Frequently Asked Questions

A: You will need key documents such as W2s or 1099 forms to report income, receipts for deductible expenses, mortgage or property tax statements, and records of any investments or business income. Specific documents may vary depending on your tax situation.

A: There are several strategies, such as contributing to retirement accounts, taking advantage of tax credits, and claiming deductions for education, medical expenses, or charitable contributions. During consultations, we help identify opportunities tailored to your unique circumstances.

A: Typically, the federal tax filing deadline is April 15th. However, if this date falls on a weekend or holiday, the deadline is moved to the next business day. Always check for state-specific deadlines.

A: Yes, but late filing penalties or interest on taxes owed may apply. Filing for an extension by the deadline can provide additional time to file, but it does not delay payment of taxes owed.

A: A tax deduction reduces your taxable income, potentially lowering your tax bracket, while a tax credit directly reduces the amount of taxes owed, providing greater savings.

A: It’s recommended to keep tax records for at least 3 to 7 years, depending on the type of document and complexity of your return. This is helpful in case of audits or discrepancies.

A: The EITC is designed for low-to-moderate-income earners. Eligibility depends on factors such as income level, filing status, and the number of dependents. We can assist in determining if you qualify.

A: Yes, you can file an amended return using Form 1040-X. Common reasons for amending include correcting income, filing status, or deductions. Contact us for help with this process.

A: Yes, small business owners may qualify for a range of benefits, including deductions for home office expenses, vehicle use, and certain startup costs. Strategic tax planning can ensure you take full advantage of these.

A: We provide personalized tax preparation, consultation, and planning services designed to simplify your tax process, minimize liabilities, and optimize financial growth. Whether you’re an individual or a business, we tailor solutions to meet your specific needs.

A: If you can’t pay your full tax bill, the IRS offers options such as installment agreements or temporary payment relief. We can assist in finding the best solution for your situation and help negotiate with the IRS.

A: You are considered self-employed if you run a business or work as an independent contractor. Self-employment tax applies to your net earnings, and you may qualify for deductions like home office expenses, equipment, and internet costs.

A: Yes, you can deduct up to $2,500 in student loan interest paid during the year, subject to income limits and other eligibility requirements.

A: Estimated taxes are quarterly payments required from individuals who don’t have taxes withheld from income, such as self-employed individuals, investors, or business owners. We can help you calculate and schedule payments.

A: You may deduct qualified medical expenses that exceed 7.5% of your adjusted gross income (AGI). This includes expenses for doctor visits, prescription medications, and certain medical equipment.

A: Parents may qualify for benefits such as the Child Tax Credit, Dependent Care Credit, and deductions for education savings. Eligibility depends on factors like income and filing status.

A: Homeownership provides tax benefits like mortgage interest deductions, property tax deductions, and potential capital gains exclusions when selling a primary residence.