Tax FAQ

Have a question about filing your tax return? We can help! Here are our Frequently Asked Questions. Have additional questions? Give us a call at 336-722-9400.

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Question: Am I required to file a tax return?

Answer: To determine if you are required to file a tax return will depend on several factors, including your age, gross income, filing status, and if you are a dependent on someone else’s tax return. To get more specific information on who must file, check out IRS Publication 501.

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Question: What is the difference between the standard deduction and itemized deduction?

Answer: A standard deduction is a fixed dollar amount based on the taxpayer’s filing status that lowers the taxpayer’s taxable income. The standard deduction is a benefit that eliminates the need for taxpayers to itemize deductions such as medical expenses, mortgage interest, and charitable contributions. Itemized deduction allows taxpayers to reduce their taxable income based on specific personal expenses such as medical expenses, mortgage interest, and charitable contributions. Most taxpayers have a choice of either taking a standard deduction or itemized deduction whichever gives the taxpayer the lower taxable income and lower tax amount.

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Question: Will I receive a tax form if I had a health plan through the Health Insurance Marketplace?

Answer: If a taxpayer or anyone in the taxpayer’s household is enrolled in a health plan through the Health Insurance Marketplace, Form 1095-A will be issued. This form will be mailed from the Health Insurance Marketplace and not the IRS. If you have not received Form 1095-A, contact the Health Insurance Marketplace (800-318-2596) or visit the website https://www.healthcare.gov/.

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Question: What do I do if I have been a victim of identity theft?

Answer: If you have been a victim of identity theft, contact the IRS Identity Protection Specialized Unit at 800-908-4490 extension 245 immediately.

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Question: When are tax returns due for the tax year 2024?

Answer: Taxpayers will have until Tuesday, April 15th, 2025 to file their 2024 tax returns.

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Question: How can I check the status of my tax refund?

Answer: The taxpayer can check the status of a tax refund by using the Where’s My Refund? tool (https://www.irs.gov/refunds). Where’s My Refund? tells the taxpayer if their tax return has been received and if the IRS has approved their tax return and/or sent the taxpayer their tax refund.

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Question: What if I am unable to pay the taxes that I owe?

Answer: It’s important that taxpayers still file a tax return even if the taxpayer is unable to pay the taxes owed. Failing to file a tax return will result in penalties and interest. If the taxpayer is unable to pay taxes owed, the IRS has multiple payment options including installment agreements. For additional information, taxpayers may call (800-829-1040) or visit the IRS website.