FREQUENTLY ASKED QUESTIONS

The tax deadline is usually April 15th, but it can vary depending on the year and circumstances. 

 The penalty for filing taxes late is usually a percentage of the unpaid taxes owed. 

 You can check the status of your tax refund on the IRS website or by calling the IRS. 

Some common tax deductions include mortgage interest, charitable donations, and medical expenses. 

Yes, if you have a dedicated space in your home that is used exclusively for business purposes, you may be able to deduct home office expenses. 

A tax deduction reduces your taxable income, while a tax credit directly reduces the amount of tax you owe. 

You should keep your tax records for at least three years, although some records may need to be kept longer. 

The alternative minimum tax is a separate tax system that was designed to ensure that high-income taxpayers pay a minimum amount of tax.

Yes, you can deduct medical expenses that exceed a certain percentage of your income. 

The standard deduction is a fixed dollar amount that reduces your taxable income. 

The earned income tax credit is a tax credit for low to moderate-income working individuals and families. 

A tax bracket is a range of income levels that are taxed at a specific rate. 

Yes, you can deduct up to a certain amount of student loan interest on your taxes. 

A W-2 form is used to report wages and withholdings for employees, while a 1099 form is used to report income for independent contractors and freelancers. 

If you don't file your taxes, you may face penalties and interest charges, and the IRS may take legal action to collect the taxes owed.