Phone: 765 - 778 - 0409
Pendleton, Indiana

   
Financial Services - Tax Returns - Investments Pendleton Indiana

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Tax Preparation Checklist

 

1. What do I need to bring with me to my appointment?

Click Here to view or print a list of what you will need for your interview.

 

Frequently Asked Tax Questions

 

Q: Who can I claim as a dependent?

   A: This is one of the most commonly asked tax questions. There are five tests that must be met for child to be considered your "qualifying child". They are as follows:

1. Relationship
2. Age
3. Residency
4. Support, and
5. Joint Return

A dependent may not qualify as a "qualifying child" but could be a "qualifying relative". There is a different set of factors for that test. If any other questions on your own situation, feel free to reach out to us at our office number 765-778-0409 or walk-in to discuss an appointment time.


Q: What is the earned income tax credit?


   A: The EIC is an additional credit for lower income families. The credit is specific to each person's circumstance, with single/married filing, the number of dependents, and also taxable income all coming into play. Please call or walk into our office to discuss your own situation.


Q: What are the tax implications of withdrawing money early from a retirement account?


   A: There is a 10% early withdrawal tax penalty in addition to the regular income tax on the money withdrawn before the age of 59 and a half. There are some exceptions to the penalty. Also the extra income could bump you into the next higher tax bracket.


Q: What is deductible from my home office?


   A: If you use part of your home regularly and exclusively for business purposes you may be able to deduct a part of the operating expense (utilities, taxes, etc.) and depreciation of your home. Contact our office for additional information.


Q: What can I deduct as a charitable contribution?


   A: Any cash or non-cash donation to qualified organization is deductible. You cannot deduct contributions made to specific individuals or those made to nonqualified organizations. You can claim a deduction for a contribution of $250 or more only if you have an acknowledgment of your contribution from the qualified organization. Contact our office for additional information on charitable contributions.

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