FAQS
Tax advice contained herein was not written to be used and cannot be used for the purpose of avoiding payment of taxes or for avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions. All information provided is for illustrative purposes only. You should contact your accountant, tax preparer or tax attorney for advice or information specific to your situation. This information is not to be used as a directive.
How do I know if my tax preparer is an IRS authorized e-file provider?
What should I do if there is an error on my return after it was filed?
How do I know if I prepared my tax returns correctly?
Do I need life insurance?
How do I know if I need tax advice throughout the year?
What are some of the tax breaks I may qualify for?
Getting ready for tax season is a pain. How do I know which records I need? |
Q: How do I know if my tax preparer is an IRS authorized e-file provider?
A: Cut and paste the following web address in your browser bar. Then type in the tax preparer’s zip code.
http://www.irs.gov/efile/article/0,,id=118449,00.html
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Q: What should I do if there is an error on my return after it was filed?
A: Although the IRS usually corrects math errors or requests missing forms, you may have to file an amended return. Use form 1040X, Amended U.S. Individual Income Tax Return, to correct a previously filed return. Do not mail more than one year’s amended return in one envelope. If the change involves another schedule or form, attach it to the 1040X. |
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Q: How do I know if I prepared my tax returns correctly?
A: Mail us a copy of the tax return in question along with a phone number or email address and a tax professional will contact you. Barone & Associates will review your return for free if your information is received June through December. |
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Q: Do I need life insurance?
A: Life insurance can be an integral part of your financial and estate plan. If any of the following situations apply to you, call us today for additional information:
Replaces Income: If anyone depends on your income, life insurance can replace income if something happened to you. This is particularly important if you have children, a business partner or if you are married or have a life partner.
Pays final expenses: Life insurance can pay end of life expenses such as funeral costs, debts and other estate administration costs.
Create an inheritance for your heirs: Even if you have no other assets to pass along, you can create an inheritance by buying life insurance.
Pay taxes: Life insurance benefits can be used to pay estate taxes so your heirs will not have to liquidtae other assets in order to pay taxes that may be due.
Tax Tip: Generally, life insurance proceeds are not taxable.
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Q: How do I know if I need tax advice throughout the year?
A: If you are not sure which is a better choice for you, a Roth IRA or a deductible IRA, or if your investments are best positioned for maximum gain with minimum tax impact or if paying off your mortgage early makes sense, then you need tax planning advice. |
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Q: What are some of the tax breaks I may qualify for?
A: To name a few - ROTH, IRA, Tax-Deductible IRA, Child Tax Credit, Child Care Credit, Earned Income Credit, Education Expenses, Flexible Spending Account, Personal Residence Gain Exclusion, Home Office Deduction, or SEP/SIMPLE Retirement Plans.
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Q: Getting ready for tax season is a pain. How do I know which records I need?
A: Most tax preparers send their clients a tax organizer which highlights what you need to put together. This really helps in getting your records together to deliver to your tax preparer. We recommend that clients maintain a tax folder for the entire year, using the categories listed in the previous year’s tax organizer to organize their files. This eliminates losing needed documents to support your claims for deduction and makes tax season easier for both of us!
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