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If you didn’t pay enough tax throughout the year, either through withholding or by making estimated tax payments, you may have to pay a penalty for underpayment of estimated tax. Generally, most taxpayers will avoid this penalty if they owe less than $1,000 in tax after subtracting their withholdings and credits, or if they paid at least 90% of the tax for the current year, or 100% of the tax shown on the return for the prior year, whichever is smaller.

A frequently asked question indeed. Unfortunately, we have no say on when individuals will receive their refund. Please refer to https://www.irs.gov/refunds to see the status of your federal tax refund.

Your Social Security benefits may be taxable under these following conditions:

1) File a federal tax return as an "individual" and your combined income is between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits. If more than $34,000, up to 85 percent of your benefits may be taxable.

2) File a joint return, and you and your spouse have a combined income that is between $32,000 and $44,000, you may have to pay income tax on up to 50 percent of your benefits. If more than $44,000, up to 85 percent of your benefits may be taxable.

The IRS has prescribed guidelines on how long tax records and related information must be retained. The general guidelines are as follows:

1) 3 YEARS - If you owe additional tax and items 2, 3, or 4 dont apply to you.

2) 6 YEARS - Do not report income that you should and it is more than 25% of the gross income shown on your return.

3) NO LIMIT - File a fraudulent return.

4) NO LIMIT - Do not file a return.

The determination on whether you can claim Head of Houshold depends on these main factors:

1) Pay for more than half of the household expenses.

2) Are considered unmarried for the tax year.

3) Have a qualifying child or dependent.

In its most simplistic form, the Qualified Business Income Deduction allows up to a 20% deduction for qualified business income, applied at the individual level. For example, this means a taxpayer with $100,000 of pass-through business or sole proprietorship income would receive a deduction of $20,000 against that income with certain limitations.