Tax Answers Hub

  • When will the IRS start processing electronic returns with child tax credit?
    Below is a general timeline based on previous tax seasons and the Protecting Americans from Tax Hikes (PATH) Act requirements. As of now, the IRS has announced the official start date for the 2024 filing season that is 27th Jan … Read more
  • Which is a tax-free savings account that can only be used for educational expenses?
    A Coverdell Education Savings Account (ESA) is a tax-advantaged (often referred to as “tax-free”) savings account designed specifically for education expenses. Earnings in a Coverdell ESA grow tax-deferred, and withdrawals are tax-free as long as they’re used for qualified education … Read more
  • What is the child tax credit for 2024?
    As of now, Congress has not passed new legislation to alter the Child Tax Credit for the 2024 tax year, so the current rules (a \$2,000 credit per qualifying child under age 17, with phase-outs) are expected to continue unless … Read more
  • How long does it take for a tax refund to show in the bank account after approval?
    Once the IRS has approved your refund and changed your status to “Refund Sent,” it generally takes 1 to 5 business days for the funds to show up in your bank account via direct deposit. However, processing times can vary … Read more
  • When will tax refunds be issued in 2025?
    Below is an updated guide on when to expect 2024 tax year refunds (filed in 2025), incorporating the latest IRS announcements and procedures. This information will help you estimate refund timelines and understand the processes involved. 1. Official Filing Season … Read more
  • Where is my tax refund?
    Below is a general guide on how to check the status of your U.S. federal tax refund (and potentially your state refund), along with relevant IRS tools and timelines. If you filed your tax return and haven’t received your refund … Read more
  • Is tax less in Vegas than Los Angeles?
    Yes, in most cases, your overall state tax burden will be lower in Las Vegas, Nevada, than in Los Angeles, California. Nevada does not impose a state income tax, while California has one of the highest state income tax rates … Read more
  • Is Maryland condo fee tax deductible?
    Generally, condominium (HOA) fees are not tax-deductible on your federal or Maryland state income tax return if you use the condo as your primary residence or a second home for personal use. However, if the condo is a rental property … Read more
  • Is it illegal to design websites without paying taxes?
    Yes. In the United States, failing to report and pay taxes on any income—including income from designing websites—can be considered tax evasion, which is illegal. Any individual or business earning income is generally required to report that income to the … Read more
  • How to file Kentucky tobacco tax returns?
    Below is a step-by-step guide on how to file Kentucky tobacco tax returns, including who must file, where to obtain the necessary forms, and the relevant statutory and administrative references.  1. Determine Your Filing Requirement Who Must File? In Kentucky, … Read more
  • How to calculate property taxes in Wakulla County?
    Below you’ll find a step-by-step overview of how property taxes are generally calculated in Wakulla County, Florida, along with references to the relevant sources. 1. Identify the Assessed Value Wakulla County Property AppraiserIn Florida, each county’s Property Appraiser determines the … Read more
  • How to add taxes in PlanSwift?
    Below is a step-by-step overview of how to address sales tax in PlanSwift, along with important U.S. tax considerations relevant to construction and related industries. Although PlanSwift itself is software rather than a tax authority, understanding the proper tax rate … Read more
  • How Much Might the Taxes of a Dermatologist Be?
    The amount of taxes a dermatologist might pay depends on various factors, including their income level, filing status, deductions, credits, and whether they are an employee or self-employed (e.g., running a private practice). Dermatologists often have high incomes due to … Read more
  • Does Peru Tax Retirement Visa Holders?
    Peru offers a “Rentista Visa” for foreign retirees who wish to reside in the country. One common question among retirees is whether they are subject to Peruvian taxes on their income, particularly their foreign pension income. This answer provides a … Read more
  • Does an LLC Protect a Sole Proprietor from a Tax Warrant in Kansas?
    Forming a Limited Liability Company (LLC) can offer certain protections to business owners by separating personal assets from business liabilities. However, when it comes to tax warrants in Kansas, the extent of this protection can vary based on several factors, … Read more
  • Does Alabama Charge Tobacco Tax?
    Yes, Alabama charges taxes on tobacco products. The state imposes excise taxes on cigarettes, cigars, and other tobacco products to generate revenue and promote public health by discouraging tobacco use. Alabama Tobacco Taxes 1. Cigarette Tax 2. Other Tobacco Products … Read more
  • Do I Pay Ad Valorem Tax in Florida?
    Yes, if you own property in Florida, you are generally required to pay ad valorem taxes. In Florida, ad valorem taxes are property taxes based on the assessed value of real estate and certain types of personal property. These taxes … Read more
  • Do the Amish People Pay Taxes?
    Yes, the Amish people do pay taxes in the United States. Despite common misconceptions, the Amish are subject to most federal, state, and local taxes like any other U.S. citizen. However, there are specific exemptions related to Social Security and … Read more
  • Can You Use Trading Cards as a Tax Write-Off?
    Yes, under certain circumstances, you can use trading cards as a tax write-off. The deductibility depends on how the trading cards are used—whether they are part of a business inventory, held as investment assets, or donated to a charitable organization. … Read more
  • Can I pay Maine estimated tax via E-Z Pay online?
    As of October 15, 2024, Maine Revenue Services (MRS) has transitioned all tax payments to the Maine Tax Portal, replacing the previous Maine EZ Pay system. Taxpayers are now required to use the Maine Tax Portal for making estimated tax … Read more