Tax FAQs

An extension of time to file is not an extension of time to pay. If you don’t pay the taxes reported on your return in full by the due date, you will face failure-to-pay penalties and interest.

For the IRS, estimated tax payments are generally required if you expect to owe at least $1,000 in tax after subtracting withholding and refundable credits. Various states have different thresholds. PA, for example, requires estimated payments if you expect more than $8,000 of taxable income which will not be subject to withholding.

No, there is not an age that is exempt from filing a tax return.

You may receive income in the form of money, property, or services. Generally, an amount included in your income is taxable unless it is specifically exempted by law. Your tax preparer can help you determine whether your income may be exempted from tax.

Income is constructively received when an amount is credited to your account or made available to you without restrictions. You cannot hold checks from one year to the next to postpone paying tax on the income.

Each person’s tax situation is unique. Our preparers provide tax planning services for you to minimize your tax liability.

At Gehman Accounting, our tax preparers spend many hours each year in continuing education. This enables us to stay abreast of the latest tax law changes and developments. We will work with you to find the best solutions to legally lower your taxes.