Individual Tax Preparation Services
With today’s constantly changing and complicated tax laws, filing a relatively simple return or individual taxes can be very overwhelming and confusing. According to a survey published in one of the accounting magazines, 71% individuals participated in the survey preferred to consult a tax professional versus using an online tax filing software. It is very easy to overlook deductions or credits that one is qualified for. We pay attention to every detail and discuss them with our clients and make sure that all the qualified credits and deductions are applied. At the end of filing, our clients will have a good understanding of their tax situation and can plan better for future.
We specialize in:
If you are looking for firms providing individual tax preparation in USA, Khob Tax has got you covered. We serve thousands of customers each year throughout the USA and provide them with reliable and tailored tax preparation services. We help both individuals and businesses minimize their tax liabilities and strategize better tax planning / financial processes for their greater benefits.
1. I am a new client and would like to file my taxes. How do I get started?
We set up a portal account for all our clients to upload your docs. Please call us at 510-742-1419 for an account setup
2. I am an existing client and would like to file my taxes? How do I go about it?
You can upload your documents to the existing portal account and we will get back to you in 24 to 48 hrs.
3. I am an existing client and I forgot my portal username/password.
You can get your username or reset password by clicking here.
4. What are your charges for filing taxes?
Our basic tax filing fee (Federal + 1 State) starts from $85 and will vary depending on the filing complexity. Please call us at 510-742-1419 for a filing fee estimate for your filing situation.
5. When is the deadline to file my taxes?
• Individual tax returns are due April 15. The extended deadline is October 15
• Partnership returns((IRS Form 1065) and S-corporation returns (IRS Form 1120-S) are due March 15. The extended deadline is September 15
• C-corporation income tax returns (IRS Form 1120) are due April 15. The extended deadline is October 15
6. Do I need to file an extension if I'm getting a refund?
You are not required to file an extension for your federal return. Because the IRS calculates the late-filing penalty off of any additional taxes you owe ($0 in your case), there’s no penalty because $0 × anything = $0. However, it’s best to go ahead and file an extension for below good reasons:
• If you end up owing (e.g., you corrected an error, forgot to enter a W-2, got a revised 1099 form, etc.) an extension protects you from the late-filing penalty
• Some states require that you file a federal extension to get a state extension
7. When can I expect to receive my refund?
IRS typically issues refund within 21 days of e-filing the return. Paper filing returns may take 8 -12 weeks time
8. How can I check my refund status?
Federal refund status: https://www.irs.gov/refunds
What You Will Need: SSN, filing status (Single/Married), exact federal refund amount
State refund status: State Tax Refund
9. How can I check my amended return status?
10. Yr 2020 Federal tax brackets: (source: www.kiplinger.com)
|Tax Rate||Taxable Income (Single)||Taxable Income (Married Filing Jointly)||Taxable Income (Married Filing Separately)||Taxable Income (Head of Household)|
|10%||Up to $9,875||Up to $19,750||Up to $9,875||Up to $14,100|
|12%||$9,876 to $40,125||$19,751 to $80,250||$9,876 to $40,125||$14,101 to $53,700|
|22%||$40,126 to $85,525||$80,251 to $171,050||$40,126 to $85,525||$53,701 to $85,500|
|24%||$85,526 to $163,300||$171,051 to $326,600||$85,526 to $163,300||$85,501 to $163,300|
|32%||$163,301 to $207,350||$326,601 to $414,700||$163,301 to $207,350||$163,301 to $207,350|
|35%||$207,351 to $518,400||$414,701 to $622,050||$207,351 to $311,025||$207,351 to $518,400|
|37%||Over $518,400||Over $622,050||Over $311,025||Over $518,400|
11. Employee's Withholding Allowance Certificate:
12. How do I notify the IRS about my change of address?
You need to submit Form 8822 for change of address.
13. How do I request my tax return transcript from the IRS?
You can request a tax return transcript from the IRS either by mail or online. Click here
14. How do I make my tax payments to the IRS (tax due, estimated tax payments etc) ?
You can make the IRS payment on IRS DirectPay website.
15. Do I need to renew my ITIN ?
All ITINs with middle digits 88 are set to expire at the end of the year 2020 by IRS. If any of your family members’ ITINs fall in this category, please renew the ITIN number at the earliest to avoid any delays in your 2020 tax return processing. ITINs with middle digits 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, or 87 that expired in 2016, 2017, 2018, or 2019 can also be renewed, if not done already. In addition, any ITIN not used on a tax return in the past three years will also expire. Khob Tax is an IRS acceptance agent and can assist you with ITIN renewal.
16. Is it better for a married couple to file jointly or separately?
Generally, filing jointly will give you a bigger refund or less taxes due. When you file separately, your tax rate is higher and you won’t be able to claim:
• Education benefits
• Earned Income Credit (EIC)
• Child and Dependent Care Credit (usually)
• Adoption Credit (usually)
• Credit for the Elderly and Disabled (usually)
• The Child Tax Credit, and capital losses deductions are reduced by half you’re free to try it both ways to see which filing status works out better for both of you
17. Which states don't collect state income tax?
Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming don’t levy an income tax. If you’re a resident of one of these states, you don’t need to file a return in that state.
In addition, New Hampshire and Tennessee only tax interest and dividend income, not wages or earnings. New Hampshire collects tax on interest and dividend income exceeding $2,400 ($4800 for joint filers) plus additional exemptions for age, blindness and disability. Tennessee collects tax on interest income from bonds, notes and dividends from stock exceeding $1,250 ($2,500 for joint filers).
18. What is Form 1099-SA?
Form 1099-SA is Distributions From an HSA, Archer MSA, or Medicare Advantage MSA. You’ll get Form 1099-SA if you used funds in your Health Savings Account (HSA) or a Medical Savings Account (MSA) to pay for health care expenses. It’s important that you report this 1099-SA.
19. Link to information on Coronavirus Tax Relief and Economic Impact Payments
20. Get Ready for YR 2020 Taxes: What’s new and what to consider when filing in 2021
21.Get Advice on Estimated Tax Payments
Wondering if you are paying too much money, too little, or just the right amount of money to the IRS? If paying the IRS too much money, you’ll be paying them an interest-free loan for the year. Paying them too little will result in penalties. Khob Tax can assist you to send the right amount of money to the IRS each quarter considering your current income and projected income.
22. Can You Represent Me If I Get Audited by the IRS?
Yes, Khob Tax can represent you if you are audited by the IRS.