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We will need a copy of your last tax return which was filed along with a 2023 Questionnaire.

If you have a rental property or business, we will also need a copy of your depreciation schedule to show all assets currently being depreciated.

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In general, you’ll need to file a 2023 federal tax return if you meet any of the following filing statuses and gross income thresholds:

Single filing status:

• • $13,850 if under age 65
  • $15,700 if age 65 or older

Married filing jointly:

• • $27,700 if both spouses under age 65
  • $29,200 if one spouse under age 65 and one age 65 or older
  • $30,700 if both spouses age 65 or older

Married filing separately — $5 for all ages

Head of household:

• • $20,800 if under age 65
  • $22,650 if age 65 or older

Qualifying widow(er) with dependent child:

• • $27,700 if under age 65
  • $29,200 if age 65 or older

For additional information, please visit IRS’s Interactive Tax Assistant or call our office at (518) 372-4070

Answer:

Each individual tax return is unique and may require different documentation, however, there are common items requested by our office to help get you started in the right direction. Please refer to our “Items Commonly Needed For Taxes” checklist for guidance, or to your prior year’s tax return to compare documents.

Answer:

Both the IRS and NYS websites provide links to track your individual refund once the tax return has been e-filed and accepted by each authority. Please use the links below to track your refund status:

► visit IRS: (Once you have arrived at the webpage, click the blue button “Check My Refund Status.” You will need your social security number or ITIN, filing status, and the exact refund amount.)

► visit NYS: (Once you have arrived at the webpage, click the white button “Check Refund Status.” You will need the tax year, your social security number or ITIN, the form you filed, and the exact refund amount.)

Answer:

According to IRS, How long should I keep my records? in general you should:

1. 1. Keep records for 3 years if situations (4), (5), and (6) below do not apply to you.
   2. Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.
   3. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
   4. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return.
   5. Keep records indefinitely if you do not file a return.
   6. Keep records indefinitely if you file a fraudulent return.
   7. Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.

Records which are connected to property:

Generally, keep records relating to property until the period of limitations expires for the year in which you dispose of the property. You must keep these records to figure any depreciation, amortization, or depletion deduction and to figure the gain or loss when you sell or otherwise dispose of the property.

If you received property in a nontaxable exchange, your basis in that property is the same as the basis of the property you gave up, increased by any money you paid. You must keep the records on the old property, as well as on the new property, until the period of limitations expires for the year in which you dispose of the new property.

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To help determine dependency for a child, relative, etc., please use this IRS flow chart (PDF file), or the IRS Interactive Tax Assistant. For further information on your specific situation, please call our office at (518) 372-4070.

Answer:

Individual tax returns are normally due by April 15th of the year following the current tax year (ex. 2023 tax year returns are due April 15, 2024). If a client suspects that they will not be able to complete their tax return by this deadline, an extension may be in their best interest. The extension paperwork is due to government by April 15th in place of a completed tax return and extends the filing due date by 6 months to October 15th.

Caution: Please keep in mind that an extension is only for filing the tax return, if you anticipate owing with your return, the payment is due with the extension on April 15th.

► See: Extension of time to file your tax return

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Short-term capital gain: Short-term capital gains are subject to ordinary income rates that correspond with the marginal tax rates.

Long-term capital gain: Long-term capital gains apply to the sale of an investment held for more then one year.

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Federal:
Internal Revenue Service
PO Box 931100
Louisville, KY 40293-1100

Make your check payable to “United States Treasury”.
Please be sure to include your social security number and the words “2024 Form 1040-ES” on your check.

New York State:
NYS Estimated Income Tax
Processing Center
PO Box 4122
Binghamton, NY 13902-4122

Make your check payable to “New York State Income Tax”.
Please be sure to include your social security number and the words “2024 Form IT-2105” on your check