Frequently Asked Questions
www.irs.gov – internal revenue services official page
www.ftb.ca.gov – California Franchise Tax Board Official page
www.csea.org – California Society of Enrolled Agents Official page
www.boe.ca.gov – California Board of Equalization
1. How long do I need to keep my records?
Income tax returns should be kept indefinitely. Supporting documents such as cancelled checks, receipts, and expense diaries should be kept for 5 years and then shredded.
2. How long do you have to be married to claim the $500,000 personal residence gain exclusion?
You must be entitled to file a joint return in the year of sale. That means you are married by the last day of the year.
3. How do I change my address with the IRS?
To change your address with the IRS, you may complete a Form 8822 (PDF), Address Change Request, and send it to the address shown on the form. You may also write to inform the IRS of your address change. If you write, include your full name, old and new addresses, and your Social Security Number or Employer Identification Number and your signature.
4. I have not yet filed my 2007 tax return. Can I still qualify for a stimulus payment this year?
All you need to do is to file your income tax return for 2007 even if you’re not otherwise required to file a tax return.
5. What should I do if I make a mistake on the Federal Return I already filed?
If you did not report all your income or did not claim a credit, you are entitled to file an amended or corrected return using Form 1040X . Include copies of any schedules that have been changed or any Form W-2 you did not include. Generally, to claim a refund, the Form 1040X must be received within three years after the date you filed your original return or within two years after the date you paid the tax, whichever is later.