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FAQs for Everyone
Individual Tax Preparation
Business Tax Preparation
Charitable Organization Tax Preparation
Tax Questions for Everyone
When can I make an appointment?
FMV Tax Professionals is open year round for tax consulting and tax services. We have flexible hours to accommodate your schedule. Please use the
Make an Appointment Link and indicate what day and time is the most convenient for you.
Where is your office?
FMV Tax Professionals has three offices. In Buffalo, we can meet in our office in the Electric Tower at 535 Washington St. Suite 101. In Hamburg our office is at 169 Main Street, and in East Aurora the office is 21 Grove. All visits are by appointment only. If that is not convenient for you we can schedule the appointment at an office closer to you.
Do we have to meet personally?
No. If you prefer you may mail, scan and email, or fax your documents to FMV Tax Professionals. Please make arrangements to do this by
contacting us.
What should I bring to my appointment?
For individuals please see the
Important Documents to Bring to your Tax Appointment or download our handy
What to bring to your Tax Appointment pdf checklist. Businesses should look at the Tax Returns for
Business page.
What if I haven't received some of my paperwork from banks or employers?
If you have not received your Form W-2 on time, you should ask your employer for it. If you do not receive it by February 15, call the IRS at 1-800-829-1040. If you think that you are missing other documentation, call the institution, many have a phone help line that can take care of your question immediately. Banks are not required to send a 1099 statement of income received if you earned less than $10, so you may not receive that. They are also not required to send you an interest statement if you PAID less than $600 in interest. This information can be acquired by using monthly statements if required.
What do I do if I receive a letter from the IRS?
If you receive a letter or notice from the IRS, it will explain the reason for the correspondence and provide instructions. Many of these letters and notices can be dealt with simply, without having to call or visit an IRS office.
Call FMV Tax Professionals as soon as your letter arrives and we will work with you to resolve any issues. FMV Tax Professionals is available all year round for tax support.
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Individual Tax Return Tax Questions
What will my tax return cost?
The cost of your tax return depends on the type and complexity of the return. The regular charge for a basic 1040 EZ return is $65; this includes the preparation of the appropriate state return and E-Filing. A basic 1040 return starts at $75, please
contact us to get a better idea of what your tax return will cost. FMV Tax Professionals prepares all Individual, Business and Charitable Organization returns.
Can you prepare a tax return from another state?
YES! FMV Tax Professionals prepares state tax forms for all states that require the filing of a tax return.
My Family status has changed.
If you increased in size: married, had a baby or adopted a baby; you may claim that new person as an exemption this year regardless of how late in the year this happened. If, unfortunately, your spouse or dependent passed away this year you may still claim the exemption for the entire year that they died. Sometimes a person may be your dependent who is not your child, special rules apply for these people who have joined your family to be claimed as dependents.
Contact FMV Tax Professionals for more help with this.
Where can I find forms so that I can file my own return?
Here is a list of some of the most comon forms you might need:
You may also go to IRS and NYS Tax Department to download the forms you need.
Why Should I file my tax return electronically?
- You will get your refund back faster
- You will know right away that your return is accepted by the IRS
- Fewer mistakes are made on electronically filed returns
- You save postage costs and the inconvenience of driving to the post office
- Your tax return is safe and secure with no chance that someone can access your confidential information
What is the direct deposit/withdrawal feature offered by the IRS and FMV Tax Professionals?
Direct deposit allows your refund to be deposited directly into a checking or savings account that you choose. This feature eliminates the possibility of your check being stolen from your mailbox, and allows you to receive your refund as soon as 10 days after you have filed.
Direct withdrawal allows you to choose the checking or savings account and the DATE you wish to have your amount due paid to the IRS. This eliminates the possibility of forgetting to pay your balance due on time and accruing additional interest.
Do you offer Rapid Refund Loans (RAL)?
FMV Tax Professionals does NOT offer RALs. Firms that do offer these loans charge very high fees to their clients for the very small benefit of saving 7 days of wait time for your refund.
What if I have a Balance Due?
Although FMV Tax Professionals will e-file your return in a timely manner, your balance due need not be paid until April 15
th (or the extended date due to holidays). You may choose to pay by check with a voucher supplied by FMV Tax Professionals or have the funds automatically withdrawn from your savings or checking account on the date you determine. You may also pay by credit card using one of the
IRS Preferred Credit Card Payers. There is a charge for their service.
What are Residential Energy Credits?
If you made energy saving improvements to your home located in the US in 2011you may be able to take a residential energy credit. Qualified energy efficiency improvements to your main home include insulation material designed to reduce heat loss or gain, exterior windows and doors, metal roofs and some efficient water heaters and furnaces.
How do I know if I have to file a tax return?
If you have earned income of more than $9,750 if you are Single, $12,500 if you are Head of Household or $19,500 if you are Married Filing Jointly you most likely will have to file a tax return.
Even if you do not have to file, you should file a federal income tax return to get money back if any of the following apply:
- You had income tax withheld from your pay.
- You qualify for the earned income credit.
- You qualify for the additional child tax credit.
- You qualify for the making work pay credit.
Does a dependent student have to file an income tax return?
In general if you are an unmarried dependent, you must file a tax return if your earned income is more than $5,950 and/or unearned income exceeds $950. For more specific information please
Ask a Tax Question.
Do I have to pay taxes on my social security benefits?
You may have to pay taxes on some of your social security benefits if you have more than $25,000 in income for a single person or $32,000 for couples who are married filing jointly.
What is the 2012 Federal Standard Deduction for people (under 65) who do not itemize?
Single or Married Filing Separately …………………….. $5,950
Married Filing Jointly ……………………………………. $11,900
Head of Household ………………………………………. $8,700
Standard deductions are higher for people who are over 65 and/or are blind.
What is the federal exemption for 2012?
The IRS allows a personal exemption of $3,800 for each taxpayer and each dependent.
How can I check on the status of my individual federal refund?
The fastest, easiest way to find out about your current year refund is to go to the
Where’s My Refund? tool on the
IRS website. Be sure to have a copy of your current tax return available because you will need to know your social security number shown on your return, the filing status and the exact whole dollar amount of your refund.
Where’s My Refund? will usually have information about your refund 72 hours after the IRS acknowledges receipt of your e-filed return, or three to four weeks after mailing a paper return. Check back weekly, on Wednesdays, for any updates to your refund information.
Will I receive a tax refund if I am currently making payments under an installment agreement or payment plan for a prior year’s federal taxes?
No. As a condition of your installment agreement, any refund due to you in a future year will be applied against the amount that you owe. If the refund is more than the outstanding amount due, the remainder will be refunded to you.
How much may I contribute to my company’s 401(k) or 403(b) plan?
- The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $16,500 to $17,000.
- The catch-up contribution limit for those aged 50 and over remains unchanged at $5,500.
How much may I contribute to my IRA?
For both Traditional and Roth IRAs the general limit is the lessor of $5,000 (or $6,000 for people over 50) or your earned income. These amounts are phased out if you are covered by a workplace retirement plan and have higher modified adjusted incomes.
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Business Tax Preparation Tax Questions
I don't know which tax form to file for my business.
The tax return you must file depends on how you set up your business. Most businesses are sole propriorships or LLCs and those will file a Schedule C within the owner’s Form 1040. A partnership or LLP will first prepare a Partnership Form 1065 and then provide each partner with the information required for them to include in their 1040. If your buisness is Incorporated a Form 1020 or 1020 S is required.
What Income and Expenses do I need to bring to my appointment?
Each business is different and has unique income and expenses, the information found on the Tax Returns for
Business page will give you a general idea of what you should be keeping track of. A sample spreadsheet is available when you
contact FMV Tax Professionals.
Should I claim my vehicle mileage or actual expenses?
You have the option of either using mileage driven during the course of your business or actual expenses of operating your vehicle. FMV Tax Professionals will work with you to determine the best option for you. In both cases you will need to provide the year, make and model if your vehicle and when you began using it for business purposes. Parking and tolls are computed separately for both options.
- If you choose to use the mileage option you should keep an accurate calendar of every trip that you make that is business related. Don’t forget those trips to the post office, to purchase supplies or meeting with potential clients, every mile that you drive related to business should be counted.
- If you choose to use the actual vehicle expenses option you must save all receipts from gas, maintenance, auto repair and insurance. You will need to provide the purchase price of your vehicle and the percentage that it is driven for your business.
What is depreciation?
Depreciation is an income tax deduction that allows a taxpayer to recover the cost or other basis of certain property over a period of years. It is an annual allowance for the wear and tear, deterioration, or obsolescence of the property. In order for a taxpayer to be allowed a depreciation deduction for a property, the property must meet all the certain requirements.
What if I need refund information about a Business Tax Return?
For refund information on federal tax returns other than U.S. Individual Income Tax (Forms 1040, 1040A, and 1040EZ) please call the IRS, toll free, at 800-829-4933. From outside the U.S., call 267-941-1000. TTY/TDD: 800-829-4059.
Does my business need to collect and file New York State sales taxes?
Please refer to
Publication 750 created by NYS department of taxation to help you determine if you need to collect and pay NYS sales taxes. The list of taxable goods and services begins on page 16. If you own a construction or repair business
Publication 862 is very useful.
Does FMV Tax Professionals do payroll tax reporting?
At this time FMV Tax does not work with payroll taxes. We can refer you to some firms who do if you are interested.
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Not for Profit Tax Preparation Tax Questions
Our Organization has lost its tax exempt status, what do we do now?
You must
apply to the IRS for reinstatement of your tax exempt status by filing a Form 1023 showing that you continue to perform activities that are eligible for tax exempt status. FMV Tax Professionals can help your organization reapply for tax exempt status. Please
call or email for a free consultation, we can help you begin the process to get your status reinstated immediately.
Why did our organization lose its tax exempt status?
In June 2010 the IRS began notifying organizations that their Tax Exempt Status had been revoked. All organizations who did not file the required 990 (990-N or 990-EZ) for three consecutive years had their status automatically revoked.
What is a Form 990?
Form 990-N, 990-EZ or 990 is the annual report that the IRS requires most charitable organizations to file an in order to document and maintain tax exempt status. In addition most not for profit organizations must also file a Char 500 with New York State.
Why must I file a form 990?
If your organization’s 990 (990-EZ or 990-N) is not filed, the IRS will revoke your tax exempt status. In addition, some members of the public rely on Form 990 or Form 990-EZ as their primary or sole source of information about a particular organization. How the public perceives your organization in such cases can be determined by information presented on your return. Therefore, the return must be complete, accurate, and fully describe your organization’s programs and accomplishments.
How often must my organization file a Form 990?
A 990 informational return must be filed annually. It is due 5 and 1/2 months after the end of your organization’s fiscal year.
Can I file the 990-N postcard?
If your ogranization had fewer than $50,000 in gross reciepts you may file the 990-N. This form is only available to be filed electronically.
My Tax Exempt organization is not a 501 (c) 3, must I still file a 990?
YES, almost all tax exempt oganizations must file one of the 990 informational returns annually.
How does my organization apply for 501 (c) 3 status?
A Form 1023 or 1024 must be completely and accurately filed for an organization that is formed for an approved tax exempt purpose. Let FMV Tax Professionals help you to navagate this process and successfully obtain your IRS letter of tax exempt determination in a timely manner.
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