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FAQ

Frequently Asked Questions

Quick answers to common questions about Tax Filing & Preparation

Should I use tax software or hire a CPA?

For straightforward returns (W-2 income, standard deduction, basic investments), quality tax software handles everything at a fraction of the cost. Consider a CPA if you have complex situations: business ownership, rental properties, stock options, or multi-state filing. A good rule: if your tax situation hasn't changed, software is fine. If something major changed, consult a professional.

When should I itemize deductions instead of taking the standard deduction?

Itemize when your qualifying expenses exceed the standard deduction ($14,600 single / $29,200 married filing jointly for 2024). Common itemized deductions include mortgage interest, state/local taxes (SALT, capped at $10K), charitable donations, and medical expenses exceeding 7.5% of AGI. Most tax software automatically calculates which option saves you more.

How do I file taxes as a freelancer or independent contractor?

You'll report income on Schedule C and pay self-employment tax (15.3%) on net earnings via Schedule SE. Deduct business expenses like home office, equipment, software, and mileage. Make quarterly estimated payments to avoid penalties. Tax software like TurboFax Self-Employed or FreeTaxUSA handles all these forms — budget $50-120 for the filing.

How long does it take to get my tax refund?

E-filed returns with direct deposit typically arrive in 10-21 days. Paper returns take 6-8 weeks. Claiming the Earned Income Tax Credit or Additional Child Tax Credit delays refunds until mid-February by law. You can track status at irs.gov/refunds or through the IRS2Go app. Errors or identity verification flags can add weeks.

Is free tax filing software actually free?

It depends. Most "free" tiers only cover simple W-2 returns with no itemized deductions. Once you add student loan interest, freelance income (1099), or investment gains, you're pushed to a paid tier — typically $30-90. TurboFree and Cash App Taxes are among the most generous free options for simple returns. Always check the fine print before starting.

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