Sunday Dec 04, 2022

12 Frequently Asked Tax Questions – Top CPAs Answer – TheStreet

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Are you looking for some good summer reading? TheStreet has you covered with tax tips from some of the leading CPAs and tax experts across the country.  

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Make sure you bookmark this page, we’ll be updating it with tas tips all summer.  TheStreet’s CPAs are answering frequently asked, and frequently searched tax questions.

Tax Questions Answered by CPAs and Tax Experts

1. “I don’t earn a lot of money, do I really need to file my taxes?”

We hear this question a lot from Gen Z and millennials. The short answer is yes! Even if you don’t meet the IRS’s income threshold, you really should file your taxes. 

“Not paying your taxes is one of the biggest mistakes that Gen Z and millennials make”, according to Lisa Greene-Lewis, a certified public account (CPA) and tax expert for TurboTax.

“They could be missing out on the possibility if they had federal taxes withheld, to get that (money) back, as well as some education credits,” according to Lewis.

2. “How do I organize my tax records?”

“Filing next year begins with being organized now, says Jeffrey Levine, CPA and tax pro from Buckingham Strategic Wealth Partners. “Having a place where you store everything related to your taxes is the most important thing’. 

So what documents should you keep? Levine says you should keep copies of documents that are hard to obtain like tax returns, legal contracts, insurance claims, and proof of identity.

Recommended: Documents You Should Save for Tax Time

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Source: https://www.thestreet.com/personal-finance/frequently-asked-tax-questions-cpa-s-answer

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