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  • States Without Taxes
    Alaska Florida Nevada New Hampshire (No tax on wages/salaries but taxes interest & dividends) South Dakota Tennessee (No tax on wages/salaries but taxes interest & dividends, though this was phased out in 2021) Texas Washington (No tax on wages/salaries but has a capital gains tax) Wyoming
  • What is form 3115?
    This form allows you to claim missed depreciation.
  • What is 1099 SSA?
    1099 SSA shows how much you used from your HSA. Box 3- Normal Distribution Excess Contribution Disability Death other than code 6 Prohibited transaction Death after year oof death
  • What are the different types of interest?
    Nominee Interest- some or all of the interest belongs to someone (child, spouse, ect.) else but was report under your social security. Accured Interest- you purchased a bond between interest payment dates and had to pay some up front interest for the days you didn't own the bond. This means that part of the interest payment your are reporting actually went to someone else probably the previous owner of the bond. You'll need to subtract the amount that went to someone else. Original Issue Discount- you've reported some of this interest income in an earlier year as original issue discount income. Amortization of Bond Premium U.S. Savings Bond Interest
  • What is form Schedule D?
    Schedule D (Form 1040) is used to report capital gains and losses from the sale or exchange of capital assets, such as: Stocks, bonds, and mutual funds Real estate (not used for business or rental purposes) Business assets (if not reported on another form) Cryptocurrency transactions Other capital assets (such as collectibles)
  • What is form Schedule E?
    Schedule E (Form 1040) is a tax form used by individuals to report supplemental income or loss from certain types of income sources, including: Rental real estate income (from properties you own and rent out) Royalties (from copyrights, patents, oil, gas, or mineral properties) Partnerships and S corporations (if you are a partner or shareholder) Estates and trusts (if you receive income from these) Real estate mortgage investment conduits (REMICs) (used mainly by investors)
  • What is form 1098 T?
    Form 1098-T is a Tuition Statement issued by eligible educational institutions to students who paid for qualified tuition and related expenses. It is used to determine eligibility for education tax credits like: American Opportunity Credit (AOTC) Lifetime Learning Credit (LLC) Key Parts of Form 1098-T: Box 1: Total qualified tuition and related expenses paid during the year. Box 2: (No longer used) Previously reported billed amounts instead of paid amounts. Box 3: Indicates a change in reporting methods (not common). Box 4: Adjustments for a prior year's payments, which may affect tax credits. Box 5: Scholarships and grants received, which reduce eligible expenses. Box 6: Adjustments to prior-year scholarships or grants. Box 7: Indicates if payments were made for an academic period beginning in the first quarter of the next year. Box 8: Indicates if the student was enrolled at least half-time (important for AOTC eligibility). Box 9: Indicates if the student was enrolled in a graduate program. Box 10: Shows reimbursements/refunds from an insurance contract (rarely used). How It Affects Taxes: AOTC: Offers a maximum credit of $2,500 per eligible student (40% refundable). LLC: Offers a credit of 20% on up to $10,000 in expenses (max $2,000, non-refundable). Tax-Free Scholarships: Amounts in Box 5 may reduce your tax credit eligibility.
  • HSA
    To get an HSA, you must have been coved by a High Deductible Health Plan (HDHP) first. To make sure you were, use one of these to check: You health documents Insurance Cards Healthcare Insurance Provider or if you are still on the health plan as when you got your HSA or if your 2024 health insurance plan had one of the following: Individual Coverage: A minimum deductible of $1,600 and out-of-pocket maximum of $8,050 for in-network providers. OR Family Coverage: A minimum deductible of $3,200 and out-of-pocket maximum of $16,100 for in-network providers. Overfunding HSA (Excess Contributions) If your contributions were overfunded in the previous year than it may effect you current tax return. For instance if your contributions were overfunded in 2023 then they may affect your 2024 return that is being file in 2025. To find this out, check Form 5329, line 48. If you see an amount on this line, it means it was overfunded.
  • Standard Deduction vs Itemizing
    Federal and State do not have to be the same. You can take the Standard in Federal and Itemize the state.
  • Couldn't find your question?
    Click our chat box and a live representative will help. Thank you for reaching out.
  • What is the difference between your registered agent service and your virtual address?
    Registered Agent Legal Requirements: In many jurisdictions, business are required to designate a registered agent. This agent must have a physical address in the state where the business is registered and be available during normal business hours to receive legal and tax documents on behalf of a business and contacting the correct personnel and by forwarding these document to the business promptly and securely. Compliance: Serving as a registered agent helps ensure the business remains compliant with state regulations, as failing to have a registered agent can lead to penalties or administration dissolution. Virtual Address Business Mailing Address: A virtual address provides businesses with a physical street address that can be used for business correspondence and mail handling. Business Image: It can enhance the professional image of a business, especially for remote business, startups, or small businesses that may not have a physical office space.
  • How long does it take to receive my refund after filing?
    If you are expecting a refund, the IRS could take up to 3 weeks (21 calendar days) to process and issue a refund for returns filed electronically and 4 weeks (28 calendar days) or more to process and issue a refund for mailed returns.
  • How long does it take to receive my refund after filing an amended return?
    If you are expecting a refund, the IRS usually takes up to 8-12 weeks (56-84 calendar days) but could take up to 16 weeks (112 calendar days) to process and issue a refund for all amended returns.
  • Where can I check on the status of my refund?
    You can check the status of your refund on the IRS website https://sa.www4.irs.gov/wmr/. Be sure all the requested information is correct.
  • What is the deadline for filing my taxes?
    The deadline for filing your taxes this year is April 15, 2024.
  • Can I file my taxes with my last paystub.
    No, we cannot file your return using your last pay-stub because it is not an accurate statement for your annual earnings. Filing an inaccurate return could delay processing, possibly cause an alteration to credits and deduction listed on your return if any, and cause you to have to file an amended return.
  • What is a Fast Cash Advance Loan?
    A Fast Cash Advance offers you an advance loan against your expected tax refund. It can range from $500- $7000 and will be provided by First Century Bank (member of FDIC). These loans are given until your tax refund is processed. Once processed, the loan will be deducted from that refund along with interest for the loan and additional fees that may be attached to the loan. There are no charges if you are denied. Denial letters will be sent to taxpayers along with an Adverse Action Notice which provides specifics about denial if your loan application was denied. Fast Cash Advance loans are based on: Your estimated refund amount Whether you meet the eligibility criteria and underwriting standards Process for Fast Cash Advance Loan The IRS will acknowledge your return. First Century Bank will email you and let you know they received your application and in that email, There will be an opt-in button for you to receive your loan decision electronically. Cash Advance application will be reviewed and going through underwriting within 24 hours of IRS acknowledgment. You will receive another email saying whether you were approved or denied. You can check the status of your loan application at: http://taxpayer.sbtpg.com/ Your fast cash advance will be issued within 48-72 hours to your chosen payment method listed on your return.
  • What is the Green Dot Card?
    The Greed Dot Card is a prepaid debit card that comes from Green Dot Bank (member of FDIC also known as GO2bank, GoBank, and Bonneville Bank. The Card offers: Pay up to 2 days early Free to add cash Free to send money Free direct deposit Direct deposit notification ATM withdrawal= $3.00, first withdrawal free ATM balance inquiry= 0.50 Cash reload at their nationwide facilities= $5.95 International transaction= 3% Card replacement= $5.00 Card replacement expedited= $15.00 Paper checks $5.95 for a pack of 12 Monetary incentive if tax refund is deposited on card by by 05/31/2024 (date subject to change).
  • What states do you service?
    For our registered agent service, we only cover Kentucky but we do have nationwide tax and virtual mailing address services.
  • What is a registered agent?
    A registered agent is a business or individual designated to receive mail on behalf of a business. It is especially useful when a business entity is a party of a legal action such as lawsuit or summons.
  • How to get started?
    We would love to have your business. Our fee structure is simple. Please fill out our Registration Form and a representative will reach out to right away. Once the form has been completed and a payment of $65.00 has been made, service will start right away. It is your responsibility to update your registered agent with federal and state authorities and your mailing address to our location.
  • What do we do with your mail once it’s delivered?
    We store your mail in a secured file cabinet that contains a section specifically for your company. All mail is kept confidential. When picked up, we require a form of Identification, and a company badge that must match one of the names listed for “approved pick-up person” on our registration form filled out by you.
  • What is our cancellation policy?
    We sure would hate to let you go and would love to address any questions or concerns you may have! You can cancel our registered agent service at anytime and day free of charge!
  • How do I get started?
    Our fee structure is simple. Please fill out our Registration Form and a representative will reach out to right away. Once the form has been completed and a payment of $10.00 has been made, service will start right away. It is your responsibility to update your mailing address to our location.
  • What is your virtual mailing address service?
    Our virtual mailing address service allows you to use our business address as you business mailing location, giving your business a physical presence.
  • Is the the virtual mailing address service nationwide?
    Yes, our virtual mailing address service is nationwide.
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