FREQUENTLY ASKED QUESTIONS
Garduño Tax & Associates in Brownsville, TX
WHERE'S MY REFUND?
Federal Refund Status: If you need to check the status of your refund, you can use the IRS online application by clicking on the following link: "Where's My Refund?" You can also check the status of your federal refund by phone by calling the IRS Refund Hotline at 1-800-829-1954.
WHAT DATE DO I FILE MY BUSINESS TAXES?
2019 Tax Deadlines for Filing 2018 Business Returns
Partnership Tax Deadlines: Due Date:
Original tax deadline for partnerships (Form 1065) | March 15, 2019
Extension tax deadline for partnerships (Form 1065) | September 16, 2019
S Corporation Tax Deadlines: Due Date:
Original tax deadline for S Corporations (Form 1120S) | March 15, 2019
Extension tax deadline for S Corporations (Form 1120S) | September 16, 2019
C Corporation Tax Deadlines: Due Date:
Original tax deadline for C Corporations (Form 1120) | April 15, 2019
Extension tax deadline for C Corporations (Form 1120) | October 15, 2019
Sole Proprietor Tax Deadlines: Due Date:
Original tax deadline for sole proprietors and individuals (Form 1040) | April 15, 2019
Extension tax deadline for sole proprietors and individuals (Form 1040) | October 15, 2019
Nonprofit Tax Deadlines: Due Date:
Original tax deadline for exempt organizations (Form 990) | May 15, 2019
Extension tax deadline for exempt organizations (Form 990) | August 15, 2019
WHEN ARE MY PERSONAL TAXES DUE?
Your personal tax return, also known as a 1040, is due on April 15th of every year. However, there is an exception if the 15th falls on a weekend then the due date is on the next business day. For 2018, April 17th is the deadline for 1040s. If an extension is filed by the due date, it gives the taxpayer a 6 month extension to file the tax return.
DO I HAVE TO FILE A TAX RETURN IF I DIDN'T MAKE ANY MONEY?
The short answer is yes. For SMLLC or Sole Proprietors, you may not be required to file a Schedule C, but if your business was active and you incurred expenses, you can claim those expenses. Some states will require a filing for the LLC regardless of whether there was activity. It is important to note that as long as the business was active and operational, even if you made no income, you can claim those expenses. For C-Corps, S-Corps, and 1065, it is always mandatory to file, even if there was no activity.
WHAT IS TAXABLE INCOME?
The vast majority of income types can be taxed, such as wages, salaries, tips, commissions, bonuses, vacation pay, sick pay, and severance pay. Winnings from gambling are also taxable. Adjusted gross income (AGI) is your total gross income and income from other sources. Taxable income is adjusted gross income minus your deductions.
WHAT IS A TAX BRACKET?
Tax brackets are often confused with tax rates, but the terms aren't interchangeable. Each bracket holds an amount of income that applies to a tax rate:
2018 Income Tax Brackets
Rate | Individuals | Married Filing Jointly
24% | $82,501 to $157,500 | $165,001 to $315,000
32% | $157,501 to $200,000 | $315,001 to $400,000
35% | $200,001 to $500,000 | $400,001 to $600,000
37% | over $500,000 | over $600,000
In other words, if your income falls inside a certain bracket, it will be taxed under that bracket's rate. As your income grows, you move up higher in the tax bracket. Tax reform changed brackets for some filers, so it's important to learn more about how this may affect you.
WHO CAN I CLAIM?
Tax exemptions lower taxable income on your return. There are several types of exemptions you might be able to claim:
- Personal exemptions: Note that you can't claim this if you are a dependent.
- Exemptions for a spouse: If you file a joint return you can claim an exemption for your spouse. If you file separately, you can only claim an exemption if your spouse has no gross income, isn't filing his/her own return, and wasn't the dependent of another taxpayer.
- Exemptions for a child: You can claim a dependent exemption if they meet the qualifying child test.