for retirement and can be withdrawn after 59-1/2. However, you can withdraw money if you can show a hardship. Plan administrators can grant withdrawal for tuition, medical bills, prevention of foreclosure or purchase of principal residence. You will need to pay a 10 percent early withdrawal penalty plus federal and state taxes. You may also consider a loan against the funds, but you will need to pay it back within 5 years.

How do I submit my tax documents to SecurEdge Tax Strategies via ShareFile?

Log in to ShareFile via your email and password. Once you have accessed your ShareFile account, click on the Shared Folders button on the dashboard. Next, select the folder with your name. Then, you can drag files into the folder or select the browse button to obtain the files from your computer. Once you have a file in the folder, you can add more files by selecting the blue plus button to upload more documents or create a note. Also, check the box to be notified when a file, such as your completed tax return, is uploaded to your folder.

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