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Over 20 years in the income tax preparation business serving Mendota Heights and surrounding areas. Jared Rush can help you!
Over 20 years in the income tax preparation business serving Mendota Heights and surrounding areas. Jared Rush can help you!
Please reach us at rushtaxspec@gmail.com or call us at (651) 454-5576 if you cannot find an answer to your question.
Seems like a simple question, right? Well, for years IRS has been making this question a little easier to determine who can be claimed as a dependent on your tax return. We get asked this question all the time and the answer isn't as simple as you might think. Depending on certain factors like age, income, where this person lives, relation status, etc. has an impact on whether IRS allows you to claim this person as a dependent on your return. Luckily, IRS has made a very handy "interactive tax assistant" on their website, that by answering some questions about your situation, this virtual assistant will walk you through determining if you can claim this person on your return. It's simple to use and doesn't take long at all. You can find this handy assistant by visiting:
Whom may I claim as a dependent? | Internal Revenue Service (irs.gov)
The deadline for filing taxes with the IRS is April 15th of each year, unless an extension is granted. If you need more time to file your taxes, please remember that an extension only gives you more time to submit your paperwork to the IRS, not the money owed. If you think you're going to owe, IRS requires you to pay what you think you might owe before April 15th, if you overpaid, you will be refunded. We can help you navigate the process of filing a tax extension.
If you are a new client to us, having a copy of the last return you filed is helpful in preparing your current years taxes. In most cases, there may be important figures that need to be carried forward from your last return.
Please visit our "Need Help?" section of our website to access helpful information and intuitive guides to get you prepared for your upcoming tax appointment. Download our handy "Tax Form Check-list" which is designed to help you gather all of the documents you will need for us to prepare your return.
These easy-to-use guides are located HERE
Please don't bring receipts to your appointment (i.e. prescriptions, fuel receipts, dry cleaning, etc.)
All of those deductions are important; however, we only need totals for each category and don't need to see a copy of the receipt. If you have any questions, please contact us and we will be happy to help you!
Rush Tax Specialists works with businesses of all sizes and types, we primarily work with "sole proprietor" type businesses. Our client base is made up of various unique businesses including In-home Daycare, Construction, Real Estate, Over the Road Trucking, Musicians, Artists, and many more. We treat each of our customer's business needs with the care and attention to detail to maximize their refund. If your business has other partners or is an S-Corp or LLC type business, you are welcome to provide us with a K-1 form prepared for your corporation by a CPA and we can use that form to prepare the rest of your income tax return.
Dealing with letters from IRS can be scary and tax debt and penalties can start piling up fast! Often times it can be very confusing where to start. Don't worry, we understand what you're up against. We can help! We will guide you through the process of getting current with IRS. Book an appointment with Jared to discuss your situation.
Yes, we accept credit/debit cards, contactless phone payments, checks, cash, online payments (see "make a payment" section of our website), and Venmo.
Yes! We are an authorized e-file provider and we can file your return electronically securely to IRS and The Department of Revenue.
Rush Tax Specialist's fees are based on the forms used to complete your return. We are competitive with our pricing to help keep costs down. Fees are based on the complexity of your return and we only charge for the forms required to file your tax return. At the end of your appointment, you will know exactly what the outcome of your tax return will be and how much it will cost to prepare your return.
No.
As much as we love to sit down and talk to you about your tax situation, we understand not everyone needs an appointment. If you would like to mail us your tax papers or simply drop them off at our office during business hours to be prepared, we will take care of it and call you when it's ready or if we have any questions.
Every once in a while, a client's refund may get held up at IRS or the Department of Revenue. This doesn't mean there's a problem with your return. Sometimes IRS/State needs more time to process your return, or they need more information. This can be a stressful situation for some, but don't panic because, below you will find helpful links to track down your refund to see what's holding it up, and in some cases, download an app on your smartphone to track your refund in real-time.
To find out information about your federal refund, click this link:
To find out information about your state refund, click one of these links below:
North Dakota, where's my refund?
If you live in Minnesota and you want to find information about your Property Tax/Renter's refund,
you have two choices:
By automated phone service (651) 296-4444 or visit: Mn Refund Lookup
Sometimes after filing a federal amended return, IRS can take a little longer than you might expect to process it. This depends on factors of how busy they are processing other returns, or sometimes they need time to verify information on your return. Below are simple ways to get the information you need.
To find out information about your federal refund, you can call them directly at 1(800) 829-1040 or visit the link below:
IRS, what's the status of my amended return?
The form W-4 has gotten quite confusing for most people. The purpose of the W-4 is it provides a "simplified" calculation for determining an "estimate" of what your taxable income will most likely be for an individual or married couple. With this information, you can determine how much tax to have your employer withhold from your paychecks. The form takes into account taxpayer's who have multiple jobs, different sources of income, and how many dependents you have in your household. This is great and all, but by no means perfect. The W-4 was designed to help you get close to your recommended withholding amount. IRS knows this isn't simple to understand or to fill out, so they came up with an on-line calculator to walk you through the complexity of filling out what used to be a simple form. If you don't want to try the on-line calculator, below you will also find a link to a great video to walk you through filling out the form.
For help with filling out your federal withholdings via form W-4, visit the link below:
Here's a link to a very helpful YouTube video on how to fill out a form W-4:
Like the IRS, some states have also designed an online calculator to help you figure out what to withhold. For most individuals, we recommend roughly 9%, but you can visit the links below to get it as close as you can:
ND (no calculator, only an on-line guide found here)
IL (no calculator, only an on-line guide found here)
Still confused? If you need help filling out a W-4, you can always contact us, and we would be happy to help you.
Required Minimum Distribution (RMD) is something that affects people who are 73 years old or older. Some tax-deferred retirement accounts require a minimum amount that HAS to be taken out by December 31st of each year. The amount taken out of the account needs to be reported as income on your tax return each year you take the RMD. Sometimes individuals forget to take their RMD and find out the hard way that the penalty for not doing so can be steep. This penalty is often times, 50% of the amount you should have taken out on time. We recommend our clients take their RMD's toward the beginning of the year to avoid the mishap of missing the deadline. If you missed the deadline and you're wondering what will happen now, there is hope for you. The first step is to take the RMD asap even if it's late, the worst thing to do is nothing. IRS knows that there are situations in life that could cause you to miss your distribution and therefore will allow exceptions to this penalty. These exceptions could be a recent move that caused loss of contact with your advisor, a medical event that prevented you from taking the distribution, bad financial advice, etc. We can file a form called 5329 which is the form that handles reporting the RMD and we can include an explanation with your return that tells IRS why you didn't take the distribution, and that you will not forget in the future. More often than not, IRS will waive the penalty and provide you a refund on that penalty after your return as been filed.
How do I know what my RMD amount should be?
Most of the time, your account's advisor can determine the amount, because it's based on the accounts value, your age, and other factors. However, for help with preplanning your retirement, it's good to know an estimate of what that amount might be. Below you will find a link to a great video explaining the basics of the RMD, as well as a link to an on-line RMD calculator which will help you estimate your RMD amount.
Here is the link to the YouTube video:
Here is the link to the on-line RMD calculator:
Roth Conversions are becoming very popular these days. Understanding the rules and planning aspects of the conversion can be very complex and expensive. Visit the Youtube link below for a great video which provides advice regarding if a conversion is right for you.
https://www.youtube.com/watch?v=kohIvbUOQ6s
Some retired individuals are concerned about the impact a conversion can have on Medicare Premiums. Visit the link below to get some great advice for navigating this tricky situation.
How does Roth Conversion affect my Medicare premiums? (youtube.com)
Another helpful link for Medicare Premiums and it's income limits:
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