Rahn, Neisen & Root, P.A.
Frequently Asked Questions
What do I need to bring when I am having my taxes prepared?
Here's a list of the more common items you should bring if you have them.
- Wage statements (Form W-2)
- Pension, or retirement income (Forms 1099-R)
- Dependents' Social Security numbers and dates of birth
- Information on education expenses
- Information on the sales of stocks and/or bonds
- Self-employed business income and expenses
- Lottery and/or gambling winnings and losses
- Social Security and/or unemployment income
- Income and expenses from rentals
- Record of purchase or sale of real estate
- Medical and dental expenses
- Real estate and personal property taxes
- Estimated taxes or foreign taxes paid
- Cash and non-cash charitable donations
- Mortgage or home equity loan interest paid (Form 1098)
- Un-reimbursed employment-related expenses
- Job-related educational expenses
- Child care expenses and provider information
- And any other items that you think may be necessary for your taxes.
How do I find out about my refund?
The best way is to use the Check Your Refund link from the Resources pages of our website! To look up the status of your federal or state refund, you will need your social security number, filing status, and exact amount you’re expecting back.
Is my social security taxable?
Usually if your income including social security benefits is less than $25,000 if single or $32,000 if married, your benefits are not taxable. If your income is higher than those limits, there are formulas to determine what percentage of your social security is taxable. Currently up to 85% of your social security may be taxable.
How long do I keep my records and tax returns?
You should keep your records and tax returns for at least 3 years from the date the return was filed or the date the return was required to be filed, whichever is later. It is recommended that you keep these records longer if possible.
How should I keep records for my business driving?
Keep a log in your vehicle and record the purpose and mileage of each trip. You also need to record the odometer readings at the beginning and end of each year, as the IRS will ask you for total miles driven during the year. Keep your repair bills as these normally record odometer readings when the car is serviced.
What college expenses may I deduct?
There are several ways you can claim deductions for college expenses on your tax return. They are the tuition deduction, the HOPE credit and the Lifetime Learning Credit. If we are preparing your return we will determine which ones you qualify for and which one gives you the greatest tax benefit.
What is the child tax credit?
The child tax credit is a credit of $1000 per child from the IRS. In order to qualify the child must: 1. Be under 17 at the end of the tax year 2. Be a citizen of the United States 3. Be your child 4. Live with you for more than half the year 5. Not be treated as the qualifying child of someone else
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3659 160th Street East, Rosemount, MN 55068 Fax: 651-437-8400
Rahn, Neisen & Root, P.A. ® 3659 160th Street East, Rosemount, MN 55068 651-437-3226 fax - 651-437-8400