Individual Tax FAQs
When is the tax filing deadline?
Answer:
- Standard deadline: April 15, 2024
- Extension deadline: October 15, 2024 (File Form 4868)
What documents do I need to file?
Checklist:
- ✓ W-2 forms
- ✓ 1099-INT/DIV
- ✓ Mortgage interest statements (Form 1098)
- ✓ Charitable donation receipts
How can I maximize my tax refund?
- Claim Earned Income Tax Credit (EITC)
- Contribute to IRA before April 15
- Deduct medical expenses exceeding 7.5% of AGI
Can I claim my college student as a dependent?
Requirements:
- Under age 24 (full-time students)
- Provide >50% financial support
- Not filing own joint return
What if I can't pay my taxes?
Options:
- IRS Installment Agreement (Form 9465)
- Temporary delay of collection
- Offer in Compromise
⚠️ Avoid penalties: File return even if can't pay
Can I deduct home office expenses?
W-2 Employees:
- No deduction allowed (TCJA change)
Self-Employed: - $5/sq.ft (max 300 sq.ft)