Do I need to file a tax return if my income is below a certain threshold?

If your income is below a certain threshold, you may not be required to submit a federal tax return. However, it is advisable to consider filing a federal tax return to potentially qualify for tax credits and refunds. Keep in mind that the income threshold is subject to annual adjustments, so it is important to review the latest IRS guidelines.

What documents and information do I need to prepare before filing my taxes?

Ensure you have your W-2 forms, 1099s, social security numbers, and any supporting information, receipts or documents for deductions and credits. For a comprehensive checklist, consult our detailed tax organizer included in the welcome email.

What is the deadline for filing my individual tax return?

The deadline for filing your individual tax return is usually April 15th, though it can experience slight variations from year to year. It is important to check for any deadline extensions or changes from the IRS.

How can I file my taxes electronically?

You have the option to electronically file your taxes by using the IRS Free File program, tax preparation software, or by employing a certified e-filing service. This offers a convenient and secure method for submitting your tax returns.

How can I reduce my tax liability legally?

You can lower your tax liability by leveraging tax deductions, tax credits, and tax-advantaged accounts such as Individual Retirement Accounts and 401(k)s. For tailored strategies, we recommend seeking our guidance and encourage you to contact us.

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

A tax deduction reduces your taxable income, while a tax credit reduces your tax liability. Tax credits are typically more advantageous as they result in a dollar-for-dollar reduction in your taxes.

How much money can you get me for my tax refund?

The amount of your tax refund depends on several factors, including your total income, dependents, tax deductions, tax credits, and other personal financial situations. For an accurate estimate of your potential tax refund, we recommend seeking our guidance and encourage you to contact us.

How do I choose a reputable tax professional or tax preparation service?

Seek out professionals with the appropriate qualifications, such as CPAs, Enrolled Agents, or Certified Tax Preparers. In addition, consider reading reviews and seeking recommendations from your friends and family.