Commonly Asked Tax Questions for 2016
Having tons of questions about your annual tax filing is expected. In fact, we might be a little concerned if you didn’t have any questions. Tax matters are not to be taken lightly. The consequences for neglecting such responsibilities can be drastic—starting from getting audited, wage garnishment, to the extremes of jail time. Neither one of these consequences, or anything in between is something that any taxpayer would want to be burdened with. That’s why it’s always smart to ask as many questions about your tax filing as possible.
The more knowledge you have about the tax season, the better equipped you’ll be to properly managing your own taxes. This can make all the difference in whether or not you owe or get a refund from the government.
Here is a list of frequently asked questions about annual tax filings that might assist you for the 2016 season:
Who can I claim as a dependent?
Anyone living in your household who depends on you to support them, and is not filing as head of household may qualify as a dependent. That individual can be a qualifying child or relative, and not have anyone else claiming them. To learn more about what a “qualifying” child or relative is, read Who is Classified as Dependent on Tax Returns?
Can I write off moving expenses?
If you are moving because you started a new job and your employer requires you to relocate, you can certainly report this information on your taxes. If your employer is paying for your relocation expenses, you cannot write the expense off. Some employers may require you to pay for your moving expenses out-of-pocket, and then reimburse you later. If this is the case and your employer reimburses you before the tax year has concluded, you cannot write this expense off either because you employer will have already claimed that money.
If I’m searching for a job, can I file that on my taxes?
Absolutely! The expense it takes to produce resume copies along with toll charges and parking for interviews, and anything related to job searching can be filed on your annual taxes provided that you have legal documentation to support these expenses.
I just bought a home. How does this affect my annual filing?
Congratulations! Depending on the time of the year when you bought your home, it could make a small or big impact on your taxes. As a homeowner, you can write off the total amount of interest that you’ve paid on your home. As a new homeowner, if you purchased your property toward the end of the year, in most states, the previous homeowner will have claimed the majority of taxes for that year.
More Questions? We Can Answer Them!
There are hundreds of questions related to taxes, and the qualified professionals at Success Tax Relief has been in the business of resolving complicated tax problems for over 30 years. We have experience consulting with tax lawyers, Certified Professional Accounts (CPAs), tax preparers, and of course the Internal Revenue Service (IRS).
Schedule a consultation with us today at 877-825-1179, or ask us a question online. We’ll get back to you as soon as possible.