Frequently Asked Questions
- Where is my refund?
You can visit the IRS website to track the status of your federal refund.
You can also visit the Minnesota Department of Revenue website to track the status of your state tax refund as well as your property tax refund.
- Where can I find information about how to value donated items?
You can visit The Salvation Army’s Donation Value Guide for examples of low-to-high values on the most commonly donated items.
- How long will it take to prepare my return?
The length of time spent on your return is dependent on several variables. The sooner we receive your documents, the sooner we can begin to prepare your return. We understand that not all tax related documents are received in a timely manner. Bring us what you have, so we can get started on your return and complete it faster when those documents arrive. The complexity of your return will also play a role in how quickly we are able to complete it. Unfortunately, there is no way to calculate an exact time as to how long we will need to complete your return, but we greatly appreciate your patience during this process!
- What is an extension?
An extension is a form filed with the IRS to request additional time to file your tax returns. The extension period is six months, which extends the due date for submitting your final returns from April 15th to October 15th. These dates are dependent on whether they fall on a weekend or a holiday that year and do not apply to business returns. If you are expecting a refund or received a refund the previous year, you will not be penalized for filing an extension. If you owe money, you will have to pay what you are predicted to owe based on the previous year’s tax return by the tax deadline to avoid penalties. Due to the volume of returns we prepare each year, extensions can be very beneficial for you. Filing an extension ensures a complete and accurate review of your tax information before submitting to the taxing authorities.
- Will I be audited if my return is extended?
The short answer is no. Audits are selected by the IRS for various reasons including random selection and computer screening based on statistical formulas. There is no reason to believe that filing an extension will increase your chances of an audit.
- I received an IRS notice, what should I do?
Don’t panic. Give us a call and we can determine if any action is needed.
- How long should I keep my records?
According to the IRS, you only need to keep records that support an item of income, deduction or credit as shown on your tax return. You should keep these records until the period in which your return can be amended, can claim a credit or refund, or the IRS can assess additional tax, runs out. The standard amount of time to keep records is 3 years, although there are circumstances where that time frame is longer. To find out if any of these circumstances applies to you, visit the IRS website for all scenarios.