What do people always come to us at Kingvee office where we are in partnership wiht, to file their taxes?

We are care about our clients and clearly answer their questions and concerns they bring to us about their tax situations. We made sure it’s confidential and kept private.

See frequent questions and answers we get from our clients.

1. What's the deadline for filing taxes?
   The deadline for filing taxes in the US is typically April 15th, but it can vary if it falls on a weekend or holiday.

2. Do I need to itemize deductions?
   Not necessarily. You can choose between itemizing deductions or taking the standard deduction, whichever benefits you more.

3. What documents do I need for tax filing?
   Common documents include W-2s, 1099s, receipts for deductions, and identification documents.

4. Can I file taxes for free?
   Unfortunately not at Ultra Konia our system does not offer free tax filing, but we can help estimate your tax return.

   If you need free filing, the IRS offers free filing options for those who qualify, and some tax software providers offer free or low-cost filing as well.

5. What's the difference between a W-2 and 1099?
   A W-2 is for employees from their employers, while a 1099 is for self-employment or contract work.

6. How do I report self-employment income?
   At Ultrakonia, our tax experts can help you file your self-employment taxes to the IRS accurately. Self-employment income is reported on Schedule C of the Form 1040, and you may need to pay self-employment tax.

7. Can I deduct student loan interest?
   Yes, you may be able to deduct student loan interest, subject to income limits.

8. What's the Earned Income Tax Credit (EITC)?
   The EITC is a refundable tax credit for low- to moderate-income working individuals and families.

9. How do I handle tax audits?
   If you're audited, gather requested documents, respond promptly, and consider seeking professional help. But if you file at Ultra Konia, we will guide you on gathering requested documents and we may assist you regarding any situation related to your audit.

10. Can I amend my tax return?
    Yes, you can file Form 1040X to amend your tax return if you need to make corrections or changes.

Tax Filing and Forms

1. How do I file for an extension?

You can file Form 4868 for a six-month extension, but you'll still need to estimate and pay any taxes owed by the original deadline.

1. What's the difference between a 1040 and 1040A?

The 1040 is the standard form for personal income tax returns, while the 1040A was a simplified version (though it's no longer in use; now there's the 1040 and 1040-SR for seniors).

1. Do I need to file taxes if I have no income?

Generally, if you have no income, you might not need to file taxes, but if you're due for a refund or have taxes withheld, it might be beneficial to file.

Deductions and Credits

1. Can I deduct home office expenses?

If you're self-employed and use a dedicated space for business, you might be able to deduct home office expenses, but there are specific rules and calculations.

2. What are the rules for deducting charitable donations?

You can deduct donations to qualified charities, but you'll need receipts or bank records for donations over $250.

3. How does the Child Tax Credit work?

The Child Tax Credit provides a credit for each qualifying child under 17, with phase-out limits based on income.

Tax Planning and Strategies

1. What’s the benefit of contributing to a Roth IRA vs. a Traditional IRA?

   Roth IRA contributions are made with after-tax dollars, but withdrawals are tax-free. Traditional IRA contributions may be deductible, but withdrawals are taxed.

2. How does capital gains tax work?

   Capital gains tax applies to the profit from selling assets like stocks or real estate. The rate depends on how long you held the asset and your income level.

3. Can I deduct moving expenses?

   For most taxpayers, moving expenses are no longer deductible, except for members of the Armed Forces on active duty.

Tax Issues and Audits

1. What should I do if I can’t pay my taxes?

   If you can’t pay your taxes in full, file your return on time and pay as much as possible. The IRS offers payment plans and potentially other relief options.

2. How do I avoid an audit?

   To minimize audit risk, report all income accurately, claim only legitimate deductions, and double-check your return for errors.

3. What happens if I get audited?

   If audited, gather all requested documents, respond promptly, and consider consulting a tax professional to help navigate the process.

Tax Credits and Incentives

1. What’s the difference between a tax credit and a tax deduction?

   A tax credit directly reduces the amount of tax you owe, while a tax deduction reduces your taxable income.

2. Are there tax credits for energy-efficient home improvements?

   Yes, there are tax credits available for certain energy-efficient home improvements, like solar panels or energy-efficient windows.

3. How does the Earned Income Tax Credit (EITC) affect my tax return?

• The EITC can reduce your tax liability or provide a refund if the credit exceeds the amount of taxes you owe.