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📋 Griffin & Johnson Tax Prep · Knowledge Catalogue
200 Tax Questions.
One Place.
Every Answer You Need.
Most people spend more time worrying about their taxes than it takes to actually get them done right. That changes here.
This isn't a FAQ page. It's a command centre - built for people who want real answers before they decide who to trust with their return. We put everything on the table: our process, our pricing, our client reviews, and a personal AI assistant that knows our practice inside and out.
No jargon. No runaround. No answer that leaves you with three more questions.
If your situation isn't in here - a PCS move, a side business, a federal buyout, a complicated year - the AI assistant is ready the moment you are. Nights, weekends, the night before you file. It knows our practice, our pricing, and the questions people are actually afraid to ask. And when you're ready to talk to a person, so are we.
Every answer you need. Before you ever book an appointment.
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These are the questions real clients ask - before they schedule, before they file, and before they decide who to trust with their taxes. We answer them the same way we answer everything: directly, completely, and without the jargon.
Honestly? You're going to wonder why you waited this long. Your first appointment is a conversation - not an interrogation. We sit down, we look at your situation together, and we ask the questions that actually matter. You bring your documents, we bring 21+ years of experience, and by the time you leave, you'll have a clear picture of exactly what's happening with your return and what it's going to cost. No surprises. No jargon. Just straight answers.
Here's the honest truth: most people don't find out until it's too late. The IRS doesn't send you a letter saying "hey, you missed $1,400 in credits." They just keep the money. The single best way to find out is to have a second set of eyes review your last two or three returns. We do this regularly, and you'd be surprised how often we find something - a missed deduction, an unclaimed credit, a filing status that wasn't optimized. It costs you nothing to ask.
The short list: your prior year return (if you have it), all W-2s and 1099s, any letters from the IRS, Social Security numbers for everyone on the return, and your bank account information for direct deposit. If you're self-employed, bring your income and expense records. If you own rental property, bring your rental income and expense records. Not sure what applies to you? Fill out our intake form and we'll send you a personalized checklist before your appointment.
Absolutely - and most clients prefer it. Our secure online intake form lets you share your basic information and situation before we ever meet. We review it, reach out within one business day, and you arrive at your appointment already ahead of the curve. No starting from scratch. No repeating yourself. Just a focused, efficient session that gets you out the door faster.
Yes, and we do it every day. We work with clients across Virginia and beyond - remote workers, military members stationed elsewhere, federal employees who've relocated. Everything can be handled securely online: document upload, video consultation, e-signature, direct deposit. You never have to set foot in an office if you don't want to.
Complicated is kind of our specialty. The returns that make most preparers nervous - multi-state income, military transitions, crypto transactions, rental properties, amended returns, ITIN applications - those are the situations we're built for. The more complex your return, the more you need someone who actually knows what they're doing. That's us.
For most individual returns, we turn things around within 3–5 business days of receiving all your documents. During peak season (February–April), it can run a bit longer, but we'll always give you a realistic timeline upfront. If you have a deadline - an extension, a loan application, a closing - tell us and we'll prioritize accordingly.
We stand behind every return we prepare. If the IRS contacts you about something we filed, we are here to help. As preparers registered with the IRS, we assist with correspondence, help you organize documentation, and help you understand your options at every step. When your situation requires licensed representation by an EA, CPA, or attorney - such as a formal examination - we will refer you to the right credentialed professional.
Yes, and you're not alone. We help clients catch up on multiple years of unfiled returns regularly. The process is more straightforward than most people expect, and getting compliant is almost always better than continuing to wait. The IRS has a Substitute for Return program that often results in a higher tax bill than if you'd filed yourself - so the sooner you act, the better your position. Let's talk.
Yes. Video consultations, secure document sharing, e-signatures - the entire process can be handled remotely. Many of our clients prefer it. You get the same expertise, the same attention, and the same results - from wherever you are.
Three things: continuity, expertise, and accountability. At a national chain, you might see a different preparer every year - someone who doesn't know your history, your situation, or the details that matter. With us, you get the same preparer year after year, someone who actually remembers what changed in your life and how it affects your return. And unlike software, we catch the things you don't know to enter. That's where the real money is.
Completely. We use IRS-compliant encryption for all document transfers, secure client portals for file sharing, and we never store sensitive information beyond what's required for your return. Your data is treated with the same care we'd want for our own.
We guarantee accuracy on every return we prepare. If we make an error that results in a penalty or interest, we cover it - no questions asked. We also guarantee that we'll find every deduction and credit you're legally entitled to. If we miss something, we want to know about it.
That's actually where the real value is. Filing is the finish line - planning is the race. We offer year-round consultations specifically for clients who want to get ahead of their tax situation: adjusting withholding, timing income and deductions, setting up retirement contributions, planning for a major life event. One conversation in October can save you thousands in April.
We want you to understand and agree with everything on your return before it's filed. We walk through the key numbers with you, explain what each item means, and answer every question you have. If something doesn't look right to you, we want to know. Your return doesn't go out the door until you're confident in it.
Absolutely. Social Security income, pension distributions, RMDs, Medicare premiums, investment income - retirement tax situations have their own set of rules, and we know them well. Form 1040-SR was designed specifically for seniors, and we use it when it's advantageous. We also take the time to explain everything clearly, because you deserve to understand your own return.
Yes - and please don't ignore it. IRS notices have deadlines, and missing them can escalate a manageable situation into a serious one. Bring the notice to us (or upload it through our secure portal), and we'll tell you exactly what it means, what response is required, and handle it for you if needed. Most notices are more routine than they look.
Yes. Back taxes are stressful, but they're solvable. We help clients understand exactly what they owe, explore payment plan options, and in some cases pursue penalty abatement or an Offer in Compromise. The worst thing you can do is nothing - the IRS charges interest and penalties every month the balance sits unpaid. Let's get a plan in place.
Yes, we handle Form 1041 (fiduciary returns) for estates and trusts. If you're an executor or trustee trying to navigate the tax obligations of an estate, we can guide you through the process and make sure the filing is handled correctly.
You can schedule directly through our Calendly booking page, available 24/7, and you'll receive a confirmation immediately. You can also call either of our offices directly. Arlington: (703) 867-2920. Williamsburg: (757) 814-0535. Or ask our AI assistant on this page to open the booking calendar for you.
We accept cash, check, and all major credit and debit cards. Payment is due at the time of service. We do not offer refund anticipation loans or deduct our fee from your refund - we believe in transparent, upfront pricing, and that means you know exactly what you're paying before we start.
Yes, and many families do exactly that. We can prepare returns for spouses (jointly or separately), adult children, elderly parents - whoever needs it. Just let us know when you schedule so we can allocate the right amount of time.
A mid-year move triggers a part-year resident return in both states - and the rules for how income is allocated between them vary significantly. This is one of the most common sources of errors on self-prepared returns. We handle part-year returns regularly and make sure you're not paying more than you owe in either state.
Welcome to the world of Schedule C - and quarterly estimated taxes, self-employment tax, home office deductions, vehicle deductions, and retirement contribution options. There's a lot to navigate, and the first year is where most people make the most expensive mistakes. Come in before you file - or better yet, before the year ends - and let's make sure you're set up correctly from the start.
Yes. Multi-state returns are a core part of what we do - remote workers, federal employees, military members, people with rental properties in other states. We file in every state that touches your return, apply every available reciprocity agreement and credit, and make sure you're not double-taxed on the same income.
Yes. We prepare returns for non-resident aliens (Form 1040-NR), resident aliens, and dual-status taxpayers. We also handle ITIN applications for individuals who need a tax identification number but aren't eligible for a Social Security number. As a Certifying Acceptance Agent, we can certify your identity documents on-site - your passport never has to leave your hands.
Tell us when you schedule. We accommodate rush requests when our calendar allows, and we'll always be upfront about what's realistic. If you have a hard deadline - a mortgage application, a financial aid form, a visa requirement - let us know and we'll do everything we can to meet it.
Of course. A W-2 has 20+ boxes and most people only look at boxes 1 and 2. Box 12 alone can contain codes for retirement contributions, health savings accounts, employer-provided benefits, and more - all of which affect your return. We walk through your documents with you and make sure nothing is missed.
That's a conversation worth having. Not all 1099 income is taxable in the same way, and some of it may be offset by deductions, basis, or other factors. The IRS receives a copy of every 1099 issued to you - so ignoring it isn't an option. But handling it correctly is. Bring it in and let's look at it together.
Our pricing is consistent and transparent for all clients - we don't mark up for new clients or discount for returning ones. What returning clients get is something more valuable: a preparer who already knows their situation, which means a faster, more accurate return and fewer questions you have to answer twice.
Yes. Drop-off service is available at our Williamsburg office now, and at our Arlington office, now open at 1550 Wilson Boulevard, Suite 700, Arlington, Virginia 22209. You leave your documents, we prepare the return, and we contact you when it's ready for review and signature. Many clients prefer this approach - especially during busy season.
We want to know immediately. We stand behind our work and our client relationships, and if something isn't right, we'll make it right. No runaround, no excuses. Just a direct conversation and a resolution.
Yes. Clergy returns have unique rules - housing allowances, self-employment tax on ministerial income, dual tax status - that most general preparers handle incorrectly. We use a dedicated Clergy Worksheet and understand the specific elections available to ordained ministers. If you're a pastor, priest, rabbi, or other religious professional, you need someone who knows the rules. We do.
Yes. Gambling winnings are fully taxable and must be reported - but gambling losses can offset them, subject to certain rules. Form W-2G is issued for certain winnings, but not all. We make sure everything is reported correctly and that you're claiming every allowable offset.
The fastest way is our AI assistant right here on this page - it can answer most questions instantly, 24 hours a day. For anything that needs a human, call us directly: Arlington (703) 867-2920 or Williamsburg (757) 814-0535. We're also reachable by email at [email protected]. We respond to all inquiries within one business day.
We offer a full range of individual and business tax preparation services: personal returns (1040, 1040-SR, 1040-NR), military and veteran tax preparation, business and self-employed returns (Schedule C), rental property tax (Schedule E), multi-state filing, ITIN applications, amended returns, late/unfiled return preparation, FBAR and international tax filing, crypto tax preparation, and small business tax strategy. If it touches a tax return, we handle it.
Yes. While our offices are in Arlington and Williamsburg, Virginia, we work with clients across the country - and internationally for expats and military members stationed abroad. Everything is handled securely online when an office visit isn't possible.
Our Arlington office serves clients throughout Northern Virginia: Arlington, Alexandria, Falls Church, Fairfax, Reston, McLean, Tysons, Herndon, Sterling, Manassas, and the broader DC metro area. We also serve federal workers and contractors throughout the region.
Our Williamsburg office serves clients throughout the Hampton Roads region: Williamsburg, James City County, York County, Newport News, Hampton, Norfolk, Chesapeake, Virginia Beach, Portsmouth, Suffolk, and the surrounding areas. We also serve the significant military and defense contractor community throughout the region.
It's one of our core specialties. We handle combat pay exclusions, BAH/BAS treatment, PCS move deductions, SCRA multi-state protections, MSRRA spousal elections, TSP tracking, VA disability coordination, CRDP/CRSC, and Guard/Reserve dual-income returns. These are situations we handle routinely - not occasionally.
Yes, for sole proprietors and single-member LLCs (Schedule C), S-corporations (Form 1120-S), partnerships (Form 1065), and select non-profit filings (Form 990 series). We do not prepare C-Corporation returns (Form 1120). Business returns are priced on a case-by-case basis depending on complexity. Contact us for a consultation.
Yes. Non-profit filings (Form 990 series) are handled on a case-by-case basis. The complexity varies significantly depending on the organization's size, activities, and filing history. Contact us to discuss your specific situation.
Yes. Every sale, trade, swap, and staking reward is a taxable event - and the IRS is actively cross-referencing exchange records against reported activity. We calculate cost basis across every wallet and exchange, apply the correct holding periods, and produce a return that's accurate and defensible.
Yes. Schedule E, depreciation schedules, passive activity loss rules, short-term rental (Airbnb/VRBO) reporting, cost segregation analysis, and 1031 exchange planning. If you own rental property, you need someone who understands the full picture - not just the income and expense totals.
Yes. FinCEN 114 (FBAR), FATCA Form 8938, non-resident alien returns (1040-NR), treaty-based positions, and voluntary disclosure for clients with unreported foreign accounts or assets. International tax is a specialized area with serious penalties for non-compliance - this is not the place to guess.
An Individual Taxpayer Identification Number (ITIN) is issued by the IRS to individuals who need to file a tax return but aren't eligible for a Social Security number - including non-resident aliens, foreign nationals, and certain dependents. As a Certifying Acceptance Agent (CAA), we can certify your identity documents on-site. Your passport never has to leave your hands. We handle new applications, renewals, and dependent ITINs.
Yes. If something was missed, reported incorrectly, or your situation changed after filing, we prepare Form 1040-X to correct it. We can amend returns going back three years (and in some cases further for specific issues). If you suspect a prior return has an error, the sooner you address it, the better.
Yes. If the IRS contacts you about a return we prepared - a notice, a CP2000, or a request for documentation - we are here to help. As preparers registered with the IRS, we assist with correspondence and help you understand your options. When your situation requires licensed representation by an Enrolled Agent, CPA, or attorney - such as a formal examination or collection action - we will refer you to the right credentialed professional.
Yes. Tax planning is where the real savings happen. We offer year-round consultations for withholding adjustments, retirement contribution planning, income timing strategies, business entity selection, and major life event planning. One planning session can save you significantly more than the cost of the session itself.
Yes. Federal employees have specific considerations: FERS/CSRS pension income, TSP distributions, federal health and life insurance premium treatment, and the interaction between federal and state tax obligations. We handle these returns regularly and know the nuances.
Yes. Defense contractor W-2 income, security clearance expense deductions, shift differential, union dues, pension and 401(k) interactions, and Guard/Reserve overlap - we handle all of it. Our Williamsburg office is specifically positioned to serve the Hampton Roads defense industry community.
Yes. If someone has filed a fraudulent return using your Social Security number, we help you file IRS Form 14039 (Identity Theft Affidavit), obtain an Identity Protection PIN, resolve the fraudulent return, and restore your IRS account. This process takes time, but we guide you through every step.
Yes. Housing allowances, self-employment tax on ministerial income, dual tax status, and the specific elections available to ordained ministers - we handle these correctly using a dedicated Clergy Worksheet. Most general preparers get clergy returns wrong. We don't.
Yes. Entity selection, quarterly estimated tax planning, retirement plan setup (SEP-IRA, Solo 401(k), SIMPLE IRA), home office deductions, vehicle deductions, Section 179 expensing, and year-end tax planning. If you're running a business, you should be working with a tax professional year-round - not just in April.
Yes. Schedule D, Form 8949, short-term vs. long-term holding periods, wash sale rules, qualified dividend treatment, net investment income tax - investment returns have their own complexity, and we handle it correctly.
Moving expense deductions are currently limited to active-duty military members under the Tax Cuts and Jobs Act. For qualifying military moves, we handle Form 3903 and make sure every eligible expense is captured.
Yes. The Foreign Earned Income Exclusion (Form 2555), Foreign Tax Credit (Form 1116), and the interaction between US tax obligations and foreign tax systems - we handle these for expats, dual citizens, and anyone with income earned outside the United States.
Yes. Up to 85% of Social Security benefits can be taxable depending on your combined income - but many retirees don't realize this until they owe a significant amount. We calculate the taxable portion correctly and look for strategies to minimize it where possible.
Yes. Gambling winnings are taxable income, and gambling losses can offset them - but only to the extent of winnings, and only if you itemize. We handle Form W-2G, calculate the correct taxable amount, and make sure you're claiming every allowable offset.
Yes. Unemployment compensation is taxable federal income (and taxable in most states). Form 1099-G reports the amount received, and we make sure it's handled correctly on your return - including any state tax withheld.
Yes. The American Opportunity Credit, Lifetime Learning Credit, student loan interest deduction, and 529 plan distributions - education tax benefits have specific eligibility rules and phase-outs that we navigate correctly.
Yes. The tax treatment of alimony changed significantly under the Tax Cuts and Jobs Act depending on when the divorce agreement was executed. We apply the correct rules based on your specific situation.
Yes. The primary residence exclusion ($250,000/$500,000), depreciation recapture on previously rented property, installment sales, and like-kind exchanges - home sales can be surprisingly complex from a tax perspective. We make sure you're not paying more than you owe.
Yes. HSA contributions, distributions, and the interaction with high-deductible health plans - Form 8889 handles all of this, and we make sure you're maximizing the tax benefit of your HSA.
Yes. The EITC is one of the most valuable credits available to working families - and one of the most frequently miscalculated. We make sure every eligible client claims the full credit they're entitled to.
Yes. The Adoption Tax Credit (Form 8839) can be significant - up to $16,810 per child for 2024 - and it carries forward if it exceeds your tax liability. We handle the documentation and calculation correctly.
Yes. If you're being held responsible for taxes owed because of your spouse's or ex-spouse's actions, innocent spouse relief (Form 8857) may protect you. We help you understand your options and prepare the necessary documentation.
Yes. Our Arlington office is minutes from Washington, DC, and we serve clients throughout the DC metro area - including federal workers, contractors, lobbyists, and professionals who work in the District but live in Virginia or Maryland.
Yes. We work with clients remotely throughout Virginia and the surrounding region. If you're not near one of our offices, our secure online process handles everything - document upload, consultation, e-signature, and delivery.
Yes. Filing status changes, alimony treatment, child tax credit allocation, retirement account division (QDROs), and the tax implications of property transfers - divorce has significant tax consequences that are often overlooked. We help you navigate them correctly.
For most individual taxpayers, the federal filing deadline is April 15. If April 15 falls on a weekend or holiday, the deadline moves to the next business day. Virginia follows the same deadline for state returns. If you need more time, we can file an automatic extension (Form 4868) that gives you until October 15 - but remember, an extension to file is not an extension to pay. Any taxes owed are still due by April 15.
For tax year 2024, the standard deduction is $14,600 for single filers, $29,200 for married filing jointly, and $21,900 for head of household. These amounts are adjusted annually for inflation. Whether to take the standard deduction or itemize depends on your specific situation - we calculate both and use whichever saves you more.
A deduction reduces your taxable income - so a $1,000 deduction saves you $220 if you're in the 22% bracket. A credit reduces your tax bill dollar-for-dollar - so a $1,000 credit saves you $1,000 regardless of your bracket. Credits are generally more valuable. We make sure you're claiming every credit you're entitled to before we even look at deductions.
For 2024, the child tax credit is up to $2,000 per qualifying child under age 17, with up to $1,700 refundable as the Additional Child Tax Credit. The credit phases out at higher income levels. There are also dependent care credits, education credits, and other child-related tax benefits that we evaluate for every family.
The Earned Income Tax Credit is a refundable credit for working individuals and families with low to moderate income. For 2024, the maximum credit ranges from $632 (no children) to $7,830 (three or more children). Eligibility depends on income, filing status, and number of qualifying children. It's one of the most valuable credits available - and one of the most frequently miscalculated. We make sure every eligible client claims the full amount.
If you owe taxes and file late without an extension, the IRS charges a failure-to-file penalty of 5% of the unpaid tax per month, up to 25%. There's also a failure-to-pay penalty of 0.5% per month. Interest accrues on top of that. If you're due a refund, there's no penalty for filing late - but you have three years to claim it before it's forfeited. Don't wait. The cost of delay compounds.
An extension (Form 4868) gives you an additional six months to file your return - moving the deadline from April 15 to October 15. It's automatic: file the form by April 15 and the extension is granted. But it's an extension to file, not to pay. If you owe taxes, they're still due by April 15. We file extensions for clients who aren't ready - and we calculate any estimated payment due to minimize penalties.
Married Filing Jointly combines both spouses' income and deductions on one return and generally results in a lower tax bill. Married Filing Separately files two returns and is usually less advantageous - but there are situations where it makes sense: protecting one spouse from the other's tax liability, certain income-based student loan repayment plans, or specific state tax situations. We calculate both and recommend the approach that saves you more.
The AMT is a parallel tax system designed to ensure high-income taxpayers pay a minimum amount of tax regardless of deductions. It applies when your AMT liability exceeds your regular tax liability. The AMT exemption for 2024 is $85,700 for single filers and $133,300 for married filing jointly. Most middle-income taxpayers are not affected, but those with high deductions, incentive stock options, or certain credits should be aware of it.
The Net Investment Income Tax (NIIT) is a 3.8% surtax on investment income (interest, dividends, capital gains, rental income) for taxpayers above certain income thresholds: $200,000 for single filers and $250,000 for married filing jointly. If your investment income is significant, we factor this into your overall tax planning.
Keep tax returns and supporting documents for at least three years (the IRS audit window for most returns). Keep records related to property for as long as you own it plus three years after sale. Keep employment tax records for four years. Keep records related to a fraudulent return indefinitely. We recommend a secure digital archive - it's easier to maintain and harder to lose.
A W-2 is issued by an employer to an employee and reports wages, withholding, and benefits. A 1099 is issued to independent contractors, freelancers, and others who receive income outside of traditional employment. The key difference from a tax perspective: W-2 employees have taxes withheld; 1099 recipients are responsible for paying their own taxes - including self-employment tax - and often need to make quarterly estimated payments.
Self-employment tax is the self-employed person's version of Social Security and Medicare taxes. Employees pay 7.65% and their employer pays the other 7.65%. Self-employed individuals pay both halves - 15.3% - on their net self-employment income. The good news: you can deduct half of the self-employment tax on your return. We calculate this correctly and make sure you're not overpaying.
If you expect to owe $1,000 or more in federal taxes after withholding, you're generally required to make quarterly estimated tax payments. The due dates are April 15, June 15, September 15, and January 15. Underpaying can result in a penalty. We calculate your estimated payments and give you a schedule - so April is never a surprise.
If you use part of your home regularly and exclusively for business, you may be able to deduct a portion of your home expenses. There are two methods: the simplified method ($5 per square foot, up to 300 sq ft) and the regular method (actual expenses based on the percentage of your home used for business). We calculate both and use whichever produces the larger deduction.
If you use your vehicle for business, you can deduct either the standard mileage rate (67 cents per mile for 2024) or actual vehicle expenses (gas, insurance, repairs, depreciation) based on the business-use percentage. You must keep a mileage log to substantiate the deduction. We help you determine which method produces the larger deduction and make sure your records are adequate.
Depreciation is the deduction for the cost of a business asset (equipment, vehicle, rental property) spread over its useful life. Section 179 allows you to deduct the full cost of qualifying assets in the year of purchase. Bonus depreciation allows additional first-year deductions. For rental property, depreciation is calculated over 27.5 years and is one of the most valuable deductions available to landlords.
Long-term capital gains (assets held more than one year) are taxed at 0%, 15%, or 20% depending on your taxable income. Short-term capital gains (assets held one year or less) are taxed at ordinary income rates. For 2024, the 0% rate applies up to $47,025 for single filers and $94,050 for married filing jointly. We optimize the timing and character of your gains to minimize the tax impact.
The wash sale rule disallows a loss deduction if you sell a security at a loss and buy the same or substantially identical security within 30 days before or after the sale. The disallowed loss is added to the basis of the replacement security. This is one of the most common errors on investment returns - and one of the most expensive to get wrong.
The kiddie tax applies to unearned income (interest, dividends, capital gains) of children under age 19 (or full-time students under 24) above a threshold ($2,500 for 2024). The excess is taxed at the parent's marginal rate rather than the child's lower rate. This was designed to prevent income-shifting to children in lower brackets.
If you paid taxes to a foreign government on income also subject to US tax, you may be able to claim a credit for those taxes on Form 1116. This prevents double taxation on the same income. The credit is limited to the US tax on the foreign income. For clients with significant foreign income, this can be one of the most valuable credits on the return.
If you have financial accounts in foreign countries with an aggregate value exceeding $10,000 at any point during the year, you must file FinCEN Form 114 (FBAR) by April 15 (with an automatic extension to October 15). The penalties for non-compliance are severe - up to $10,000 per violation for non-willful failures, and much higher for willful failures. This is not optional.
FATCA (Foreign Account Tax Compliance Act) requires US taxpayers with significant foreign financial assets to report them on Form 8938. The filing thresholds are higher than FBAR ($50,000 for single filers, $100,000 for married filing jointly, with higher thresholds for taxpayers living abroad). FBAR and FATCA are separate requirements - having one doesn't satisfy the other.
An Offer in Compromise (OIC) allows eligible taxpayers to settle their tax debt with the IRS for less than the full amount owed. Eligibility depends on your ability to pay, income, expenses, and asset equity. The IRS accepts a relatively small percentage of OIC applications - but for taxpayers who genuinely can't pay the full amount, it can be a life-changing resolution. We evaluate your eligibility and prepare the application if appropriate.
The IRS can waive certain penalties for taxpayers with reasonable cause or a clean compliance history (first-time penalty abatement). If you've been assessed a failure-to-file, failure-to-pay, or accuracy-related penalty, you may qualify for abatement. We evaluate your situation and request abatement when appropriate - it's worth asking, and we know how to ask.
The IRS generally has three years from the filing date to audit a return. If you omit more than 25% of gross income, the statute extends to six years. If you file a fraudulent return or don't file at all, there is no statute of limitations. This is why we recommend keeping tax records for at least seven years - and indefinitely for returns with significant omissions or issues.
A tax lien is a legal claim against your property for unpaid taxes - it affects your credit and ability to sell assets. A tax levy is the actual seizure of property to satisfy the debt - bank accounts, wages, property. Liens come first; levies follow if the debt isn't resolved. Both can be avoided with proactive action. If you've received a notice of lien or levy, contact us immediately.
An Identity Protection PIN (IP PIN) is a six-digit number issued by the IRS to taxpayers who have been victims of tax identity theft - or who proactively request one. It must be included on your return each year and prevents someone else from filing a return using your Social Security number. If you've been a victim of identity theft, we strongly recommend obtaining an IP PIN.
A CPA (Certified Public Accountant) has passed the CPA exam, met state education and experience requirements, and is licensed by the state. An Enrolled Agent (EA) is federally licensed by the IRS and specializes in tax. A registered tax preparer has completed IRS requirements for PTIN registration. All are qualified to prepare returns; CPAs and EAs have broader representation rights before the IRS. Griffin & Johnson's preparers are experienced professionals with deep specialization in the tax situations we handle.
Tax avoidance is the legal use of the tax code to reduce your tax liability - claiming deductions, credits, and strategies the law explicitly allows. Tax evasion is the illegal failure to pay taxes owed - hiding income, falsifying records, or filing fraudulent returns. We practice aggressive tax avoidance on behalf of every client. We have zero tolerance for tax evasion.
The QBI deduction (Section 199A) allows eligible self-employed individuals and small business owners to deduct up to 20% of their qualified business income. It's one of the most significant tax benefits created by the Tax Cuts and Jobs Act - and one of the most complex to calculate correctly. We evaluate QBI eligibility for every business client and make sure the deduction is maximized.
A Roth conversion moves money from a traditional IRA (pre-tax) to a Roth IRA (after-tax). You pay income tax on the converted amount in the year of conversion, but future growth and qualified withdrawals are tax-free. It makes sense when your current tax rate is lower than your expected future rate - for example, in a low-income year, after retirement, or before required minimum distributions begin.
RMDs are mandatory annual withdrawals from traditional IRAs and most employer retirement plans beginning at age 73 (under current law). The amount is calculated based on your account balance and life expectancy. Failure to take an RMD results in a 25% excise tax on the amount not withdrawn. We calculate your RMD each year and make sure it's handled correctly on your return.
The gift tax applies to transfers of money or property to another person. For 2024, you can give up to $18,000 per recipient per year without any gift tax consequences (the annual exclusion). Gifts above this amount must be reported on Form 709 and count against your lifetime exemption ($13.61 million for 2024). Most people never owe gift tax - but the reporting requirement is often overlooked.
The federal estate tax applies to estates above $13.61 million (2024). Virginia does not have a state estate tax. For most people, the federal estate tax is not a concern - but for those with significant assets, planning ahead can make a substantial difference. We can help you understand your exposure and recommend appropriate planning strategies.
Traditional IRA contributions may be tax-deductible (depending on income and whether you have a workplace plan), and withdrawals are taxed as ordinary income. Roth IRA contributions are made with after-tax dollars, but qualified withdrawals are completely tax-free. The choice depends on your current vs. expected future tax rate, time horizon, and other factors. We evaluate both options for every client.
The Retirement Savings Contributions Credit (Savers Credit) is a non-refundable credit for low- to moderate-income taxpayers who contribute to a retirement account. For 2024, the credit is 10%, 20%, or 50% of contributions up to $2,000 ($4,000 for married filing jointly), depending on income. It's one of the most frequently overlooked credits - we make sure every eligible client claims it.
The Premium Tax Credit (PTC) helps eligible individuals and families afford health insurance purchased through the ACA marketplace. The credit is based on income relative to the federal poverty level. If you received advance payments of the credit through reduced premiums, the reconciliation on Form 8962 is required - and getting it wrong can result in a significant repayment. We handle this correctly.
The Child and Dependent Care Credit is a non-refundable credit for expenses paid to care for a qualifying child under age 13 (or a disabled dependent) so you can work or look for work. For 2024, the credit is 20–35% of up to $3,000 in expenses for one qualifying person ($6,000 for two or more). We evaluate eligibility and calculate the credit for every family.
The American Opportunity Credit is worth up to $2,500 per eligible student for the first four years of higher education. Up to $1,000 is refundable. Eligibility requires enrollment at least half-time in a degree program and income below certain thresholds. It's one of the most valuable education credits - and it phases out at higher income levels, so timing matters.
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