FAQ
General Tax Questions
Deductions and Credits
Refunds and Payments
Remote and Self-Employed Taxes
Other Common Questions
1.
Who is required to file taxes?
• Anyone who earns income above the minimum filing threshold set by the IRS must file a tax return. The threshold varies based on filing status, age, and income type.
2.
When is the tax filing deadline?
• Typically, the tax filing deadline is April 15. If it falls on a weekend or holiday, it’s moved to the next business day.
3.
What happens if I don’t file my taxes?
• Failure to file can result in penalties, interest on unpaid taxes, and, in severe cases, legal action.
4.
How do I determine my filing status?
• Your filing status depends on your marital status, family situation, and other factors. Common statuses include Single, Married Filing Jointly, Married Filing Separately, Head of Household, and Qualifying Widow(er).
5.
What documents do I need to file taxes?
• Common documents include W-2 forms, 1099 forms, receipts for deductions, mortgage interest statements, and records of charitable contributions.
6.
What is the difference between a deduction and a credit?
• A deduction reduces your taxable income, while a credit directly reduces the amount of tax you owe.
7.
Can I deduct medical expenses?
• You can deduct qualified medical expenses that exceed a certain percentage of your adjusted gross income (AGI).
8.
What is the Child Tax Credit?
• This credit provides financial relief to families with qualifying children under age 17, subject to income limits.
9.
Am I eligible for the Earned Income Tax Credit (EITC)?
• The EITC is available to low- to moderate-income workers. Eligibility depends on your income, filing status, and number of dependents.
10.
Can I deduct student loan interest?
• You may deduct up to $2,500 of student loan interest paid during the year if you meet income and other requirements.
11.
How can I check the status of my refund?
• Use the IRS “Where’s My Refund?” tool online or on the IRS app. You’ll need your Social Security number, filing status, and refund amount.
12.
What should I do if I owe taxes but can’t pay right away?
• The IRS offers payment plans or installment agreements. It’s best to file on time to avoid additional penalties.
13.
How long does it take to receive my refund?
• Refunds are typically issued within 21 days for electronically filed returns. Paper returns may take longer.
14.
How are taxes different for self-employed individuals?
• Self-employed individuals must pay both income tax and self-employment tax. You may also need to make quarterly estimated tax payments.
15.
What expenses can I deduct if I work from home?
• The home office deduction allows you to deduct a portion of your rent/mortgage, utilities, and internet if you use a dedicated space for business purposes.
16.
Can I file taxes for previous years?
• Yes, you can file returns for up to three prior years to claim refunds. After that, refunds may no longer be available.
17.
What should I do if I made a mistake on my tax return?
• File an amended return using Form 1040-X to correct errors on your original return.
18.
How do I handle taxes if I moved to a different state?
• You may need to file part-year resident returns in both states, depending on their tax laws.
19.
Are unemployment benefits taxable?
• Yes, unemployment compensation is generally taxable and should be reported on your tax return.
20.
What is an IRS audit, and how can I avoid one?
• An IRS audit is a review of your tax return to ensure accuracy. Avoid audits by reporting all income, keeping detailed records, and filing accurate returns. If you are audited, I’ll help you navigate the process. Learn more about audits on the irs website.
https://www.irs.gov/businesses/small-businesses-self-employed/irs-audits