FAQs

Best Team Tax, Inc.

Have a tax or accounting-related question? We have the answer here at Best Team Tax, Inc. Check out these FAQs and give us a call today for more information!

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

    Yes. If you discover an error after submitting your original return, you can always file an amended return (Form 1040-X). 

  • Can I deduct my home office expenses?

    You may be able to deduct your home office expenses if you are self-employed. These deductions can include utilities, Internet, and office supplies, provided that the space is used exclusively and regularly for work.

  • What are tax brackets, and which one am I in?

    You can always calculate which tax bracket you are in based on your filing status and taxable income. Your tax bracket will determine how much you owe, based on your income. They are progressive, meaning higher income is taxed at higher rates.

  • How can I reduce my tax liability?

    Ways to reduce your taxable income or the amount of tax owed can be deductions and credits contributing to retirement accounts or tax-efficient investment strategies. 

  • Can I file my taxes online?

    Yes, you always have access to various e-filing options available through the IRS or third-party tax software.

  • What is the difference between a standard deduction and an itemized deduction?

    The difference between a standard deduction and an itemized deduction is that the standard deduction is a flat amount you can subtract from your income. Itemized deductions are ones that allow you to deduct specific expenses, like mortgage interest or medical costs if they happen to go beyond the standard deduction.

  • What happens if I don’t file my taxes on time?

    Failing to file your tax return on time can result in penalties and interest on any unpaid taxes. If you have a refund coming, it’s less of an issue; but it’s always good to file to avoid complications.

  • What documents do I need to file my taxes?

    To properly file your taxes, you'll typically need your W-2s, 1099 forms, proof of deductions (e.g., mortgage interest, charitable donations), receipts for business expenses, and records for any other income or credits you're claiming during that taxable year.

  • How do I know if I need to file a tax return?

    Knowing if you have to file a return can depend on your income, filing status, and age. Usually, if your income goes over the IRS filing threshold for your category, you’ll need to file a return.

  • What are tax deductions vs. tax credits?

    The difference between tax deductions and tax credits is that tax deductions reduce your taxable income, lowering the amount you owe. Credits can directly reduce the amount of tax due, and some may even result in a refund for you.

  • What is the child tax credit?

    The child tax credit is available to parents with qualifying children. Factors such as income and the number of children will determine the credit amount and eligibility.

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