Frequently Asked Questions

Frequently Asked Questions

Can I deposit my refund into multiple accounts?

Yes. Just provide the account number and routing number of the financial institution you wish to have your refund deposited into.

How long will my refund take?

Refunds can take between 7- 21 days to process, but most are done between 7-14.

Will the Affordable Health Care Laws affect my previous year returns?

No they are only applicable for the 2014 tax year and later.

For 2014, the annual payment amount is:

The greater of:

1 percent of your household income that is above the tax return filing threshold for your filing status, or

Your family’s flat dollar amount, which is $95 per adult and $47.50 per child, limited to a family maximum of $285.

Can I deduct home office expenses?

Regardless of the method chosen, there are two basic requirements for your home to qualify as a deduction:

1. Regular and Exclusive Use.
You must regularly use part of your home exclusively for conducting business. For example, if you use an extra room to run your business, you can take a home office deduction for that extra room.

2. Principal Place of Your Business.
You must show that you use your home as your principal place of business. If you conduct business at a location outside of your home, but also use your home substantially and regularly to conduct business, you may qualify for a home office deduction. For example, if you have in-person meetings with patients, clients, or customers in your home in the normal course of your business, even though you also carry on business at another location, you can deduct your expenses for the part of your home used exclusively and regularly for business. You can deduct expenses for a separate free-standing structure, such as a studio, garage, or barn, if you use it exclusively and regularly for your business. The structure does not have to be your principal place of business or the only place where you meet patients, clients, or customers.

Generally, deductions for a home office are based on the percentage of your home devoted to business use. So, if you use a whole room or part of a room for conducting your business, you need to figure out the percentage of your home devoted to your business activities.

What are qualifying education expenses?

Qualified expenses are amounts paid for tuition, fees and other related expense for an eligible student that are required for enrollment or attendance at an eligible educational institution. You must pay the expenses for an academic period* that starts during the tax year or the first three months of the next tax year.

Eligible expenses also include student activity fees you are required to pay to enroll or attend the school. For example, an activity fee that all students are required to pay to fund all on-campus student organizations and activities.

Am I eligible to claim the Child and Dependent Care Credit?

Your dependent qualifying child who is under age 13 when the care is provided,

Your spouse who is physically or mentally incapable of self-care and who has the same principal place of abode as you for more than half of the year, or

Your dependent who is physically or mentally incapable of self-care, and who has the same principal place of abode as you for more than half of the year. For this purpose, whether an individual is your dependent is determined without regard to the individual’s gross income, whether the individual files a joint return, or whether you are a dependent of another taxpayer.

You may be able to claim the child and dependent care credit if you paid work-related expenses for the care of a qualifying individual. The credit is generally a percentage of the amount of work-related expenses you paid to a care provider for the care of a qualifying individual. The percentage depends on your adjusted gross income. Work-related expenses qualifying for the credit are those paid for the care of a qualifying individual to enable you to work or actively look for work.

What is the Earned Income Credit (EIC) and am I eligible to claim it?

To qualify for EITC you must have earned income from employment, self-employment or another source and meet certain rules. You must either meet the rules for workers without a qualifying child or have a child that meets all the qualifying child rules for you.

You need to file a tax return to claim EITC. Find out how—documents you need, common errors to watch for, the consequences of filing an EITC return with an error, how to get help preparing your return and more.

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Who can I claim as a dependent?

Claiming someone as your dependent may significantly reduce the tax liability on your federal tax return. You may be entitled to a $3,950 exemption per dependent and a Child Tax Credit of up to $1,000 per qualifying child under age 17. Claiming someone as a dependent may also affect your filing status. You may qualify for the Head of Household filing status or the Qualifying Widow(er) filing status if you have a dependent. Additionally, if you pay educational expenses for this person, claiming the person as a dependent may allow you take advantage of education credits, the tuition and fees deduction, or the student loan interest deduction. A dependent does not have to be your child. Dependents can include others who are either related to you, such as a parent, or who have lived with you during the entire year as a member of your household.

Qualifying Child Rules

Qualifying Relative Rules

How long will it take me to receive my refund?

Tax refunds can take as long as 21 days to process but most are done between 7-14 days.

Is there an age limit on claiming my child as a dependent?

Typically the child must be younger than you and younger than 19 years of age. If the child is a student the child must be younger than 24. There is no limit on children who meet the qualifying relative test.

Can I have my refund deposited into more than one account?

Yes. Just bring they account number and routing number of the financial institution you wish to have your refund deposited into.

Can I have my fee deducted from my refund?

Yes, but an additional $35 charged will be accessed to your fee.