Personal Taxes

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]

Can I Deduct My Home Office On My Tax Return?

You may be able to deduct expenses related to a home office if you use it regularly and exclusively for business purposes.

What Is The Alternative Minimum Tax (AMT)?

The AMT is a separate tax system that limits the benefits of certain deductions and credits to ensure that high-income taxpayers pay a minimum amount of tax.

How Do I Know If I Need To Pay Estimated Taxes?

You generally need to pay estimated taxes if you expect to owe at least $1,000 in tax for the year, after subtracting your withholding and refundable credits.

Can I Deduct Charitable Contributions On My Tax Return?

Yes, you can deduct charitable contributions on your tax return, but there are certain rules and limitations that apply.

What Is The Standard Deduction?

The standard deduction is a fixed dollar amount that reduces your taxable income. The amount varies depending on your filing status and is adjusted annually for inflation.