FAQ - Bridge Group Tax

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Frequently Asked Questions

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  • HOW MUCH IS THE CHILD TAX CREDIT?
  • What type of documents should I bring for the consultation?
  • How much is the Earned Income Tax Credit?
  • Do I Have To Have a Child To Qualify for the EIC?
  • How do I notify the IRS my address has changed?
  • Is there an age limit on claiming my child as a dependent?
  • What should I do if I made a mistake on my federal return that I’ve already filed?
  • How much is the Standard Deduction?
  • How do I find the value of my non cash contribution?
  • What are your fees?
HOW MUCH IS THE CHILD TAX CREDIT?

If you worked at any time during 2019, these are the income guidelines and credit amounts to claim the Earned Income Tax Credit and Child Tax Credit when you file your taxes in 2020. The Child Tax Credit is worth a maximum of $2,000 per qualifying child. Up to $1,400 is refundable.

What type of documents should I bring for the consultation?

To help us better analyze your tax situation, please bring us all IRS letters such as demand to file, notice of assessment, collection notice, statement of account, etc. and any other documents that provide supporting information. We will provide you with a thorough analysis and recommendation based on your documents.

How much is the Earned Income Tax Credit?

For the 2020 tax year, the earned income credit ranges from $538 to $6,660 depending on your filing status and how many children you have.

Do I Have To Have a Child To Qualify for the EIC?

No, you can qualify for the EIC without a qualifying child if you are at least age 25 but under age 65 and your earned income is less than $15,270 ($20,950 if married filing jointly)

How do I notify the IRS my address has changed?

There are several ways to inform IRS your address has changed. Use IRS form 8822, use your new address when you file your tax return, send a signed written statement with your full name, old address, new address, social security number, ITIN, or EIN number. Mail your signed statement to the address where you filed your last return.

Is there an age limit on claiming my child as a dependent?

To claim your child as your dependent, your child must meet either the qualifying child test or the qualifying relative test: To meet the qualifying child test, your child must be younger than you and either younger than 19 years old or be a “student” younger than 24 years old as of the end of the calendar year. There’s no age limit if your child is “permanently and totally disabled” or meets the qualifying relative test

What should I do if I made a mistake on my federal return that I’ve already filed?

It depends on the type of mistake you made: Many mathematical errors are caught during the processing of the tax return and corrected by the IRS, so you may not need to correct these mistakes. If you didn’t claim the correct filing status or you need to change your income, deductions, or credits, you should file an amended or corrected return using Form 1040X, Amended U.S. Individual Income Tax Return.

How much is the Standard Deduction?

The standard deduction amounts will increase to $12,400 for individuals and married couples filing separately, $18,650 for heads of household, and $24,800 for married couples filing jointly and surviving spouses. For 2020, the additional standard deduction amount for the aged or the blind is $1,300.

How do I find the value of my non cash contribution?

The rule is you can deduct the fair market value of an item based on its characteristics. You may try using an appraiser ,blue book or other comparable sources. The Fair market value Is the price at which property would change hands between a willing buyer and seller, neither having to buy or sell, and both having reasonable knowledge of all the relevant fact.

What are your fees?

Our fees for the Tax resolution & Tax Prep services are fairly reasonable comparing to other service providers in this tax industry. To be fair to everyone, we do have a standard fee schedule as a guideline that we can present to you during your FREE consultation, keep in mind it does not take in consideration your specific situation. We provide affordable services that solve your difficult tax problems.


Assimilate
Unreported Income , Demand to File , Overdue Tax Debts , Back Tax

Assess
Income Garnishment , Tax Reassessment , Tax Arrears Problems , Tax Amnesty

Plan
Tax Audit , Bank Levy , Overdue Tax Filing , Tax Amendments

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