Frequently Asked Questions:

  • Q: How much does it cost to get my taxes done at Tri-State Tax & Accounting?
    A: The preparation fee depends on the complexity of the tax return. Since we bill by the forms we use – we guarantee that we will NOT use a form that is unnecessary! We have personal one-on-one tax interviews, because we believe that spending time with you will help us find the most deductions, thus lowering the amount of taxes owed and getting you the biggest refund possible! Our tax preparers will work with YOU –and “dig” to save you tax dollars – getting you every deduction you are entitled to…Guaranteed!
     
  • Q: How long should I keep my tax return and my receipts?
    A: We recommend that you NEVER throw away copies of your tax return! You may need them some day, so keep them!
     
    In regards to your receipts, keep them as long as you have your tax return. However, there are exceptions. You may throw out supporting documents like check stubs, bank statements, etc. after 5 years. We do recommend that you keep all depreciation schedules and receipts that support the purchase and cost basis for equipment and real estate for four years AFTER the property or equipment is sold or disposed of.
     
  • Q: Where is my Federal Refund?
    A: Find out where you federal refund is at this site.
  • Q: Where is my Minnesota Refund?
    A: Find out where your Minnesota refund is at this site.
  • Q: Where is my Iowa Refund?
    A: Find out where your Minnesota refund is at this site.
  • Q: What do I do if I can't find my W-2?
    A: Learn about what to do if you can't find your W-2 from this irs.gov website.
  • Q: What about charitable contributions?
    A: Discover how you can get tax breaks from charitable contributions from the irs.gov website.
  • Q: What about itemized deductions?
    A: The standard deduction is a set dollar amount that reduces your taxable income. If you have made a large amount of charitable donations, have lots of unreimbursed employee business expenses or have acquired large uninsured medical expenses, then you may want to itemize your deductions. If your itemized deductions are greater than the standard deduction, you would surely want to itemize. Some people have no choice but to itemize.
     
    You cannot use the standard deduction if:
    *You are married and filing a separate return and your spouse itemizes deductions
    *You are a nonresident alien or a dual-status alien during the year, or
    *You are filing a tax return for a period of less than 12 months because of a change in your annual accounting method
     
    There are also limitations on what you can itemize and how much you can take. Please click here in order to read more about the below itemized deductions.
     
    • Medical & Dental Expenses
    • Deductible Taxes
    • Home Mortgage Points
    • Interest Expense
    • Charitable Contributions
    • Miscellaneous Expenses
    • Business Use of Home
    • Business Use of Car
    • Business Travel Expenses
    • Business Entertainment Expenses
    • Educational Expenses
    • Employee Business Expenses
    • Casualty, Disaster, and Theft Losses (including federally declared disaster areas)
     
  • Q: What about the Earned Income Tax Credit?
    A: The Earned Income Tax Credit (EITC) is a refundable federal income tax credit for people who work, but do not have a high income. This generally means low to moderate income working individuals and families.
     
    To find out more about the Earned Income Tax Credit, please click here.
     
    To find out if you qualify for the Earned Income Tax Credit, please use the EITC Assistant and click here.
     
    To find out what the income limits are for the Earned Income Tax Credit, please click here.
     
    If you qualify for the EITC on your federal return, you may also be eligible for a similar credit on your state or local tax return. For information about the Minnesota Working Family Credit, please click here.
     
  • Q: Do I have to file a tax return?
    A: Find out from the irs.gov website whether you need to file a tax return or not.
  • Q: Where can I find a Withholding Calculator?
    A: Use the official IRS withholding calculator.
  • Q: What should I know about scams going around involving the IRS?
    A: Learn about the latest tax scams and more important information from the IRS website.
  • Q: Are there tax benefits for the military?
    A: Find out whether you're eligible for military tax benefits from the irs.gov website.

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