During tax season, people often have many questions about their taxes. Here are some common

1. When is the deadline for filing taxes?

The deadline for filing your taxes is typically April 15 of each year, though it can vary slightly depending on weekends or holidays. If you file for an extension, the deadline can be extended to October 15.

2. Do I need to file taxes if I earned below a certain amount?

It depends on your income, filing status, and age. For example, if you are single and under 65, and earned less than the standard deduction ($14,600 in 2024), you may not need to file. However, if you had any federal income tax withheld or qualify for credits, it may be worth filing to get a refund.

3. What documents do I need to file my taxes?

• Common documents include:
   

  • W-2 (wage and salary information)

  • 1099 forms (for self-employed, contractors, interest, or dividends)

  • 1098 (mortgage interest statement)

  • Receipts for deductions (medical, charitable donations, etc.)

  • Form 8889 (for HSA contributions)

  • Student loan interest statement (Form 1098-E)
     

4. What is the difference between a tax refund and a tax credit?

• A tax refund is the amount you get back from the IRS if you overpaid taxes during the year.

• A tax credit directly reduces the amount of tax you owe, and some credits (like the Earned Income Tax Credit) may result in a refund.

5. What is the standard deduction?

• The standard deduction is a fixed amount that you can subtract from your income before calculating your taxes. In 2024, the amounts are:
   

  • $14,600 for single filers
     

  • $29,200 for married couples filing jointly
     

  • $21,900 for heads of household

6. What are tax deductions and credits I should be aware of?

• Some common tax deductions include:
   

  • Student loan interest (up to $2,500)
     

  • Charitable donations
     

  • Medical expenses (if they exceed 7.5% of your adjusted gross income)
     

• Some common tax credits include:
   

  • Earned Income Tax Credit (EITC)
     

  • Child Tax Credit ($2,000 per child under 17)
     

  • American Opportunity Credit (for education expenses)
     

7. How do I check the status of my tax refund?

You can check the status of your refund using the “Where's My Refund?” tool on the IRS website.  https://www.irs.gov/wheres-my-refund 

8. What should I do if I can't pay my tax bill?

If you owe taxes and can’t pay, you may be eligible for an installment agreement with the IRS. You can also request an extension to give yourself more time to pay

9. Can I amend my tax return if I make a mistake?

Yes, if you realize there’s an error after filing your tax return, you can file an amended return using Form 1040-X.

10. How can I avoid getting audited?

Ensure all your income is reported accurately, avoid claiming deductions or credits you’re not eligible for, and keep detailed records in case of an audit

11. What is the child tax credit?

The Child Tax Credit provides up to $2,000 per child under 17, depending on income. Some of the credit may be refundable if you meet certain requirements.

12. What happens if I don’t file my taxes on time?

If you miss the filing deadline without filing for an extension, you may face penalties and interest on any unpaid taxes. The IRS may also send notices for non-compliance.

13. Can I deduct home office expenses?

If you're self-employed and use part of your home exclusively for business, you may be eligible to deduct home office expenses. This can include a portion of rent, utilities, and internet costs.

14. How does the IRS handle tax scams?

Be cautious of tax-related scams such as phishing emails or fake calls from the IRS. The IRS will never demand immediate payment or threaten arrest. Always verify through official channels.