Frequently Asked Tax Questions
When should I receive my refund?
If your tax return has been e-filed, you should receive your refund within 3 weeks. Paper returns can take up to 12 weeks to be processed. You can check online for the status. See “Your Income Tax Refund” on this site.
How do I change my address?
For Federal: http://www.irs.gov/pub/irs-pdf/f8822.pdf
Please also notify Southwest Accounting so that we can update your records.
What should I do if I receive a notice from the IRS or Wisc. Dept of Revenue?
Anytime you receive correspondence from the IRS or Wisconsin Department of Revenue you should make a copy and either drop off, mail or fax it to us. We will respond to these letters on your behalf and it may be important that we have these in your file for filing future returns.
How can I get a copy of my tax return?
If you need a copy of your tax return, simply call or email us and let us know which year you need. If you need a copy sent to anyone other than yourself, fill out the Authorization Form and fax, email or drop off at our office with the year you are requesting.
What happens when I change my name?
Your tax return must be filed in the name that appears on your social security card. As soon as you can after you have your name changed, you should contact the Social Security Administration for a new card. See “Government Forms” link on this website. If you are bringing in your tax information and you have not received a new card yet, please let us know so that your return can be filed in your former name.
Can I make changes to my tax return after it was filed?
If your return has not actually been filed yet and/or you have not signed and sent back the Form 8879 to us for efiling your tax return, simply let us know what needs to be changed. If your return has already been filed, you will need to let us know the change and an amended tax return may need to be completed.
I already filed my tax return and just received another tax form. What do I need to do?
Contact our office as soon as possible and we will determine if you need to file an amended tax return.
How long do I need to keep my tax returns?
We recommend you always keep your actual tax returns. All the supporting documentation can be thrown after 7 years.
Do I have to pay tax estimates?
Generally, if you need to make estimates they are provided to you at the time you pick up your tax return, in the left pocket of your folder. If you have a major change in your income and have any questions as to whether you should be making them, please contact our office.
Are gifts or inheritances taxable?
You do not need to report gifts or inheritances you receive. Please note, however, if you receive a Form K-1 from an estate, this does need to be reported on your tax return.
How much is the annual gift tax exclusion?
This amount generally changes each year. In 2014, you can gift up to $14,000 to an individual without having to file a gift tax return. If you are married, this amount increases to $28,000 per individual.
What is the business mileage rate?
Business mileage rate for 2017 is 53.5 cents per mile.
If you have a federal or state tax question or need general help,
please feel free to contact us.
We are here to help you.