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Frequently Asked Questions

What documents should I receive from my place of employment 

The forms to prove employment can vary depending on individual situations. For most, a W-2 form will be provided by the employer. The self-employed (i.e. independent contractors, product sales Mary Kay representatives, etc.) will receive a 1099-MISC from the company.

What documents do I need if I am unemployed? 

From over the past year if you received unemployment benefits from your state, you must claim that as income and pay taxes on those benefits. The unemployment agency will provide you with a 1099-G form, explaining the amount of benefits that you received over the past year. The IRS receives a copy and you be will taxed at the appropriate rate in your bracket. Not everyone owes. If you were employed during a portion of the past year, chances are you paid payroll taxes and can earn a refund if the deductions were overpaid.

If I am self-employed, what documents do I need? 

Using IRS 1040 Form, you’ll need to file a Schedule C. Based on your type of business and where your business is conducted, there might be other forms you will need. You also may need to make quarterly estimated payments by filing 1040-ES Form, Estimated Tax for Individuals.

When is the deadline to file my taxes? 

April 15 is the standing deadline for personal taxes. However, sometimes that date occur on a weekend or after Emancipation Day (a holiday in DC) and the deadline is pushed to as late as April 18.

When is the earliest that I can file my taxes?  

When you receive your W-2, you can have your taxes prepared immediately, but the IRS won’t accept them before a pre-defined date.

Is there a penalty for filing my taxes after the deadline? 

Yes, you have the option to pay your tax liability through an installment plan. In addition to paying taxes through an installment payment plan, there can be options such as the Offer in Compromise (OIC).

How are my taxes impacted if I have filed bankruptcy? 

Based on the Chapter you filed for, taxes might not be exempt. With filing Chapter 7 bankruptcy, federal taxes are exempt from discharge. It is important when filing Chapter 13 bankruptcy, to file and pay your taxes during the bankruptcy proceedings because the court can dismiss your claim if you don’t meet this requirement. With the claim dismissing it leaves you responsible for all of your debts. For more tax information on bankruptcy, review the IRS Publication 908 (10/2012), Bankruptcy Tax Guide.

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