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Tax Return Laws

What is a tax return?

In the United States a tax return is a type of report that is filed with the Internal Revenue Service, also called the IRS, or with the state or local tax collection agency. This report contains information used to calculate what a person owes in income taxes or other forms of taxes. A tax return is generally prepared using the forms that the IRS has drawn up for the use of figuring taxes or any other applicable taxing authority. For more information about tax return laws read below to find answers from Experts.

If a person is in the middle of a chapter 11 bankruptcy, if the person is only able to take one exemption what would happen to the other exemptions that they would normally be able to take?

In most cases when a person is in the middle of bankruptcy, then the trustee that is in charge of the bankruptcy is also in charge of filing the person’s tax return. When it comes to the bankruptcy estate, all assets of the estate are included in the bankruptcy estate from the date that the bankruptcy is started. The estate would be included in the 1041 form attached to the 1040 form. Since the taxes are for the estate and not the individual, there is only one deduction allowed and children are not a deduction for an estate. The person that is filing for the bankruptcy would need to file their own tax return on the money or assets that do not belong to the estate, this tax return would be the return that the person would claim all their children.

Can an exemption for a child be taken on the final income tax return of a deceased divorced parent if the parent died in February?

When it comes to the child exemption on tax returns, the requirement that is generally used is for the child to live with the parent for at least half of the year and since the parent passed away in February, and then this would be impossible for the child to do. The surviving parent would be the parent that would take the tax exemption for the child. The surviving parent can file a form 8332 and give the deceased parent permission to use the child deduction, but this would be the only way for the deceased parent’s estate to use the child deduction.

If a person mails their tax return to the IRS in February and has not received a return, how would the person find out if the IRS received the tax return that they filed?

If the person is expecting to get a refund back or they owe money and sent a check in with the return or they paid the money that they owed using EFTPS, the person can go to website: http://www.irs.gov/Refunds and click on “where’s my refund” and put in the amount that they are expecting back or put a dollar in the amount that is expected back if they owe taxes and this should show them if the tax return has been received and being processed. The person may want to wait a few weeks after they sent their return in before attempting to see if the IRS received the tax return and is processing it.

If a person filed their tax return and is expecting to get $2000 back and still has yet to receive the refund, what should they do if they keep getting the same message from the IRS line?

In most cases the IRS may take a little while to send out the tax refund. If the person has exhausted all avenues in regards to seeing when the refund is due to be sent out, then there is generally nothing else the person can do but wait on the IRS to send the refund out. The person can visit the “where’s my refund” page on the IRS website and see if the IRS has received the tax return, If they have then there may be a chance that the return was chosen to be reviewed. This page will also give other numbers for the person to be able to call and get more detailed assistance.

When a person is paying in taxes, then at the end of the year they would need to fill out a tax return. When they are filling out a tax return, they may run into questions regarding what forms need to be sent in, how to find out of the tax return was received, or general questions regarding how to fill out the tax return. When these questions arise, then the person would need to seek the answers from an Expert.

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: General
Satisfied Customers: 572
Experience:  10 years experience
16356563
Type Your Tax Question Here...
characters left:
6 Tax Professionals are Online Now

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    Ask follow up questions if you need to.
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    Rate the answer you receive.

Tax Professionals are online & ready to help you now

Wallstreet Esq.
Tax Attorney
Satisfied Customers: 570
10 years experience
Wendy Reed
Enrolled Agent
Satisfied Customers: 3052
15+ years tax preparation and tax advice.
Mark D
Enrolled Agent
Satisfied Customers: 985
MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Recent Tax Return Questions

  • is cash received from children to parents taxable?

    is cash received from children to parents taxable?
  • I want to provide payment for childcare for my office manager.

    I want to provide payment for childcare for my office manager. Is it better for the company to directly pay for it or should I give her a raise so she can pay for it. Which way makes the best money sense and tax sense?
  • I am the 100% owner of an S-Corp. I have a room in an apartment

    I am the 100% owner of an S-Corp. I have a room in an apartment I purchased that will be dedicated as an office to run my business out of (approx 20% of the total sq. ft.) I understand that the accountable plan method is the best way to take a deduction for the office as an S-Corp owner, so I set up an accountable plan in writing to reimburse myself for my "home office" expenses starting next month.
    I have two questions I am looking for clarification on...
    1. Based on various articles online, the consensus seems to be that I can submit an expense report for the business % of my housing expenses like utilities, monthly HOA fees, etc. Some sources say to still take 100% of mortgage interest and taxes on Schedule A, and other sources say to reimburse the business % of mortgage interest and taxes through the Corp, and then reduce the Schedule A amounts by the amounts the Corp deducted. Is there a tax benefit either way of doing this? Are both acceptable methods?
    2. The consensus also seemed to be that you cannot reimburse depreciation through an accountable plan, which I guess would make sense. My question is though - I am doing a renovation on the apartment, part of which includes renovating the office area. I know I can put assets like office furniture on the books and depreciate them, but what about the renovation cost itself?
    The cost for the office renovation is about $10,000, so I would need to amortize it somehow. What would be the proper method based on this scenario?
    Thanks!
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