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How many years can you claim refund on your taxes?

You have a maximum of three years to file an original or amended return to claim a refund. So if it is March 2016 you can file a return for 2014, 2013, & 2012, of course, you can file 2015. If it is May 2016, you can only file 2015, 2014, & 2013 to claim [...]

By |July 19th, 2016|Comments Off on How many years can you claim refund on your taxes?

What does it mean to itemize your tax return?

Itemizing means you itemize your deduction based on a few deductions you may pay throughout the year. Being able to itemize usually means you own a home, but there are special occasions when you can itemize if you rent or have other living agreements (i.e. having substantial employee business expenses from your job). The deductions that you [...]

By |July 14th, 2016|Comments Off on What does it mean to itemize your tax return?

Married Filing Joint vs Married Filing Separate

Usually, married couples will have the lowest tax liability if they file a joint income tax return, however, this is not always the case. If you marry in the prior year you MUST file either Married Filing Jointly (MFJ) or Married Filing Separately (MFS). Most likely you will file MFJ, but there are certain cases [...]

By |July 14th, 2016|Comments Off on Married Filing Joint vs Married Filing Separate