UBU Tax Professionals Elite

FAQs

• Q: When is the deadline for filing tax returns?
• A: April 15


• Q: When will I receive my refund if I Efile and choose Direct Deposit?
• A: 7-21 days after efiling


• Q: When will I receive my refund if I file a Paper Return?
• A: 4-6 weeks


• Q: When will I receive my refund if I file an Amended Return?
• A: 12-16 weeks


• Q: What could delay my refund?
• A: If you owe the IRS you will not receive a refund, or if you have a prior tax obligation with the IRS or State Department of Revenue that regulates your State refunds.


• Q: What are the Credit Limits for Earned Income (EITC)?
• A: The amount of EITC varies based on income, filing status and family size. Those who qualify for EITC for tax year 2018 can get the following credit:
  • Up to $519 with no qualifying children
  • Up to $3,461 with one qualifying child
  • Up to $5,716 with two qualifying children
  • Up to $6,431 with three or more qualifying children


• Q: If I am a student, will I be able to obtain a credit on my tax return?
• A: Yes there is a tax credit. Provide name of school, or 1098 Form.


• Q: What about people that have qualified for the Home Safe Program?
• A: You are a homeowner and may still claim your homeowner credits.


• Q: Are you required to have a business license to file a Schedule C?
• A: No, but it is a good idea.


• Q: Will not filing Affordable Care Act (Healthcare Marketplace Insurance/Obamacare) delay my refund?
• A: Yes


• Q: Do I need the Form 1095-A from Healthcare Marketplace to file my return?
• A: Yes


• Q: If I am exempt from Healthcare Marketplace, do I need a number to file with my Return?
• A: Yes


• Q: If I apply for the Bank Loan Program, are those fees separate and in addition to my Tax Preparation Fees?
• A: Yes