Frequently Asked Questions

Can I Deduct My Home Office On My Business Tax Return?

Yes, if you use part of your home exclusively and regularly for business purposes, you may qualify for the home office deduction. This applies whether you own or rent your home. The space must be used as your principal place of business or a place where you regularly meet clients or customers. You can calculate... [Read More]

What Records Should I Keep For Business Tax Filing?

Maintaining detailed and organized records is critical for accurate business tax filing. At a minimum, you should keep copies of income and expense reports, bank statements, invoices, receipts, payroll records, and any forms filed with the IRS. These documents provide support for deductions and income reported on your return. Digital bookkeeping software like QuickBooks or... [Read More]

Do I Need To Make Quarterly Estimated Tax Payments?

Yes, if you are self-employed or operate a business that does not withhold taxes from your income, you are generally required to make quarterly estimated tax payments to the IRS. This includes income from freelance work, rental properties, dividends, and business profits. The payments are due in April, June, September, and January of the following... [Read More]

What Expenses Can I Deduct As A Small Business Owner?

As a small business owner, you can deduct a wide range of expenses that are considered both ordinary and necessary for operating your business. These include office rent, utilities, supplies, marketing costs, travel expenses, and employee wages. You may also deduct depreciation on business equipment and mileage if you use a personal vehicle for business... [Read More]

What’s The Difference Between An LLC And An S Corporation For Tax Purposes?

An LLC (Limited Liability Company) and an S Corporation are two common business structures that offer different tax advantages and legal protections. An LLC provides pass-through taxation by default, meaning the business income is reported on the owner’s personal tax return. S Corporations also offer pass-through taxation but allow business owners to classify some income... [Read More]

How Long Should I Keep My Personal Tax Records?

You must keep records, such as receipts, canceled checks, and other documents that support an item of income, a deduction, or a credit appearing on a return. The IRS generally recommends that you keep your tax records for at least three years from the date you filed your return or two years from the date... [Read More]

Can I Still File My Taxes If I Missed The Deadline?

Yes, you can still file your taxes if you missed the deadline. In fact, it’s in your best interest to file as soon as possible to minimize penalties and interest. The IRS imposes a failure-to-file penalty and a failure-to-pay penalty, both of which increase the longer you wait. If you’re due a refund, there’s generally... [Read More]

What Documents Do I Need To Gather For My Personal Tax Return?

To prepare your personal tax return, you’ll need a variety of documents depending on your financial situation. Common forms include your W-2 from employers, 1099s for freelance work or interest income, and 1098 forms for mortgage interest or student loan interest. You’ll also need your Social Security number and the Social Security numbers of any... [Read More]

Do I Need To File A Tax Return If I Made Under The Standard Deduction?

Generally, if your income is below the standard deduction for your filing status, you may not be required to file a federal tax return. For 2024, the standard deduction is $13,850 for single filers and $27,700 for married couples filing jointly. However, there are exceptions based on factors such as age, type of income, and... [Read More]

When Is The Deadline To File My Personal Tax Return?

The standard deadline to file your personal federal income tax return in the United States is April 15th of each year. If this date falls on a weekend or holiday, the deadline is typically moved to the next business day. It’s important to note that this deadline applies to both filing your return and paying... [Read More]