Personal Tax FAQ

If you give someone money or property, you may be subject to the federal gift tax. Most gifts are not subject to the gift tax, but here are some tips to help you determine whether your gift is taxable or if you are required to file a gift tax return. 1. Most gifts are not subject to the gift tax. For example, there is usually no tax if you make a gift to your spouse or to a … [Read more...] about Is my Gift Taxable?

You are probably wondering what old records can be discarded.  If you are like most taxpayers, you have records from years ago that you are afraid to throw away.  It would be helpful to understand why the records needed to be kept in the first place. Generally, we keep “tax” records for two basic reasons: (1) in case the IRS or a state agency decides to question the … [Read more...] about How long should I keep my tax records?

If you already filed your federal tax return and are due a refund, you can check the status of your refund online. Where’s My Refund?is an interactive tool on the IRS web site at IRS.gov.  Whether you split your refund among several accounts, opted for direct deposit into one account, or asked the IRS to mail you a check, Where’s My Refund? will give you online access to your … [Read more...] about Can I Check the status of my Federal Tax Refund?

Have you received your W-2?  These documents are essential to filling out most individual tax returns.  You should receive a Form W-2, Wage and Tax Statement, from all of your employers each year.  Employers had until January 31st to provide or send you a 2010 W-2 earnings statement either electronically or in paper form.  If you have not received your W-2, follow these … [Read more...] about What to do if my W2 is missing?