With the April 17th deadline to file your federal income tax return approaching, we will answer some common questions related to federal income taxes. Also, we will hopefully have time to take additional questions from the audience.
1. Who must file a return?
2. Should I file a return even if my income is below the filing requirements?
3. Is it ever okay not to file a return?
4. Should I use a paid preparer?
5. What tax preparation software programs are available and should I use one?
6. Should I e-file (file my return electronically)?
7. If I e-file or use an online preparer, should I worry about my personal information being stolen?
8. Is it difficult to get an extension of time to file and what are the requirements?
9. Does extending my return increase my risk for an audit?
Tax Return Content Questions
1. What's new for 2011?
2. What are the different types of filing status and does choosing the right one matter?
3. What is the difference between a standard tax form and an EZ version?
4. What are the main categories of income and expense on a tax return?
5. What is a 1099 form and what do I do with it?
6. What is basis and should I care about it?
7. What is the difference between a deduction and a credit?
8. What is a refundable credit?
9. What is the difference between the standard deduction and itemized deductions?
10. Should I itemize deductions?
11. Are any tax benefits available to those with a visual impairment?
12. Can I take a deduction for my guide dog?
13. Can I take a deduction for Paratransit expenses paid to get to work?
14. How does the limitation on certain deductions such as medical expenses work?
1. How does the IRS determine who they audit?
2. What should I expect if I get audited?
3. Does the IRS accept payment plans if I'm unable to pay the taxes I owe?
4. I realized I made a mistake on an old return. How long do I have to file a correction?
1. Where can I get reference material if I want to research a tax question?
Alan Lemly graduated from the University of Mississippi in 1979 with a Master of Accountancy degree. He worked all of his professional career in Memphis, TN at various companies including Arthur Andersen, FedEx, GKN Parts Industries Corp., and First Tennessee Bank. He received his CPA certification in 1981. The majority of his career was spent doing corporate income tax work until he retired on disability from First Tennessee Bank in 2007 due to his vision loss from macular degeneration. He now co-moderates the bardtalk email list and website and enjoys participating in many of the AccessibleWorld book discussion and other web meetings.
Presenter: Alan lemly