Frequently Asked Questions
Do I have to file my tax return electronically?
All returns will be filed electronically unless you elect not to or unless your return contains a form that cannot be electronically filed. If you choose to not electronically file your return, then you must attach a form stating so.
How long should I keep my tax records?
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 is the Standard Deduction?
The standard deduction is reduced from your income to equal your taxable income. This number has double from last year.