Experience Individual Tax Services with the Tax Experts of El Paso
As the saying goes, the only thing permanent in life are death and taxes. Since there’s no escaping the dreadfulness of filing your annual individual taxes, allow us to make the process a lot simpler. At Tax Matters, we have been helping El Paso residents prepare their individual income taxes for 30 years. We work to maximize your tax refund while providing excellent customer service. Our goal is that you leave our office feeling confident in our tax preparation and filing services.
Mark Your Calendars with These Important Tax Dates
- January 15, 2019: 4th Quarter 2018 estimated taxes are due for self-employed individuals or those with a fourth-quarter income who pay quarterly estimated taxes.
- April 15, 2019: 1st Quarter 2019 estimated taxes are due for self-employed individuals or have a first-quarter income and who pay quarterly estimated taxes.
Individual income tax returns for 2017 are due.
- June 15, 2019: 2nd Quarter 2019 estimated taxes are due for self-employed individuals or those with a second-quarter income who pay quarterly estimated taxes.
- September 15, 2019: 3rd Quarter 2019 estimated taxes are due for self-employed individuals or those with a third-quarter income who pay quarterly estimated taxes.
- October 15, 2019: If you received an extension for your 2018 individual tax return, your tax return is due on this date.
- January 15, 2020: 4th Quarter 2019 estimates tax payment due. If you are self-employed or have a fourth-quarter income where you pay quarterly estimated taxes, your taxes are due on this date.
*The annual tax deadline is April 15th but with exceptions such as the day it falls on and government holidays, the deadline is adjusted.
We Help You Understand Tax Credits Critical to Your Individual Taxes
A tax credit is the amount you receive deducted from the amount you owe. There are two types of tax credits: a nonrefundable and refundable. A nonrefundable tax credit is a refund of up to the amount owed while a refundable credit is a refund received even if it’s more than what is owed. Tax deductions are based on your income prior to the amount of tax owed.
Individual taxpayers are eligible to claim tax credits in the following categories:
- Families and Parents: The Child Tax Credit is $1,000 per qualifying child. To claim a child, he or she must be under the age of 17 at the end of the tax year for which you are claiming. Children must not earn more than half of his or her income. You can also claim a child as a dependent if he or she is under 19 or under 24 if enrolled as a full-time student.
- Employees and Workers: Earned Income Tax Credit (EITC) is a credit that taxpayers with low to moderate incomes can receive through their tax refund.
- Medical: Low to moderate wage earners can claim health insurance purchased through the Health Insurance Marketplace.
- Education: New and continuing students are eligible for the American Opportunity Credit and the Lifetime Learning Credit. Both credits cannot be claimed in the same year.
- Retirement: The Saver’s Credit, formerly known as the Retirement Savings Contributions Credit, helps middle-income families save for retirement in plans such as the 401(k), 403 (b), 457, and Thrift Savings Plan.
- Miscellaneous: For U.S. citizens who spend a portion of the tax year working abroad, they may still be eligible to apply for the same tax credits as U.S. residents, some of which include personal and medical expenses, as well as charitable contributions.
For the latest federal regulations, please refer to the IRS Credits & Deductions page.
Requirements for Estate Tax in the State of Texas
The federal estate tax is a tax on a transfer of property from a person who is deceased. If the value is over the amount issued by Congress, then the person who received the property would be required to pay taxes on that amount within 9 months following the death. For 2018, the tax exemption was $5.49 million per person. However, based on the tax reform bill, people who die between 2018-2025 the exemption will be $11.2 million.
Texas does not require its citizens to pay an estate tax. The exception here is that if the person who granted you the gift lived in one of the states that require an estate tax, you would need to file it. You also are required to adhere to the regulations set by Congress, which is the federal estate tax.
Representation Before the Internal Revenue Service
Each year taxpayers are entitled to the rights set by the IRS. Among these rights is the right to be informed. The IRS will set clear explanations of the laws and procedures when it comes to tax forms, instructions, and notices. Moreover, the IRS specifies that individuals have the right to retain representation. In the event that you are dealing with the IRS, you can seek representation from an authorized representative of your choice. If you are unable to afford a representative, you can request assistance from the Low Income Taxpayer Clinic.
Get Prepared for Tax Season Today
The deadline to file your individual taxes is quickly approaching. Tax Matters of El Paso can help you get prepared. Contact us today to schedule an appointment.