FAQ

You should bring your W-2s, 1099s, any other income statements, bank interest forms, investment statements, and receipts for deductible expenses like charitable contributions or medical costs. If you own a business, bring your business income and expense records.

The usual deadline for filing is April 15th. If you need more time, you can request an extension, which gives you until October 15th to file your tax return, though any taxes owed are still due by April 15th.

A tax credit directly reduces the amount of taxes you owe. A tax deduction reduces the amount of your income that is taxable, which can lower your overall tax bill.

It’s best to wait until you have all your necessary documents to avoid errors or needing to file an amended return later. If you’re missing a document, contact the issuer for a copy.

Generally, if your gross income is above a certain threshold based on your filing status, age, and type of income, you are required to file. Your tax preparer can help determine if you need to file.

If you’re unable to pay your taxes in full, there are payment plans and options like an installment agreement or offer in compromise that can reduce your liability or spread out payments. However, interest and penalties may still apply.

Common deductions include those for mortgage interest, student loan interest, medical expenses, and charitable donations. Common credits include the Child Tax Credit, Earned Income Tax Credit (EITC), and American Opportunity Tax Credit for education expenses.

Filing jointly usually offers the best tax advantages, including access to more tax credits and deductions. Filing separately may make sense in certain situations, like when one spouse has large medical expenses or certain types of debt.

The standard deduction is a set amount that reduces your taxable income. Itemized deductions allow you to deduct specific expenses, like mortgage interest or medical costs, but you only benefit from itemizing if your total deductions exceed the standard deduction.

Whether you get a refund depends on how much tax you’ve already paid through withholding or estimated payments compared to your actual tax liability. Your tax preparer can estimate this based on your income and deductions.

If you realize there’s a mistake after filing, you can file an amended return (Form 1040X) to correct the error. This can be done whether the mistake was underreporting income, missing a deduction, or other errors.

You can claim dependents who live with you for more than half the year. However, if they live with another parent or guardian, the IRS has specific rules to determine who can claim them, especially in divorced or separated situations.

The Child Tax Credit provides a financial benefit to taxpayers with children under 17. You must meet income limits and other eligibility criteria to qualify.

You can check the status of your refund using the IRS “Where’s My Refund?” tool online. You’ll need your Social Security number, filing status, and the exact amount of your refund to use the tool.