If you have a general interest question about accounting or tax matters, please contact us from here. We will answer the most common questions on this page.
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Q.1. What is the difference between a “tax return” and a “tax refund”?
A.1. A “tax return” is the physical document (either paper filed or electronically filed) reporting your income and tax liability information to the appropriate government agency. A “tax refund” is the money you receive back from the government when you pay more to the government during the year than what your actual tax bill totals.
Q.2. Where’s my tax refund money?
A.2. Each tax agency has its own procedure for taxpayers to check on the status of their expected refunds. For the I.R.S. and Wisconsin Department of Revenue, the appropriate on-line information is available through our Helpful Links and Forms page. Wisconsin pays 9% interest on tax refunds not mailed out within four months of receiving a tax return claiming a refund; this interest is subject to income taxes!
Q.3. Can I deduct Long Term Care (LTC) insurance premiums?
A.3. Yes, but with limitations. Although all medical expenses (including health and dental insurance premiums), when taken together as a total, must generally exceed 7.5% or 10% of your adjusted gross income before being allowed as an itemized deduction on the federal Schedule A, long term care insurance premiums are limited as to the amount includible in the total medical expense amount. The amount changes each year with different rates for those Age 40 or younger, Ages 41-50, Ages 51-60, Ages 61-70, or Ages 71 and older.