Frequently Asked Questions​

General Tax Questions

Anyone who meets the income threshold set by the IRS or has special tax situations (e.g., self-employed, claiming dependents, capital gains) should file.

The federal tax deadline is April 15, unless it falls on a weekend or holiday, in which case it may be extended. If you need more time, you can file for an extension, but taxes owed must still be paid by the original deadline.

If you owe taxes, the IRS will charge penalties and interest.
If you’re due a refund, there’s no penalty, but you must file within three years to claim it.
If you can’t pay, you can set up a payment plan with the IRS.

You can track your refund on the IRS website using the “Where’s My Refund?” tool or by calling 1-800-829-1954.

Tax Deductions & Credits

Deductions lower your taxable income (e.g., mortgage interest, student loan interest).

Credits directly reduce your tax bill (e.g., Child Tax Credit, Earned Income Tax Credit).

Mortgage interest

Student loan interest

Medical expenses (if they exceed 7.5% of your income)

Charitable donations

State and local taxes (SALT deduction)

Retirement contributions (IRA, 401k)

Earned Income Tax Credit (EITC): For low- to moderate-income workers.

Child Tax Credit: Up to $2,000 per qualifying child.

American Opportunity Credit: Up to $2,500 per year for college expenses.

Saver’s Credit: For low-income individuals contributing to retirement accounts.

Only self-employed individuals can claim a home office deduction. Employees working from home due to COVID-19 or employer policy cannot deduct these expenses.

Self-Employed & Business Tax Questions

Self-employed individuals pay income tax and self-employment tax (15.3%), which covers Social Security and Medicare.

Home office expenses

Internet & phone bills

Business travel & meals

Equipment & supplies

Professional fees (lawyers, accountants)

Marketing & Advertising

Sole Proprietor: Simpler filing but no liability protection. LLC: Offers liability protection, but taxation depends on how you elect to be taxed (sole proprietor, S-Corp, or C-Corp).

Max out retirement contributions (SEP IRA, Solo 401k) Take advantage of business deductions Use tax-advantaged accounts (HSA, FSA) Hire family members for payroll tax savings Tax Refund & Payments

Claim all eligible deductions & credits Contribute to retirement accounts Adjust withholding allowances Keep good records for business & medical deductions

 You can: Apply for an installment agreement Request an Offer in Compromise (settlement for less than you owe) Request a temporary delay due to financial hardship 15. Will I get my refund faster if I e-file? Yes! E-filing + direct deposit can get your refund in as little as 21 days, while mailed paper returns take 6-8 weeks.

Special Tax Situations

Yes, all income is taxable, including freelancing, Uber/Lyft driving, and online selling (eBay, Etsy, Shopify, etc.). If you earn over $600 from a client, they must send you a 1099 form.

The IRS requires you to report crypto transactions as capital gains/losses. If you sell, trade, or receive crypto as payment, it’s taxable. Keep detailed transaction records.

Inheritance: Generally not taxable to the recipient, but estate taxes may apply. Gifts: The giver pays taxes if the gift exceeds $18,000 per year (2024 limit).

Possibly. If you have other income, up to 85% of Social Security benefits may be taxable.

Report all income (1099s, W-2s) Don’t overinflate deductions (especially business expenses & charitable contributions) Keep detailed records (receipts, bank statements) Filing Your Taxes

W-2 (for employees) 1099s (for gig work, dividends, interest, crypto) Mortgage interest statement (Form 1098) Student loan interest statement Medical expense receipts Business income & expense records

If you are self-employed, own a business, have investments, or rental properties, hiring a tax professional can help maximize deductions and reduce errors.

Call: 1-800-829-1040 (but expect long wait times). Visit: IRS.gov for online resources.

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