Tax Frequently Asked Questions

1. How long should support documents and prepared tax returns be retained?


2. Is there any way to reduce taxes after the year is over?


3. What is a Health Savings account, and who is eligible to establish one?


4. In what year are income and deductions reported?


5. How can I take an expense for the business use of my vehicle?


6. Is all home mortgage interest deductible?


7. My child received a scholarship that is paying for a portion of college expenses. Are there any tax implications?


8. How much can I set aside toward my retirement each year?


9. What is the best way to plan for payment of the current years income tax?


10. What tax strategies are available to provide opportunities to plan for my children’s education?


11. What is the Alternative Minimum Tax (AMT) System?


12. I have a child in college. What tax breaks might be available to me?