1. What is the deadline for filing my taxes?

The standard filing deadline is April 15. However, if it falls on a weekend or holiday, it may be extended. Extensions can also be filed for additional time. The deadline for filing extensions is typically October 15th. However, it may vary depending on weekends and holidays.

2. What documents do I need to prepare my taxes with Legacy Tax Group?

You will need a valid driver’s license. social security cards for all individuals listed on the return, any tax income documents you’ve received for the year (W-2s, 1099s, etc.), last year's tax return, receipts for any deductible expenses, and any other relevant financial documents.

3. Do I need to file my taxes if I didn’t earn much income?

It depends on your income level, filing status, and other factors. In some cases, individuals with low income may be exempt from filing, but it's essential to check the current tax laws.

4. How do I know if I should itemize deductions or take the standard deduction?

Generally, you should itemize if your eligible deductions exceed the standard deduction amount. A tax professional can help you calculate which is more beneficial.

5. How can I reduce my tax liability?

Consider contributing to retirement accounts, claiming all eligible deductions and credits, and reviewing your filing status. A tax professional can help identify specific strategies for you.

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

A tax deduction reduces your taxable income, while a tax credit reduces your tax bill directly, dollar for dollar.

7. What if I can’t pay my taxes on time?

It's important to file your return even if you can't pay. You can request a payment plan with the IRS to avoid penalties.

8. Will I get audited if I claim certain deductions?

While claiming legitimate deductions won’t automatically trigger an audit, be sure to have documentation to support your claims.

9. What happens if I made a mistake on my tax return?

If you realize there's an error, we can file an amended return using Form 1040-X to correct it.

10. What should I do if I receive a notice from the IRS?

Read the notice carefully to understand the issue and respond promptly if required. Consult a tax professional for guidance.

11. Are there tax benefits for homeownership?

Yes, homeowners may benefit from deductions on mortgage interest, property taxes, and possibly capital gains exclusions when selling.

12. How can I track my tax refund status?

You can track your refund using the IRS "Where’s My Refund?" tool on their website.

IRS Where's My Refund

13. What is a tax withholding allowance?

A withholding allowance reduces the amount of income tax withheld from your paycheck. The more allowances you claim, the less tax is withheld.

14. Can I deduct expenses related to my home office?

Yes, if you use part of your home exclusively and regularly for business, you may be eligible for home office deductions.

15. What tax implications should I consider if I sell my property?

You may be subject to capital gains tax on the profit from the sale, but there are exclusions available if certain conditions are met.

16. How can I prepare for next year's taxes?

Keep thorough records of income and expenses, review potential deductions, and consider adjusting your withholding if necessary.