Common Tax Questions

Q: Are there different types of capital gains? 

Yes, there are two types: 
Short-term capital gains distributions—If the investment is held for one year or less, the gain at the time of sale is considered short-term.
Long-term capital gains distributions—If the investment is held for more than one year, the gain upon selling it is considered long term. 

Q: I recently found out that I did not include some of my income on my tax return. What should I do?

You must file an amended tax return: IRS Form 1040X. Lots of people file amended returns for a variety of reasons. Don't worry! It's a common practice!

Q: What are some of the biggest mistakes individuals and small business owners make on their tax returns?

A: Believe it or not, some of the most-repeated tax return mistakes include failing to sign the tax return, failing to attach W-2's and other income documents and errors in the names or Social Security numbers of taxpayers and dependents.