Question 1

When is the federal tax filing deadline?

Accepted Answer

For most individuals, federal returns (Form 1040) are due April 15. If that date falls on a weekend or holiday, the deadline shifts to the next business day. You can request an automatic six-month extension to file using Form 4868, but any tax owed is still due by the original April deadline.

Question 2

Should I take the standard deduction or itemize?

Accepted Answer

Take whichever is larger. The standard deduction is a fixed amount based on your filing status. Itemizing on Schedule A makes sense if your eligible expenses — state and local taxes (capped at $10,000), mortgage interest, charitable contributions, and qualified medical expenses — exceed the standard deduction.

Question 3

What's the difference between a tax credit and a tax deduction?

Accepted Answer

A deduction reduces the income that gets taxed. A credit reduces your tax bill dollar-for-dollar, so credits are generally more valuable. Common credits include the Child Tax Credit, Earned Income Credit (EIC), and the Child & Dependent Care Credit (Form 2441).

Question 4

Do I need to file if I'm self-employed or got 1099 income?

Accepted Answer

Generally yes if your net self-employment earnings are $400 or more. You'll report income and expenses on Schedule C and pay self-employment tax via Schedule SE. Plan for quarterly estimated payments (Form 1040-ES) to avoid underpayment penalties.

Question 5

What records should I keep, and for how long?

Accepted Answer

Keep returns and supporting documents (W-2s, 1099s, receipts, mileage logs, closing statements) at least 3 years from the filing date. Keep records of property and basis until 3 years after you sell. For unfiled or fraudulent returns, the IRS has no statute of limitations.

Question 6

What is an amended return (1040-X)?

Accepted Answer

Form 1040-X is used to correct a previously filed return — for example, missed deductions, incorrect income, or filing-status changes. You generally have 3 years from the original filing date or 2 years from the date you paid tax (whichever is later) to claim a refund.

Question 7

How do partnerships and S-corporations get taxed?

Accepted Answer

Partnerships file Form 1065 and S-corps file Form 1120-S. These are pass-through entities — the business itself doesn't pay federal income tax. Instead, profits and losses flow to owners on a Schedule K-1 and are reported on each owner's individual return.

Question 8

How many K-1 schedules are included in the starting price?

Accepted Answer

Heads up — our starting prices for Form 1065 (partnerships) and Form 1120-S (S-corps) include up to 2 K-1 schedules (one per partner or shareholder). Each additional K-1 is billed per partner/shareholder on top of the starting fee, since every K-1 requires its own allocation of income, deductions, credits, and basis tracking. If your entity has more than 2 owners, expect the final quote to scale linearly with the number of K-1s — we'll confirm the exact per-K-1 add-on during your consultation before any work begins.

Question 9

Can I deduct a home office?

Accepted Answer

Yes, if a portion of your home is used regularly and exclusively for business. You can use the simplified method ($5/sq ft up to 300 sq ft) or actual expenses based on the percentage of the home used for business. Employees with a W-2 cannot claim the federal home office deduction under current rules.

Question 10

Why might I owe taxes when I expected a refund?

Accepted Answer

Common reasons: withholding was too low, side or 1099 income wasn't covered by estimated payments, capital gains from investments, life changes (marriage, dependents, retirement withdrawals), or expired credits. We can review your withholdings (Form W-4) for next year.

Question 11

What if I can't pay my tax bill?

Accepted Answer

File on time anyway — failure-to-file penalties are larger than failure-to-pay penalties. You can request an IRS payment plan online (short-term up to 180 days, or long-term installment agreement). Interest and a smaller penalty continue until the balance is paid.

Tax knowledge, organized.