Question 1

What is the deadline to file my taxes?

Accepted Answer

The typical federal income tax filing deadline is April 15th. If it falls on a weekend or holiday, the deadline may shift to the next business day. You can request an extension until October 15th, but any taxes owed must still be paid by April 15th to avoid penalties and interest.

Question 2

Who is required to file a tax return?

Accepted Answer

Generally, you must file if your income exceeds the standard deduction for your filing status. For 2025: Single filers earning more than $15,000; Married Filing Jointly over $30,000; Head of Household over $22,500. Self-employed individuals with $400 or more in net earnings must also file regardless of total income.

Question 3

What happens if I file my taxes late?

Accepted Answer

The IRS charges a failure-to-file penalty of 5% of unpaid taxes per month (up to 25%) and a failure-to-pay penalty of 0.5% per month. Filing an extension avoids the failure-to-file penalty, but not failure-to-pay. The best advice is to file on time or get an extension — and always pay what you estimate you owe.

Question 4

What is the difference between a tax credit and a tax deduction?

Accepted Answer

A deduction reduces your taxable income. A credit reduces your tax bill dollar-for-dollar. Credits are generally more valuable. For example, a $1,000 credit saves you $1,000 in taxes. A $1,000 deduction saves you $1,000 × your marginal rate — so $220 if you're in the 22% bracket.

Question 5

What are the standard deduction amounts for 2025?

Accepted Answer

For the 2025 tax year: Single — $15,000; Married Filing Jointly — $30,000; Head of Household — $22,500; Married Filing Separately — $15,000. Most taxpayers benefit from taking the standard deduction rather than itemizing.

Question 6

How do I know if I should itemize deductions?

Accepted Answer

Itemize if your eligible deductions (mortgage interest, state and local taxes, charitable contributions, medical expenses above 7.5% of income) exceed your standard deduction. For most W-2 employees, the standard deduction wins. For homeowners and high earners, itemizing often saves more — Ross can run the comparison for you.

Question 7

What is self-employment tax?

Accepted Answer

Self-employment (SE) tax covers Social Security (12.4%) and Medicare (2.9%) — a total of 15.3%. Employees split this with their employer, but self-employed individuals pay both halves. The good news: you can deduct 50% of your SE tax from your gross income, reducing your overall tax bill.

Question 8

How can I check the status of my tax refund?

Accepted Answer

Use the IRS 'Where's My Refund?' tool at irs.gov/refunds or the IRS2Go mobile app. You'll need your Social Security number, filing status, and exact refund amount. E-filed returns are typically processed within 21 days; paper returns take 6–8 weeks.

Question 9

Can I file my taxes for free?

Accepted Answer

Yes — TaxesbyRoss offers completely free W-2 EZ filing for individuals with a straightforward single W-2 and no additional deductions. For more complex situations, fees start at $80/quarter or $180 for a full return. There are no hidden fees.

Question 10

What are common tax deductions I might qualify for?

Accepted Answer

Popular deductions include: home office (if self-employed), vehicle mileage, student loan interest, mortgage interest, charitable donations, medical expenses exceeding 7.5% of income, child and dependent care expenses, educator expenses, retirement contributions (IRA, SEP-IRA, Solo 401k), and business expenses for contractors.

Question 11

Can I amend my tax return if I made a mistake?

Accepted Answer

Absolutely. File Form 1040-X to correct a previously filed return. You have up to 3 years from the original filing deadline to amend and claim a refund. Ross can assist with amended returns — it's included under Specialized Tax Services.

Question 12

How long should I keep my tax records?

Accepted Answer

Keep tax returns and supporting documents for at least 3 years (the IRS audit window for most returns). Keep records for 6 years if you underreported income by more than 25%. Employment tax records should be kept for at least 4 years. Property records should be kept as long as you own the asset plus 3 years.

Question 13

What is the difference between a W-2 and a 1099?

Accepted Answer

A W-2 is issued by an employer who withheld taxes from your paycheck. A 1099 is issued to independent contractors, freelancers, and self-employed individuals — no taxes are withheld, so you're responsible for calculating and paying them quarterly. Ross specializes in both.

Question 14

What happens if I can't pay my taxes by the deadline?

Accepted Answer

File your return on time even if you can't pay — this avoids the failure-to-file penalty. The IRS offers payment options: a short-term payment plan, a monthly installment agreement (Form 9465), and, in limited situations, an Offer in Compromise. Ross can explain which options may fit and prepare the request forms for you to submit. Ignoring the bill makes it worse — the IRS adds interest and penalties each month.

Question 15

How do I reduce my taxable income legally?

Accepted Answer

The most powerful strategies: maximize retirement contributions (IRA up to $7,000, Solo 401k up to $69,000 for self-employed); take all eligible business deductions; use an HSA (Health Savings Account); bunch charitable donations into high-income years; and use the Set-Aside Calculator to plan quarterly payments and avoid overpaying.

Answers about your taxes.

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