We know, we know…Tax season can be DAUNTING. Cambrean CPAs, your trusted accounting firm, is here to help with some frequently asked questions. Whether you're filing as an individual or a business owner, our team is ready to help you get the most out of your return.
Q: When does tax season start, and when is the deadline to file?
A: Tax season typically begins in late January, around the time the IRS begins accepting returns. The filing deadline for individual taxes is April 15. For businesses, the deadlines can vary depending on your entity type, but S-corporations and partnerships must file by March 15.
Q: What documents do I need to prepare for filing my taxes?
A: For individuals, you’ll need your W-2 forms, 1099s if you’ve worked as an independent contractor, and other income statements. Gather any documentation for deductible expenses like mortgage interest, charitable donations, and student loan interest. Business owners should prepare income statements, expense receipts, payroll documents, and any relevant 1099s issued.
Q: Can I deduct home office expenses?
A: If you’re self-employed or a small business owner and use part of your home exclusively for work, you can deduct a portion of your rent or mortgage, utilities, and other home-related expenses. However, employees working from home typically cannot claim this deduction unless they’re self-employed.
Q: What are the benefits of working with a CPA rather than filing taxes myself?
A: A CPA can provide expert guidance on complex tax situations and maximize your deductions and credits. Additionally, CPAs stay up to date on the latest tax laws and changes, ensuring you don’t miss out on opportunities to save. They can also represent you before the IRS if any issues arise, offering peace of mind throughout the filing process.
Q: What happens if I miss the tax deadline?
A: Missing the deadline can lead to penalties and interest on unpaid taxes. However, if you’re unable to file on time, you can request an extension, which gives you six additional months to submit your return. Keep in mind, an extension only delays the filing date, not the payment deadline, so any taxes owed are still due by April 15.
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