Tax Resources & FAQ

Question 1

When will I receive my federal tax refund?

Accepted Answer

The IRS issues most refunds within 21 days of accepting your e-filed return. Paper returns can take 6–8 weeks. You can check the status at IRS.gov/refunds once 24 hours have passed after e-filing (or 4 weeks after mailing a paper return).

Question 2

What documents do I need to file my taxes?

Accepted Answer

You'll typically need: W-2s from all employers, 1099 forms (freelance, interest, dividends, retirement), Social Security numbers for yourself and dependents, last year's tax return, bank account info for direct deposit, receipts for deductible expenses (mortgage interest, charitable donations, medical expenses), and any IRS letters received.

Question 3

What is the standard deduction for 2025?

Accepted Answer

For tax year 2025: Single filers — $15,000 | Married Filing Jointly — $30,000 | Head of Household — $22,500. These are higher than 2024 due to inflation adjustments. You should itemize only if your deductions exceed these amounts.

Question 4

What happens if I miss the tax filing deadline?

Accepted Answer

If you owe taxes and miss the April 15 deadline without filing an extension, you'll face a failure-to-file penalty (5% of unpaid taxes per month, up to 25%) plus interest. Filing an extension (Form 4868) gives you until October 15 — but it does NOT extend the time to pay. Pay what you estimate you owe by April 15 to avoid penalties.

Question 5

Can I deduct home office expenses?

Accepted Answer

Self-employed individuals and business owners can deduct home office expenses if the space is used regularly and exclusively for business. W-2 employees cannot claim this deduction under current tax law (suspended through 2025). The simplified method allows $5 per square foot up to 300 sq ft ($1,500 max). The regular method uses actual expenses proportional to office size.

Question 6

What is the difference between a tax deduction and a tax credit?

Accepted Answer

A tax deduction reduces your taxable income. For example, a $1,000 deduction saves you $220 if you're in the 22% bracket. A tax credit directly reduces your tax bill dollar-for-dollar — a $1,000 credit saves you exactly $1,000. Credits are generally more valuable than deductions of the same amount.

Question 7

Do I need to report freelance or gig income?

Accepted Answer

Yes. Any self-employment income over $400 must be reported on Schedule C. You'll also owe self-employment tax (15.3%) on net earnings. Platforms like Uber, DoorDash, Etsy, and Airbnb will issue 1099-K forms if you earn over $600. Keep records of all business expenses to offset this income.

Question 8

What is the Child Tax Credit for 2025?

Accepted Answer

For 2025, the Child Tax Credit is up to $2,000 per qualifying child under age 17. Up to $1,700 may be refundable (Additional Child Tax Credit). Income phase-outs begin at $200,000 for single filers and $400,000 for married filing jointly.

Question 9

What triggers an IRS audit?

Accepted Answer

Common audit triggers include: unusually high deductions relative to income, unreported income, large charitable donations, home office deductions, claiming 100% business use of a vehicle, round-number estimates, and math errors. Most audits are correspondence audits (by mail) requesting documentation — not in-person examinations.

Question 10

How long should I keep my tax records?

Accepted Answer

Keep tax returns and supporting documents for at least 3 years from the filing date (the IRS audit window). Keep records for 6 years if you underreported income by more than 25%. Keep records indefinitely if you filed a fraudulent return or didn't file at all. Employment tax records should be kept for at least 4 years.

Question 11

What is an ITIN and who needs one?

Accepted Answer

An Individual Taxpayer Identification Number (ITIN) is issued by the IRS to individuals who are required to have a U.S. taxpayer ID but are not eligible for a Social Security Number — including non-resident aliens, undocumented immigrants, and foreign nationals with U.S. tax obligations.

Question 12

Can I file taxes if I owe money and can't pay?

Accepted Answer

Yes — always file on time even if you can't pay. The failure-to-file penalty is much steeper than the failure-to-pay penalty. After filing, you can request a payment plan (installment agreement) at IRS.gov, apply for an Offer in Compromise, or request Currently Not Collectible status if you're experiencing financial hardship.

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