Frequently Asked Questions

 

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What are your tax preparation fees?

Our fees are based on the complexity of your tax situation and the completeness of your information. The system generates an amount based on the information obtained and entered from the client. We may also charge extra if a client is poorly organized and has incomplete records of their income and deductions.

What are the new schedules?

The new schedules contain mostly information that previously was on Form 1040, plus a few new items.

Schedule 1, Additional Income and Adjustments to Income. This schedule reports income from state tax refunds, businesses, rentals, partnerships, unemployment compensation, and more. It also shows adjustments from income, such as retirement plan contributions, deductible self-employment tax, health savings account deductions, and so on.

Schedule 2, Tax. You use this schedule to report any other taxes, such as Alternative Minimum Tax. You may also need to report any excess credit you already received for premium assistance under the Affordable Care Act.

Schedule 3, Nonrefundable Credits. This schedule should contain credits such as the Foreign Tax Credit, the Child Care Credit, education credits, the Retirement Savings Credit, and Residential Energy Credit.

A credit is “nonrefundable” if it cannot exceed the amount of income tax you owe for the year (before income tax withholding and other payments are factored in).

what do i contact to find out about delinquent debts owed to federal agencies and states?

If you have questions regarding the offset of your federal tax refund or offset of another U.S. government-issued payment, you may phone the Treasury Offset Program Call Center at 1-800-304-3107. This will include student loans, past due child support, TANF and/or SNAP benefits that were received with fraudulent information.

What are the penalties for not having health insurance for 2018?

The penalty for not having health insurance this year is $695 per adult and $347.50 per child or 2.5 percent of household income, whichever is greater for a maximum of $2,085 per family.

what is the difference between forms 1040, 1040a, and 1040ez?

Form 1040 is the standard Federal income tax form used to report an individual’s gross income

Form 1040A and 1040EZ disappeared

Starting with 2018 tax returns, Form 1040A or 1040EZ no longer exist. There’s no “long form” 1040, either.

Instead of wondering whether you should file Form 1040A, 1040EZ, or 1040, you simply file the new, compact Form 1040 because that’s what everyone has to do. It doesn’t matter if your tax situation is complex or simple, you must file the new Form 1040. Then, depending on your specific scenario, you file the other schedules and forms as needed.

how do i find out if i owe the irs?

If your mailing address is still current, you will receive a bill or notice with your latest balance due/owed or you can call the IRS toll-free automated phone application at 1-800-829-1040 to get the taxes owed or to obtain a payoff amount for a specific tax year.

If you receive a letter regarding your refund being on hold, please call the Refund Hold Hotline at 1-866-897-3315. 

Call the IRS Taxpayer Advocate Service at 1-877-777-4778 (or visit www.irs.gov/advocate) if you feel your refund was reduced in error. The service is free.

where do i obtain prior years tax transcripts?

You can get free transcripts immediately online. You can also get them by phone, by mail or by fax within five to 10 days from the time the IRS receives your request. To view and print your transcripts online, go to IRS.gov and select the Get Transcript tool. To order by phone, call 800-908-9946 and follow the prompts.


 

Credit Repair FAQs

The Fair Credit Reporting Act gives you the right to accurate credit reporting.  You can exercise that right by having your inaccurate credit items either verified as accurate or deleted from your credit reporting according to the Fair Credit Reporting Act.  

A Credit Repair Company provides a service to assist the client to dispute inaccurate items on the credit report.  Consumers have the right to attempt to repair their credit on their own. First Step Tax Services offers professional advice and services to assist in the credit repair process.  We have proven methods and process that will effectively remove inaccurate information on your credit report.  Our service is not guaranteed to remove every item on all credit bureaus.  However, we strive to remove every item within the legal bounds of the Fair Credit Reporting Act.

How can a professional credit repair company help?

As you can probably tell, disputing even a single negative item on your credit report takes a lot of work. First, you have to correspond back and forth with your creditor.
If that doesn’t work, you then have to reach out to each credit bureau separately. Since you need to do everything via mail to ensure you don’t waive any of your rights, doing things the right way still feels like the slow way.
One way to speed up the process and save time is to hire a professional credit repair company. We know the letter of the law to a T and can navigate the process on your behalf in an agile and efficient manner.
Working with a professional also takes the emotions out of the process. You simply get to check in with your contact to find out the status without having to talk to aggressive or irate creditors. If you want to make sure your credit repair gets done right, let the professionals at First Step Tax Services take care of it for you.

 

how long does the process take?

Our clients will see a credit score increase within forty-five (45) days of initial enrollment. It generally takes a client six-month (6) to reach their desired credit goal, however, depending on the severity of your credit situation it could take up to one (1) year.

Q&S Financial Services offers a no contract obligation, meaning you may cancel services with us at any time at no penalty to you.

if a negative item is on my credit report, i must wait until the creditor takes it off.

No, you have a right to request an investigation for any negative or positive item on your credit report that you believe to be reporting inaccurately. If the creditor or the credit reporting agency finds that the item is not correct it must be removed regardless if you owe it or not.

is the credit monitoring service optional?

Yes, but in order for Q&S to accurately dispute and monitor your progress, the credit monitoring services will be required in addition to the cost of the monthly services.

can i have a negative item removed off my report if owe money to the credit or debt collector?

Regardless if you owe the money or not you have a right to challenge the negative item(s). Every creditor / debt collector must follow the law when adding negative or positive items on your credit report. If a creditor didn't have the appropriate information about your account, the negative item must be removed or updated with the proper information by law.