FAQ Tax - Frequently Asked Questions

Question 1

When is the tax filing deadline?

FAQ Tax · Accepted Answer

Tax Filing Deadlines The federal tax filing deadline is typically April 15th. Key Dates: Late January: IRS begins accepting returns April 15: Filing deadline October 15: Extended deadline Extension tip: An extension to file is NOT an extension to pay.

Question 2

Do I need to file taxes if I made under $13,000?

FAQ Tax · Accepted Answer

Filing Requirements Thresholds Single under 65: $13,850 Married filing jointly: $27,700 Must file if: Self-employment income over $400 Received marketplace subsidies Even if not required, file to claim EITC refunds!

Question 3

What is the standard deduction vs itemizing?

FAQ Tax · Accepted Answer

Standard vs Itemizing Standard Deduction Single: $13,850 Married: $27,700 Itemize for: SALT up to $10k Mortgage interest Charitable donations ~90% of filers use standard deduction.

Question 4

Can I deduct home office expenses?

FAQ Tax · Accepted Answer

Home Office Deduction Must be self-employed AND use space exclusively for business. Methods: Simplified: $5/sq ft (max $1,500) Regular: Calculate actual expenses W-2 employees typically cannot claim this.

Question 5

What is the Earned Income Tax Credit?

FAQ Tax · Accepted Answer

EITC Refundable credit for low-moderate income workers. Max amounts: No kids: ~$600 1 child: ~$4,200 2 children: ~$7,000 3+: ~$7,800 You can get money back even if you owe no taxes!

Question 6

How does the Child Tax Credit work?

FAQ Tax · Accepted Answer

Child Tax Credit $2,000 per child under 17 Up to $1,700 refundable Requirements: Valid SSN Lived with you 6+ months Your dependent Phases out at $200k single/$400k married.

Question 7

What taxes do self-employed people pay?

FAQ Tax · Accepted Answer

SE Taxes: 15.3% Social Security: 12.4% Medicare: 2.9% Quarterly payments: April 15, June 15, Sept 15, Jan 15 You can deduct half of SE tax from income!

Question 8

What business expenses can I deduct?

FAQ Tax · Accepted Answer

Business Deductions Equipment & software Office supplies Professional services Marketing Travel & mileage (67¢/mile) Health insurance Retirement contributions Keep receipts for everything!

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