Will the IRS answer tax questions?

Taxpayers may ask tax questions by calling the toll-free customer service line at 1-800-829-1040 for individual tax issues or 1-800-829-4933 for business-related tax issues . TTY/TDD users may call 1-800-829-4059 to ask tax questions or to order forms and publications.

What is the difference between a tax preparer and a tax advisor?

Unlike tax preparers, who primarily focus on preparing and filing tax returns, tax advisors offer strategic guidance to minimize tax liability and ensure adherence to all tax laws and regulations.

Is it worth going to a tax expert?

Hiring a tax professional to help with filing your return can take stress out of the process and ensure you don't make any errors . Tax preparers, especially enrolled agents or CPAs, can be expensive to employ. Those with more complex tax situations should consider hiring professional help.

What is the new IRS question that must be answered?

Everyone who files Forms 1040, 1040-SR, 1040-NR, 1041, 1065, 1120 and 1120-S must check one box answering either "Yes" or "No" to the digital asset question . The question must be answered by all taxpayers, not just by those who engaged in a transaction involving digital assets in 2023.

Who is best to answer tax questions?

The IRS helps taxpayers get forms and publications and answers a wide range of tax questions.

How much does a tax advisor cost in the US?

Generally, between $1,000 and $5,000 per annual tax filing . A startup that qualifies for various small business tax deductions and credits and that is issuing stock option grants may pay $4,000 to a small business tax advisor for tax preparation. Fee charged per hour of advice from a tax attorney.

What disqualifies you from a simple tax return?

Here are some scenarios where you won't qualify for a simple tax return: You're self-employed or a freelancer (1099 tax forms) You're a small business owner. You earn rental income.

Who is the best person to get tax advice from?

Certified public accountants : Use the CPA Verify tool or check with your state's board of accountancy. Tax attorney: Contact your state's bar association.

Is it better to file taxes yourself or by a professional?

Tackling the job yourself can save you money on tax preparation fees but it could end up costing you if you make a mistake. Hiring a professional may mean shelling out serious cash but it could be worth if you're able to lower your tax bill or fatten up your refund.

Which state in the USA is tax free?

Which Are the Tax-Free States? Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming are the only states that do not levy a state income tax. Note that Washington does levy a state capital gains tax on certain high earners.

How do I get help with tax problems with the IRS?

You can get in-person help at your local IRS Taxpayer Assistance Center (TAC) . Locate a Taxpayer Assistance Center near you. Check what services are available at that location, then call 844-545-5640 to schedule an appointment. IRS offices are closed on federal holidays.

How do I get the IRS to respond?

Otherwise, visit our TAS Qualifier Tool or call 1-877-777-4778 to see if we can help.

How do I speak to a live person at IRS?

Use Where's My Refund, call us at 800-829-1954 (toll-free) and use the automated system, or speak with a representative by calling 800-829-1040 (see telephone assistance for hours of operation). If you filed a married filing jointly return, you can't initiate a trace using the automated systems.

What can the IRS not touch?

The protected amount is the equivalent to the standard deduction, plus any deductions for personal exemptions. The IRS can't seize certain personal items, such as necessary schoolbooks, clothing, undelivered mail and certain amounts of furniture and household items .

Tax Filing Guides & Tax Preparation Services Reviews

It's tax season, and you're on the clock. You've got taxes to file and deadlines to hit. You've got forms upon forms, some of which you have on hand, others you're still waiting on. Where do you begin? How do you file? When is your paperwork even due?

No worries, we're here to help. We've put together a practical step-by-step guide to help you get started. By the end of this article, you'll be navigating your taxes like a pro.

When is the tax deadline in 2024?

The federal tax return deadline for 2024 is April 15. State tax return deadlines vary, so be sure to check these on your state government's website. Tax preparation websites like TurboTax often keep handy lists of up-to-date tax deadlines you can browse.

How do I get started with filing taxes?

If filing taxes seems complicated, well, you're not alone. The more financial pools you enter, the more complicated your taxes become. Some people hire professionals to help them. Some use tax preparation software, and others do their taxes by hand.

Here's a quick guide you can follow along to guide your process, no matter how you file. Follow along to better file taxes during the 2024 tax season.

Step 1: Get your documents ready

Tax season is the season of documents. Lots and lots of documents. You'll collect them at many points over the tax year. Employers send them. Banks and brokers send them. When you get documents, keep them somewhere safe. You'll want them on hand to file your taxes.

Where do you get tax forms?

Employers and institutions send you tax forms throughout the year. Forms used to be sent via snail mail; today, they're also sent via email. Unsure where yours come from? Check both your mailbox and inbox for important tax forms.

What is non-wage income?

Non-wage income is money you earn from alternatives to working part-time or full-time. Contract and freelance work qualifies as non-wage income. Money earned from savings account interest or dividend payments also qualifies as non-wage income.

There may be other forms sent to you by employers or companies you've done business with or made payments to. Keep this paperwork handy. You won't need to submit most of it to the IRS (Internal Revenue Service), but having it in one place will make completing your tax return much simpler.

Step 2: Pick how to file

You can file federal taxes directly through the IRS for free or pay for guidance. Many taxpayers opt to file with tax-filing software or with the aid of tax professionals. Some choose both.

There are pros and cons to each option.

File directly through the IRS

You can file your federal taxes via the IRS website. Qualified taxpayers can file via a guided tax preparation software called IRS Free File. As of 2024, you must earn less than $73,000 in income to use IRS Free File.

If you don't qualify for IRS Free File, you can still file federal taxes for free. But you must do so with Free Fillable Forms, an online tax filing service that provides minimal guidance.

Filing through the IRS website is free of charge. Some states offer similar programs that make it easier to file state taxes. Check your state government's website for details.

File with tax preparation software

You can file your federal and state taxes via tax preparation software. It's typically easier to file this way than by doing your taxes manually. Fields are auto-filled, math is calculated for you, and you're guided through each step of the process.

Most tax filing software costs money. You may pay up to hundreds of dollars to file your taxes this way. But you could save hours. The best tax software helps you pay less taxes and earn the highest possible refund -- and at an affordable sticker price.

Hire a tax professional

Professional tax services range from straightforward filing to strategic long-term advice. Tax professionals can simplify filing by doing most of the work for you. Plus, they can help you shrink your tax bill, even when your documents get complicated.

Here are good reasons to consider hiring a tax professional:

You own a business. You may want specialized guidance.
You anticipate tax trouble. Tax professionals can represent you should you be hit with a tax audit, which is a government review of your taxes.
You have undergone major lifestyle changes. Marriage, divorce, kids, caring for elderly parents -- these can complicate taxes.

Some filers opt for some combination of the above. Tax preparation software companies let you easily hire tax professionals to double-check your tax returns for errors.

Step 3: Determine your deductions

Here comes the math: Determine your deductions and credits. Individuals and businesses can earn tax deductions and tax credits that reduce how much they owe the government.

There's a difference between deductions and credits. It boils down to timing: Subtract tax deductions from your income before calculating the taxes you owe. Subtract tax credits after calculating the taxes you owe.

Both are good for your wallet. When filing, you can opt for a standard deduction that reduces your taxable income by a flat amount. Or, you can itemize deductions manually. It's an important part of the filing process.

Step 4: Fill out necessary forms

Once you've determined your deductions, you can begin to fill out your tax forms. The main form for individual taxpayers is the 1040. You may need other forms to report self-employment tax or itemized deductions. Business owners may need to submit other forms.

Step 5: Review and submit

Double-check your forms. If you've just finished filling them out, consider setting them aside and returning to them the following day. That way, you can hunt for errors with fresh eyes.

Everything look clean? Congratulations! You're ready to submit your papers.

You can submit paperwork electronically or through the mail. If you've hired a tax professional, you may be able to have them submit your taxes for you. If you're using software, you can often submit directly through the website or app by clicking a button.

Step 6: Keep records

It's generally a good idea to keep tax records. If you are hit with an IRS audit (unlikely but possible), you may need these forms to make a case. Stick them in a folder, special inbox, or filing cabinet -- whatever you decide will keep it safe.

What happens after I file taxes?

After you file your taxes successfully, one of two things happens:

The IRS and/or state charges you taxes.
The IRS and/or state issues you a refund.

The government charges you taxes if you owe them. But in some cases, the government does the math and realizes you're owed a refund. In that case, you could receive money back.

When do I get my federal tax refund?

The IRS issues over 90% of refunds within 21 days of filing electronically. If you file by mail, it may take longer to receive your refund.

You can check your federal refund status on the IRS "Where's My Refund" website or the IRS2Go app. To check, you'll need the following:

Social Security number
Filing status
Estimated refund amount (exact number)

Payments are staggered. If a family member gets their refund first, don't panic -- this is normal. If you think there's been a problem with your return, you can call the IRS.

When do I get my state tax refund?

It may take days, weeks, or months to receive your refund. It varies by state. You typically receive your state refund separate from your federal refund, assuming you're owed both.

Additional tax information

What is capital gains tax?
What are the tax rules for 401(k) contributions?
How do taxes on investments work?
What taxes do you pay on retirement income?
What taxes do you pay on an inherited IRA?
Do you pay taxes when selling stocks?
How is cryptocurrency taxed?
How do I check the status of my tax refund?
Can I file for an extension on my taxes?
What is a tax shelter?
How to calculate property taxes
How to appeal property taxes

Tax Filing Guides & Tax Preparation Services Reviews | The Motley Fool (2024)