Confused about your taxes? Below you’ll find some of the questions we get asked the most about tax preparation.
What is the age limit for claiming my child as a dependent?
To claim your child as a dependent, he or she must be younger than 19 years old, be a student younger than 24 years old, or be permanently or totally disabled. Additionally, your child must claim dependent status on his or her tax return.
If I share custody of my child, for whom I pay child support for, with my former spouse, can I claim him or her on my tax return?
You cannot claim your child in your tax return if he or she lives with you less than half of the year unless the custodial parent has signed a Form 8332. However, if you can claim the tax return if you provide more than half of their living expenses for at least six months of the tax year.
How can I notify the IRS that I’ve changed my mailing address?
There are several ways for you to inform the IRS that your mailing address has changed. You can fill out and submit Form 8822 (or Form 8822-B if you have a business), use your new address when you file this year’s taxes, or through a written statement or oral notification.
What should I do if I made a mistake on my federal tax return that I have already filed?
Your action should be guided by the type of mistake you made. Most mathematical errors are caught and corrected by the IRS when they process your tax return so in most cases no further action will be required of you. If the nature of the mistake is regarding your income, deductions, or credits, you should file an amended return using Form 1040X.
What items can be excluded from gift taxes?
While the majority of gifts are taxable, there are some exceptions such as gifts that are not more than the annual exclusion for the calendar year, gifts from your spouse, gifts to a political organization, and tuition or medical expenses you pay for someone else.