We understand that tax season can be overwhelming, and you may have questions about the process. Below, we’ve answered some of the most commonly asked questions to help you navigate tax filing with confidence.
If you don’t see your question here, feel free to contact us at (706) 296-6065 or support@borderstaxsolutions.com.
📌 General Tax Questions
1️⃣ Do I have to file a tax return?
Most individuals who earn income are required to file a tax return if their income exceeds the IRS filing thresholds. Factors such as your filing status, age, and type of income determine whether you need to file. If you are unsure, contact us, and we can help you determine your filing requirements.
2️⃣ Can I still file if I missed last year’s tax deadline?
Yes! The IRS allows you to file tax returns for up to three previous years to claim refunds or comply with tax laws. If you owe taxes, filing as soon as possible can help reduce penalties and interest.
3️⃣ Do I need to report income from side gigs, freelancing, or self-employment?
Yes. Any income earned through freelancing, side gigs, or self-employment must be reported, even if you did not receive a 1099 form. If you earned $400 or more from self-employment, you may be required to pay self-employment taxes.
4️⃣ What happens if I don’t file my taxes on time?
- If you owe taxes and do not file, the IRS may impose penalties and interest.
- If you are due a refund, you generally have up to three years to claim it before the IRS forfeits it.
If you missed the deadline, we can assist you in filing a late return and help minimize penalties.
5️⃣ I received an IRS notice. What should I do?
If you receive a letter from the IRS, do not panic. It may be a simple request for additional information. Read the notice carefully, and if you need assistance, we offer IRS notice review and resolution services to help you respond correctly.
📌 Refund & Payment Questions
6️⃣ How do I check the status of my refund?
You can track your refund status using the IRS “Where’s My Refund?” tool:
🔗 Where’s My Refund?
You will need:
- Your Social Security Number (SSN) or ITIN
- Your filing status
- The exact refund amount listed on your tax return
7️⃣ Why is my refund taking longer than expected?
Several factors can cause refund delays, including:
- IRS verification processes (especially for EITC and Child Tax Credit claims)
- Errors or missing information on your tax return
- The IRS backlog (during peak tax season)
- Identity verification requests from the IRS
If your refund is delayed, check the IRS refund tracker and contact us if you need assistance.
8️⃣ Can I receive my refund via direct deposit?
Yes! Direct deposit is the fastest and most secure way to receive your refund. Be sure to provide your correct banking information to avoid delays.
9️⃣ What happens if I owe taxes but cannot afford to pay?
If you owe taxes but cannot pay in full, you have options:
- IRS Payment Plan: Set up a monthly installment agreement.
- Offer in Compromise: Settle your tax debt for less than you owe (eligibility required).
- Temporary Delay: The IRS may temporarily delay collection if you are facing financial hardship.
We can help you explore the best option for your situation.
📌 Deductions & Credits
🔟 What tax deductions can I claim?
Tax deductions reduce your taxable income and may include:
✔ Student Loan Interest
✔ Medical & Dental Expenses
✔ Home Mortgage Interest
✔ Self-Employed Business Expenses
✔ Charitable Contributions
✔ Retirement Contributions (IRA, 401k, etc.)
If you’re unsure what deductions apply to you, we will identify every eligible deduction during the filing process.
1️⃣1️⃣ What are tax credits, and how do they work?
Tax credits directly reduce the amount of taxes you owe, unlike deductions that reduce taxable income. Common credits include:
✔ Earned Income Tax Credit (EITC)
✔ Child Tax Credit
✔ Education Credits (American Opportunity & Lifetime Learning)
✔ Child and Dependent Care Credit
We ensure you claim all credits you qualify for to maximize your refund.
📌 Business & Self-Employment Tax Questions
1️⃣2️⃣ How do I file taxes as a self-employed individual?
Self-employed individuals, freelancers, and independent contractors must file a Schedule C and may also need to pay self-employment taxes. You may deduct business-related expenses to lower your taxable income.
1️⃣3️⃣ What expenses can I deduct as a small business owner?
Common business deductions include:
✔ Home office expenses
✔ Internet, phone, and software costs
✔ Marketing and advertising expenses
✔ Travel and mileage expenses
✔ Employee wages and contractor payments
Proper record-keeping is essential. If you need guidance, we offer tax planning services to optimize your deductions.
📌 Additional Tax Questions
1️⃣4️⃣ Can I file taxes if I don’t have a Social Security Number (SSN)?
Yes. If you do not have an SSN, you may apply for an Individual Taxpayer Identification Number (ITIN) to file your taxes. We can help with the ITIN application process if needed.
1️⃣5️⃣ I’m married. Should I file jointly or separately?
Filing Married Filing Jointly usually provides the best tax benefits, but in some cases, filing Married Filing Separately may be beneficial. We can analyze your tax situation and recommend the best option for you.
1️⃣6️⃣ Can I claim my parents as dependents?
If you financially support your parents and they meet certain income and residency requirements, you may be able to claim them as dependents and qualify for the Credit for Other Dependents.
1️⃣7️⃣ What if I worked in multiple states?
If you earned income in multiple states, you may need to file more than one state tax return. We will ensure your taxes are filed correctly across all applicable states.
1️⃣8️⃣ Can I file my taxes if I’m currently living outside the U.S.?
Yes. U.S. citizens and resident aliens must file a tax return even if they live abroad. Additional tax benefits, such as the Foreign Earned Income Exclusion (FEIE), may apply.
1️⃣9️⃣ What should I do if I am a victim of identity theft?
If you suspect someone filed a tax return using your information, contact the IRS Identity Protection Unit immediately. We can assist with filing IRS Form 14039 (Identity Theft Affidavit) and guide you through the resolution process.
📌 Need More Help? Contact Us!
Still have questions? We’re here to help! Contact us for personalized assistance with your tax situation.
📞 Call/Text: (706) 296-6065
📧 Email: support@borderstaxsolutions.com
Let Borders & Co. Tax Solutions handle the details so you can file with confidence.
Borders & Co. Tax Solutions 