Frequently Asked Questions
Quick answers to common tax filing questions. Can't find what you need? Contact us.
When is the tax filing deadline for 2026?
The federal tax filing deadline for the 2025 tax year is April 15, 2026. If you need more time, you can file for an automatic 6-month extension (until October 15, 2026), but any taxes owed are still due by April 15.
What is the best tax software for simple returns?
For simple W-2 returns with standard deductions, free options like IRS Free File, Cash App Taxes, or FreeTaxUSA are excellent choices. If you have a straightforward return (W-2 income, no itemized deductions), you likely don't need to pay for tax software. Check our software comparison page for detailed reviews.
Do I need to file a tax return?
Most people with income above the standard deduction threshold must file. For 2025 (filed in 2026), single filers under 65 must file if gross income exceeds $15,350. The threshold is $30,700 for married filing jointly (both under 65). Even if you're below the threshold, you should file if you had taxes withheld (to get a refund) or qualify for refundable credits like the EITC.
What is the standard deduction for 2025?
For the 2025 tax year, the standard deduction is $15,350 for single filers, $30,700 for married filing jointly, and $22,500 for head of household. If you're 65 or older or blind, you get an additional amount. Most taxpayers (~90%) take the standard deduction rather than itemizing.
Should I itemize or take the standard deduction?
Itemize only if your total deductions (mortgage interest, state/local taxes up to $10,000, charitable donations, medical expenses over 7.5% of AGI) exceed the standard deduction. Our deduction comparison calculator can help you compare both options side by side.
How do I file taxes as a freelancer or self-employed person?
Self-employed individuals report income and expenses on Schedule C. You'll also owe self-employment tax (15.3% for Social Security and Medicare) on Schedule SE. You should make quarterly estimated tax payments to avoid penalties. Key deductions include home office, business mileage, health insurance premiums, and retirement contributions (SEP IRA, Solo 401k).
What are estimated quarterly tax payments?
If you expect to owe $1,000+ in taxes (from self-employment, investments, etc.), you must make quarterly estimated payments. Due dates are April 15, June 15, September 15, and January 15 of the following year. Use our quarterly tax calculator to estimate your payments.
How long should I keep tax records?
The IRS generally recommends keeping tax records for 3 years from the date you filed. Keep records for 6 years if you underreported income by more than 25%, and 7 years if you claimed a loss from worthless securities. Keep records related to property (home purchase documents) until you sell the property plus 3 years.
What happens if I file my taxes late?
Filing late triggers a failure-to-file penalty of 5% of unpaid taxes per month (up to 25%). If you owe nothing or are owed a refund, there's no penalty for filing late — but you have 3 years to claim a refund. Filing an extension avoids the late-filing penalty, but you still owe interest on unpaid taxes from April 15.
Are your tax calculators accurate?
Our calculators provide estimates based on current IRS tax brackets, rates, and standard deduction amounts. They're useful for planning and getting a ballpark figure, but they don't account for every possible deduction, credit, or special circumstance. For exact numbers, use tax preparation software or consult a tax professional.
Do I need to report cryptocurrency on my taxes?
Yes. The IRS treats cryptocurrency as property. You must report capital gains or losses when you sell, trade, or use crypto to buy goods. If you received crypto as payment for work, it's taxable income. Starting in 2025, centralized exchanges issue Form 1099-DA for digital asset transactions.
What tax credits can reduce what I owe?
Key credits include the Earned Income Tax Credit (EITC, up to ~$7,830 for families), Child Tax Credit ($2,000 per child), education credits (American Opportunity up to $2,500, Lifetime Learning up to $2,000), and energy credits for home improvements. Unlike deductions which reduce taxable income, credits directly reduce your tax bill.
How does this site make money?
We earn commissions when you click affiliate links and purchase tax software through our site. This costs you nothing extra — prices are the same whether you use our links or go directly. Our editorial reviews and recommendations are independent and not influenced by compensation. Our tools and guides are completely free.
Can I get tax help from a professional?
Absolutely. Our Find a Tax Pro page can help you locate CPAs, Enrolled Agents, and tax preparers in your area. For simple returns, tax software is usually sufficient. For complex situations (business income, rental properties, international income, audits), professional help is recommended.
Still have questions?
Explore our tax tools and guides, or reach out to us directly.