The Answers You Need

FREQUENTLY ASKED QUESTIONS

Frequently Asked Questions 

What paperwork do I need to file my taxes?

Below is a list of documents to bring with you to your tax interview.


PERSONAL INFORMATION:

  • Full Legal Name

  • Date of Birth

  • Social Security Card /ITIN/ATIN

  • Last Year’s Tax Return(s)

  • Valid Driver’s License

 

INCOME AND TAX INFORMATION:

  • W-2’s

  • Interest (1099-INT or substitute)

  • Dividend Slips (1099-DIV or substitute)

  • Stock Sales (1099-B or Broker Statement)

  • Self-Employment Income and Expenses

  • Sale of a Personal Residence

  • Rental Income and Expenses

  • Sale of any Business Assets

  • Gambling or Lottery Winnings (W-2G for some winnings)

  • State Income Tax Refund (1099-G)

  • Pension Income (1099-R)

  • Estimated Taxes Paid

  • Social Security or Railroad Retirement (SSA-1099 or RRB-1099)

  • IRA or 401(k) Distribution (1099-R)

  • Unemployment Compensation (1099-G)

  • Miscellaneous Income (1099-MISC)

 

DEDUCTIONS/ADJUSTMENTS:

  • Medical Expenses

  • Real Estate or Personal Property Taxes

  • Mortgage Interest

  • Charitable Contributions (cash and non-cash)

  • Employee Business Expenses

  • Gambling Losses

  • Moving Expenses

  • Traditional IRA Contributions

  • Higher Education Expenses

  • Educator Expenses

  • Student Loan Interest

 

TAX CREDITS:

  • Child Care Provider/Address and Employer Identification Number (EIN) or Social Security Number (SSN)

  • Adoption Expenses

  • Retirement Savings Contributions Credit

Can I save more in taxes by filing a separate return instead of jointly with my spouse?

You sometimes may benefit from filing separately instead of jointly. Consider filing separately if you meet the following criteria: One spouse has large medical expenses, miscellaneous itemized deductions, or casualty losses. The spouses' incomes are about equal. Separate filing may benefit such couples because the adjusted gross income "floors" for taking the listed deductions will be computed separately.

When is the deadline to file taxes?

The standing deadline for personal taxes is April 15. However, sometimes that date falls on a weekend or after Emancipation Day (a holiday in DC) and pushes the deadline to as late as April 18. Due to the pandemic, there has been exceptions to this rule. Please consult with  us directly so we can guide you correctly.

Is there a penalty for filing my taxes after the deadline?

Yes, you can opt to pay your tax liability through an installment plan. In addition to paying taxes through an installment payment plan, there may be other options such as the Offer in Compromise (OIC). Under an OIC agreement, the IRS may agree to settle the taxpayer’s liability for less than the full amount of taxes owed. The IRS is not likely to approve an OIC if there’s evidence that the taxpayer could pay the full amount through an installment payment plan or another method. A taxpayer can request consideration for an OIC by filling out Form 656, Offer in Compromise, or Form 656L, Offer in Compromise (Doubt as to Liability), and mail the application package to the IRS. Please consult with  us directly so we can guide you correctly.

Why should I file my taxes electronically?

The main reason for filing taxes electronically (e-filing) is to get your refund faster. Twenty-four hours after sending your tax return, the IRS will send you a confirmation of receipt or a rejection notice. Generally, e-filing is safer and faster than filing on paper.

How can I check the status of my refund?

After you have filed, the 'Where’s My Refund?' tool on the IRS website provides the most up-to-date information regarding the status of your refund. This tool is updated every 24 hours. Click here for more information on Where's My Refund.

Why should I choose The Peoples Income Tax to prepare my taxes?

Nearly half of all American taxpayers overpay the IRS! Don't make that same mistake or overlook deductions year after year that could get you back thousands? TPIT tax professionals work tirelessly to examine each customer's tax situation to get every deduction, credit, and tax advantage possible. We guarantee accuracy combined with excellent customer service!

Does The Peoples Income Tax offer franchise opportunities?

Ready to find out more about opportunities with the fastest-growing tax company in the industry? We're building the number one franchise team in the tax industry! Call (800) 869-5173 to find out more.