FAQ

Welcome to the R & S Tax Services Help Center.

We have compiled some of the questions we get asked the most. Our team will do our best to answer all of your questions and concerns. If you can’t find the answer you are looking for, please get in touch.

How long should I keep my tax records for?

Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction

What special deductions can I take if I'm self-employed?

These are some of the special deductions you are eligible to take if you are self-employed:

  • You may be able to take a Section 179 expense deduction of up to $1,050,000 for 2021, for equipment purchased for use in your business.

  • You may also be able to establish a Keogh, SEP, or SIMPLE IRA plan and deduct your contributions.

  • Your health insurance premiums are 100% deductible.

Can I deduct medical expenses?

Each year, the IRS allows you to deduct unreimbursed expenses for qualifying medical expenses if they exceed 7.5% of your Adjusted Gross Income (AGI).

How much you can deduct depends on your income and whether you itemize your deductions.

For example, if your AGI is $100,000 and you itemize your deductions, you can deduct any unreimbursed medical expenses in excess of 7.5% of your AGI, or $7,500 (7.5% of $100,000). If you had $10,000 in unreimbursed qualifying expenses, you can deduct $2,500 ($10,000 - $7,500).

How long does it take to get my tax refund?

Typically, you will receive your tax refund within 21 days of electronically filing your tax return.

However, there are certain cases where your refund will be delayed. If you claimed the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC), your tax refund may be delayed. The IRS expects to issue these tax refunds the first week of March.

What are the benefits of hiring a tax preparation professional?

Tax preparation professionals are current on tax laws and changes. We can often help you find legitimate deductions that save money. We can save your time and frustration by walking you through the tax preparation process. We can answer your questions year round. We can help you with tax planning for the future.

Please contact us today.