FREQUENTLY ASKED QUESTIONS
Can you deduct my fees out of my refund?
Meadville Tax service partners with Santa Barbara Tax Products Group, a division Civista Bank®, to offer these services to our clients. To learn about each, continue reading.
Refund Transfer
If you’d like to file your taxes now but wait to pay the cost of filing, Meadville Tax can help through a Refund Transfer.
The Refund Transfer is an optional tax refund-related product offered by Civista Bank®, N.A., Member FDIC. The Refund Transfer is not a loan. E-filing of tax return is required to be eligible for the product. Subject to approval. Fees apply. These offers are provided by Civista Bank® based on approved credit. Exclusions and restrictions may apply.
How much do you charge?
We aren’t sky high like some firms nor are we dirt cheap. We tend to land somewhere in between. Tax preparation is not just entering numbers in boxes. We know the right questions to ask to help maximize your refund or minimize what you owe. We explain to you, in plain English, what goes into your tax filing and educate you on changes to watch out for. The price you pay for preparation and filing of your return is just the beginning of the value we provide. We are open year-round to help you with tax planning or as questions or situations arise. We want you to think of us as part of your financial power team, helping you get where you want to go, successfully.
What are the biggest changes in the new tax laws?
Tax season 2022, there are not many changes. The Educator expense has been raised to $300 per eligible taxpayer.
The Advanced Additional Child Tax Credit, Recovery Rebate Credits and the Child Dependent Care Credit has all returned to the rules prior to tax year 2021.
If you have any questions specific to your tax needs, please give us a call at 814-333-2488.
Can you help me with a letter I got from the IRS?
Yes! Even if it is a result of taxes you filed yourself or somewhere else.
Can you help me file several years’ worth of taxes?
Absolutely! We get this question a lot so don’t think you are alone. If you have missing documents, we can help you get transcripts from the IRS and take it one step at a time.
Office Requirements
For the safety of our clients and staff we are operating as a drop-off or email only office. We have a safe drop off box located on our porch. We check the box regularly. Call the office to make an appointment to drop off your taxes today.
Is Social Security income taxable?
It depends. Actually, this is the answer to many tax questions. Depending on how much other income you have, up to 85% of your Social Security can be taxable income.
Is unemployment income taxable?
Yes… It is just like earning wages. Worker’s Comp. is not normally considered taxable. However, there are some employer provided insurance programs that may be considered taxable income.
Will the IRS ever call me?
First contact from the IRS should always be a letter sent via regular mail. No doubt you may have received one or more (many more in some cases) of those crazy calls saying they are coming to arrest you or our favorite, “a serious matter has been pressed upon your name.” HANG UP! Beginning in 2018, the IRS did authorize certain collection agencies to call on their behalf. The names of those specific agencies may be found at IRS.GOV.
FREQUENTLY ASKED QUESTIONS
How much do you charge?
We aren’t sky high like some firms nor are we dirt cheap. We tend to land somewhere in between. Tax preparation is not just entering numbers in boxes. We know the right questions to ask to help maximize your refund or minimize what you owe. We explain to you, in plain English, what goes into your tax filing and educate you on changes to watch out for. The price you pay for preparation and filing of your return is just the beginning of the value we provide. We are open year-round to help you with tax planning or as questions or situations arise. We want you to think of us as part of your financial power team, helping you get where you want to go, successfully.
What are the biggest changes in the new tax laws?
With the first major overhaul to the tax code in 30 years there are winners and losers. The IRS has changed and ‘simplified’ the 1040 form itself, but, to do so, added six new underlying forms. Oh Brother!
The Good News: The Standard deduction has “doubled” (close to double, but not quite.) However, there is no longer a personal exemption. The Child Tax Credit is doubled. And small businesses may qualify for up to a 20% deduction of taxable income.
The Bad News: And it’s a biggie for a lot of people; State and Local tax deductions are limited to $10,000 if you are itemizing your deductions. This means of all the State and Local taxes you pay, you can only deduct up to $10,000 combined (this includes property taxes, state taxes withheld from your paycheck, and estimated tax payments) Ouch!
You can no longer claim (deduct) moving expenses or unreimbursed employee expenses (money you spend for tools and such to do your job and don’t get reimbursed by your employer). In fact, if your company pays for your move, you must declare it as income. Double Ouch!
Getting a divorce? Beginning in 2019, if you finalize a divorce where alimony is involved, then alimony payments are no longer deductible for the payor and alimony received is no longer taxable income to the payee. If you are going to be the payor, it would benefit you to finalize before December 31, 2018.
Can you help me with a letter I got from the IRS?
Yes! Even if it is a result of taxes you filed yourself or somewhere else.
Can you help me file several years’ worth of taxes?
Absolutely! We get this question a lot so don’t think you are alone. If you have missing documents, we can help you get transcripts from the IRS and take it one step at a time.
How will the new tax laws impact me?
As you can see there are a lot of changes. Schedule your consultation before the end of the year to learn about any adjustments you can make before tax time next year.
Is Social Security income taxable?
It depends. Actually, this is the answer to many tax questions. Depending on how much other income you have, up to 85% of your Social Security can be taxable income.
Is unemployment income taxable?
Yes… It is just like earning wages. Worker’s Comp. is not normally considered taxable. However, there are some employer provided insurance programs that may be considered taxable income.
Will the IRS ever call me?
First contact from the IRS should always be a letter sent via regular mail. No doubt you may have received one or more (many more in some cases) of those crazy calls saying they are coming to arrest you or our favorite, “a serious matter has been pressed upon your name.” HANG UP! Beginning in 2018, the IRS did authorize certain collection agencies to call on their behalf. The names of those specific agencies may be found at IRS.GOV.