Tax Resources & FAQ

Question 1

When is the federal tax filing deadline?

Accepted Answer

The federal income tax filing deadline is typically April 15th. If that date falls on a weekend or holiday, the deadline shifts to the next business day. You can request a 6-month extension (Form 4868), but note that an extension to file is not an extension to pay — any taxes owed are still due by April 15th to avoid penalties and interest.

Question 2

What documents do I need to file my taxes?

Accepted Answer

Most filers need: W-2s from all employers, 1099 forms for freelance or investment income, Social Security numbers for yourself, spouse, and dependents, last year's tax return (for reference), records of deductible expenses (mortgage interest, charitable donations, medical expenses), and bank account information for direct deposit of your refund.

Question 3

What is the standard deduction for 2026?

Accepted Answer

For tax year 2026, standard deduction amounts are adjusted annually for inflation — contact us for the most current figures. If your itemized deductions (mortgage interest, state taxes, charitable giving, etc.) exceed the standard deduction, itemizing may save you more. We'll run the numbers both ways to find your best outcome.

Question 4

Do I have to pay taxes on my side hustle income?

Accepted Answer

Yes. Any income you earn from freelancing, gig work, or a side business is taxable. If you earn $400 or more in net self-employment income, you must file a Schedule C and pay self-employment tax (15.3%) in addition to income tax. The good news: you can deduct legitimate business expenses to reduce your taxable income significantly.

Question 5

What can self-employed people deduct?

Accepted Answer

Self-employed filers can deduct a wide range of business expenses including: home office (dedicated workspace), vehicle mileage or actual car expenses, business equipment and software, professional development and education, health insurance premiums, retirement contributions (SEP-IRA, Solo 401k), advertising and marketing costs, and half of your self-employment tax.

Question 6

What is the Earned Income Tax Credit (EITC)?

Accepted Answer

The EITC is a refundable tax credit for low-to-moderate income workers. The credit amount varies based on your income, filing status, and number of qualifying children. Even if you owe no taxes, you may receive the EITC as a refund. Many eligible filers miss this credit every year — we always check to make sure you're not leaving money on the table.

Question 7

What happens if I miss the tax deadline?

Accepted Answer

If you miss the April 15th deadline without filing an extension, you may face a failure-to-file penalty (5% of unpaid taxes per month, up to 25%) and a failure-to-pay penalty (0.5% per month). Interest also accrues on unpaid balances. Filing late is always better than not filing at all — and if you're owed a refund, there's no penalty for filing late.

Question 8

Can I deduct home office expenses?

Accepted Answer

Yes, if you use part of your home regularly and exclusively for business. The simplified method allows a $5 deduction per square foot (up to 300 sq ft). The regular method calculates the actual percentage of your home used for business and applies it to home expenses like rent, utilities, and insurance. This deduction is available to self-employed filers — W-2 employees generally cannot claim it under current law.

Question 9

What is the Child Tax Credit?

Accepted Answer

The Child Tax Credit provides a credit per qualifying child under age 17. A portion may be refundable (Additional Child Tax Credit) even if you owe little or no tax. To qualify, the child must be your dependent, have a valid Social Security number, and meet residency and relationship tests. Credit amounts are adjusted periodically — we'll apply the current figures to your return.

Question 10

How do I know if I need to make quarterly estimated tax payments?

Accepted Answer

If you expect to owe $1,000 or more in federal taxes after withholding and credits, you generally need to make quarterly estimated payments (due in April, June, September, and January). This applies to self-employed individuals, freelancers, investors with significant capital gains, and anyone whose employer doesn't withhold enough. Underpaying can result in a penalty — we can help you calculate the right amount.

Your Tax Questions, Answered.

Key Tax Facts for 2026

Standard Deductions

Key Tax Credits

Self-Employment

Common Tax Questions

Still Have Questions?