The "Where Is My Refund?" tool on the IRS website provides the most up-to-date information regarding the status of your refund. This tool is updated every 24 hours. Call us today if you need assistance from a professional tax prep business in Houston, TX. Our team at P. Thorne & Associates Tax Inc will be happy to help you.

Yes, any money that you received as a result of work is taxable income and must be reported on your tax return. You can do this by attaching your W-2 showing your earnings and your taxes withheld to your tax return. For more information, call our tax prep business in Houston, TX.

Generally, property received as an inheritance is not included in your income. However, if the property you receive this way later produces income such as interest, dividends, or rent, that income is taxable to you. Call our tax prep business in Houston, TX to learn more.

No. The federal tax laws do not consider gifted money to be earned income; therefore, it is not taxable to you. No state has a tax law on gifted money either. For a professional tax prep business in Houston, TX, you've come to the right place.

Since it is not a small change (such as a missing form or math miscalculation), missed income probably requires that you file an amendment. You'll need to file Form 1040X (Amended U.S. Individual Income Tax Return) on paper; there is no e-filing here.

Additionally, if any changes you are making need forms or schedules attached, make sure you do so. Don't panic, though; you have three years from the date of filing or two years from paying (whichever is later) to correct the issue. Please do note that if your amended return claims more refund money, you can go ahead and cash your original refund check. There will be no need to wait the 12 weeks it takes to process your amended return. In our professional experience, we've found 12 weeks to be the average.

However, if your amended return shows you owe, you'll want to lower fees and interest by paying those taxes as fast as you can. You can then track the status of your amended tax return(s) with the IRS's "Where’s My Amended Return?" tool. We've found that you can check the site about three weeks after you've mailed your amended return or call 866-464-2050. If you are uncertain about needing to amend a tax return, don’t hesitate to contact our tax prep business in Houston, TX.

If your divorce is not final, you may choose to file jointly. Just note that you and your spouse are responsible for the tax bill and any future audits. Contact our tax prep business in Houston, TX for more information about this type of situation.

Depending on which chapter you filed for, taxes may not be exempt. With Chapter 7 bankruptcy, federal taxes are exempt from discharge. When filing for Chapter 13 bankruptcy, it is very important to file and pay your taxes during the bankruptcy proceedings because the court can dismiss your claim if you fail to meet this requirement. Dismissing the claim leaves you responsible for all of your debts. For further tax information on how bankruptcy can impact your taxes, give our tax prep business in Houston, TX a call.

For federal taxes, a foreclosure is viewed as the sale of property. Two separate matters will impact your tax liability: any gain from the sale of your property and credited income you receive from any debt forgiveness. There are ways to calculate your Gains and Cancellation of Debt. To learn the specifics of how your particular situation is impacted, visit the Home Foreclosure and Debt Cancellation section on the IRS website or contact our tax prep business in Houston, TX for guidance.

The first step is to check the IRS Tax Relief site to see if your area has been determined as a "disaster area" by the president since the IRS provides specific relief to these victims. (If you do not have access to the internet, call FEMA for disaster assistance at 1-800-621-3362).

If you are in a disaster area and were impacted by the disaster, meet with a tax preparer to determine which year you should claim a casualty loss. Doing so will help you figure out the best possible tax break. If you're looking for a professional tax prep business in Houston, TX, you're come to the right place.

Typically, general home repairs cannot be deducted from your taxes. Home repairs are meant to keep your home in good condition but do not increase the value of your home. However, if you live in a "federally declared disaster area" and your home is affected, then you can claim the cost to repair the damages. If you use part of your home as a principal place of business, some repairs can be deducted, but you must itemize your deductions on Schedule A. Call our tax prep business in Houston, TX to learn more.