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Common Tax Questions and Answers:

Q: What is capital gains?
AA capital gain is a profit that results from investments into a capital asset, such as stocks, bonds or real estate, which exceeds the purchase price. It is the difference between a higher selling price and a lower purchase price, resulting in a financial gain for the investor.[1]Conversely, a capital loss arises if the proceeds from the sale of a capital asset are less than the purchase price.

Q: What is a split refund?
A: A split refund lets you divide your refund, in any proportion you want, and direct deposit the funds in up to three different accounts with U.S. financial institutions.


Q: How do I know if I have to file quarterly individual estimated tax payments?
A: You must make estimated tax payments for the current tax year if both of the following apply:

You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.
You expect your withholding and credits to be less than the smaller of:
90% of the tax to be shown on your current year’s tax return, or
100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months.)


Q: Can I receive a tax refund if I am currently making payments under an installment agreement or payment plan for a prior year's federal taxes?
A: No. As a condition of your installment agreement, any refund due to you in a future year will be applied against the amount that you owe.

• The IRS will automatically apply the refund to the taxes owed.
• You must continue making your installment agreement payments as scheduled and in full because your refund is not applied toward your regular payment, and therefore any payments due under the installment agreement must still be made in full..
• Regardless of whether you are participating in an installment agreement or payment plan with the IRS, you may not get all of your refund if you owe certain past-due amounts, such as federal tax, state tax, a student loan, or child support. For more information you can contact Financial Management Service (FMS) toll-free at 800-304-3107.


Q: For head of household filing status, do you have to claim a child as a dependent to qualify?
A: In certain circumstances, you do not have to claim the child as a dependent to qualify for head of household filing status; for example, a custodial parent may be able to claim head of household filing status even if he or she released a claim to exemption for the child.



 $25 REFERRAL          FEE 

Expiration: NEVER!
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"NEW CLIENT"

Present this coupon to one of our tax preparers to receive $25 off our tax preparation fees. One coupon per household. WalkIns Welcome               "VALID FOR FIRST TIME CLIENT ONLY"

Discount ID: TPNJ2011



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Valid only for Tax Season 2011





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