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    • Home
    • LOCATION
      • Houston
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    • Supporting documents
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      • Articles
      • Q&A
TWO MINUTE TAX
  • Home
  • LOCATION
    • Houston
    • AUSTIN
  • Appointments and events
  • Contact Us
  • Get refund status
  • Supporting documents
  • Blog
    • Articles
    • Q&A

Frequently Asked Questions

When should I contact a tax professional and why?

As soon as you find out that you need to get your taxes done.  

 

Here are the top 10 reasons why you may want to hire a professional tax professional:

  1. It can save you money. If your tax preparer finds even one deduction or tax credit you may have missed, it can easily exceed the fee it costs to have a professional prepare your return. 
  2. It saves you time. The Internal Revenue Service reports that it takes nearly 20 hours to complete the average tax return with deductions. Your time is worth money. How much is it worth to you to get that time back?
  3. Tax professionals can answer your questions and resolve issues. It’s very likely you will have questions about your taxes. Calling the IRS means you could be on hold for hours. Tax professionals can answer most of these instantly.
  4. The tax code is very complicated. Professional tax preparers keep up with it and all those changes each and every year so you don’t have to. 
  5. You gain peace of mind. Just knowing that a professional is handling your taxes reduces stress.
  6. Making mistakes can be very costly. In terms of missed deductions or triggering an IRS letter or audit; a tax professional can help eliminate errors and ensure your returns are prepared correctly.
  7. You benefit with money-saving tax planning. Tax professionals can advise you now and all year round on the best strategies to make smart tax-saving decisions.
  8. Your previous returns can be also reviewed. A tax professional can look at your past returns to see if any deductions were missed and, if so, amend them for you.  
  9. You can reduce your risk of an audit. And, if you are audited or the IRS starts asking questions you can’t easily answer, a professional tax preparer knows how to deal with the IRS.
  10. It takes the hassle out of doing it yourself.

What happens if I don't file taxes

 

Forgetting (whether accidentally or intentionally) to file your taxes is not something you want to do.

Washington explains, "If you do not file taxes, the IRS may file a substitute tax return on your behalf. In this case, the IRS uses third-party information to create a return and assess a tax to your account." When this happens, chances are you’ll have to pay the maximum possible taxes and Washington adds that "if you fail to file after the due date, you may owe additional penalties and interest."  

How long does it take to get your tax refund?

 

So you filed your taxes and you're getting a refund. Yay! But chances are you have plans for that money and want to know when to expect it.

"Typically, you’ll receive your tax refund within 21 days of electronically filing your tax return," said Washington. However, she notes that there are certain cases where your refund will be delayed: "If you claimed the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC), your tax refund may be delayed despite electronically filing earlier in the tax season. The IRS expects to issue these tax refunds the first week of March if you claimed these credits."

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