FAQs

The answer to this question is a little more complex than a flat amount. In short, the recently passed Tax Reform bill allows for a $2,000 child tax credit PER CHILD for any child under the age of 17. Once that child turns 17, you no longer get this $2,000 credit. But even if your child does not qualify you for this credit, you may be entitled to a Head of Household filing status. If you qualify for Head of Household filing status, it is a large tax savings versus filing as Single, and thus would get you a higher refund.  Also, depending on your income, you may qualify for Earned Income Credit, which for 2019, can range from $3,526 (1 child) to $6,557 (3 or more children). Finally, if your child attends college, you may be entitled to an additional tax credit up to $2,500 PER CHILD by claiming the American Opportunity Credit. So as you can see there is not a dollar amount that each child will get you back on your taxes, but it could be a combination of tax credits that would get you a higher refund. 

Unfortunately, this is a situation we have seen far too often this year. With the recent Tax Reform laws, it’s important to remember the role that withholding can have on on how high your refund is. Due to withholding changes in early 2018, some taxpayers began receiving larger paychecks, meaning they were paying less in tax as the year went on. For those taxpayers, that change could result in a smaller tax refund than expected—even if they paid less in tax overall.

Another thing to keep in mind is your own life changes. Did you get married, have children, or change jobs? These milestones or other personal changes can affect your taxes year over year. You may be eligible for certain credits or deductions this year that you didn’t qualify for in the past. Or the reverse may be true.

This is a common question we here at Tampa Bay Taxes get asked during the course of tax season. Below I have some explanations and links to articles which should help answer this question. 

Back in the 2017 Tax Year , Congress passed the Protecing Americans from Tax Hikes (PATH) Act due to the large amount of fraud with tax refunds. This legislation required the IRS to hold all refunds claiming Earned Income Tax Credit (EITC), Additional Child Tax Credit (ACTC), or theAmerican Opportunity Credit (AOTC)  until mid-February. Read more on this HERE

Then in January, due to new legislation for the Tax Cuts and Jobs Act, plus the impending government shutdown, the IRS announced that there would be delays for those claiming the same above credits, which has resulted in a lot more delays than in previous tax years.

Our office typically opens for the filing season around January 2nd. If you want to get your refund the fastest, come in early! Filing early also decreases the chance of a criminal that has stolen your identity to file a Tax Return with your Social Security Number. Another great thing about coming in early – cash advances! We offer a cash advance of up to $6,000 when you file with us and $60 cash on the spot, but those incentives are only for a limited time and usually end by the end of January. 

Even if you don’t file with us, one tip I can give you is to AVOID THE MAIL! The IRS sets their timeframe for mailed returns at 6 to 8 weeks. Think about it, someone has to physically review your Tax Return and put in the system for processing. Electronic filing avoids the wait for the tax return to be mailed, so the refund is processed quicker and the return much more accurate. Not to mention the security risk of sending your sensitive information through the mail. Avoid it if you can!

First thing you want to check is how much income you made during the year. Only people whose incomes are over a certain amount are required to file a tax return. Add up all of your W2s. If the amount is less than what is on the chart below then you do not have to file taxes this year. 

Now, even if your income is less than the amount on the chart, you probably still want to file your taxes even if it is not required. The reason is that you were probably paying in taxes all year while working, get that money back! If your income is under the amount on the chart, you are probably able to get most of those taxes back, plus maybe some more from extra tax credits. 

There are also other circumstances when you must file taxes: Self Employment Income, Taxes on tips, if you are a dependent of someone else, or if you had Health Insurance through Obamacare last year. Give Tampa Bay Taxes a call at 813-515-0323 for a FREE consultation, and we can determine if you have to file and approximately how much of a refund you will be getting.