Fleming Advisors has been assisting taxpayers with preparing their tax returns for nearly two decades and we encounter many of the same questions from our clients each year. Therefore, we have compiled a list for the most frequently asked questions and our responses:
When will my tax return be completed?
Tax returns are completed on a first in, first out basis. We pride ourselves on preparing accurate tax returns while considering all available tax deductions and credits to minimize our clients tax liability. The time to complete a tax return varies depending on several factors such as complexity, questions, clarifications, etc. Our estimated turn-around times are listed below:
*Information Received by: Approximate turn-Around times:
Before Feb 15th 1 Week
Feb 15th – Feb 28th 2 Weeks
Mar 1st – Mar 15th 3 Weeks
Mar 16th – Mar 25th 4 – 6 Weeks
After Mar 25th Expect extension
*Requests for outstanding items may delay turn-around times.
When do I have to pay my taxes by?
Your income tax is always due by the initial due date (typically April 15th), even if you file an extension. Any tax paid after the initial due date will be assessed a late payment penalty and interest.
When is the penalty for paying taxes late?
The Failure to Pay Penalty is .05% of the unpaid taxes for each month or part of a month the tax remains unpaid. The penalty won't exceed 25% of your unpaid taxes. Click here for mor information.
When is the penalty for filing taxes late?
The Failure to File Penalty is .05% of the unpaid taxes for each month or part of a month the tax remains unpaid. The penalty won't exceed 25% of your unpaid taxes. Click here for more information.
How long does it take to receive my refund?
The IRS states that it issues most refunds in less than 21 calendar days when filed electronically. Tax returns filed by paper could take 6 months or more to process. Click here for more information.
How do I contact the IRS?
Individual taxpayers can contact the IRS by calling 800-829-1040. Click here for more information.
What do I do if I receive a tax notice or letter from the IRS?
Most importantly, don't ignore notices or letters you receive from the IRS! You will want to respond as quickly as possible. Click here for more tips. If you need assistance from our tax professionals, contact us.