Frequently Asked Tax Questions
– TaxHub Astoria
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FAQ's
Frequently Asked Tax Questions – TaxHub Astoria
1. What documents do I need for tax preparation?
For tax preparation, you’ll typically need photo ID, Social Security numbers for everyone on the return, income forms such as W-2s or 1099s, and records for deductions, dependents, or credits. Having complete documents helps avoid delays and errors.
2. How can I maximize my tax refund?
Maximizing your tax refund starts with accurate reporting and identifying every credit and deduction you qualify for. We review income, expenses, filing status, and life changes to make sure nothing is missed.
3. What’s the difference between a tax deduction and a tax credit?
A tax deduction lowers your taxable income, while a tax credit directly reduces the amount of tax you owe. Credits generally have a bigger impact on your final tax bill.
4. Do I need to file taxes if I’m self-employed or a freelancer?
Yes. If you earned income as a freelancer, contractor, or gig worker, you are required to report it. This includes cash payments, app-based income, and online sales.
5. What deductions can self-employed workers claim?
Self-employed taxpayers may deduct eligible business expenses such as supplies, mileage, home office costs, and professional services—when properly documented and allowed by IRS rules.
6. Why do I owe taxes this year instead of getting a refund?
Owing taxes can happen due to changes in income, withholding, credits, or life events like a new job or additional income streams. We help identify why it happened and how to plan ahead.
7. How long does it take to receive a tax refund?
Most refunds are issued within about 21 days when filed electronically with direct deposit, according to the Internal Revenue Service (IRS). Processing times may vary for more complex returns.
👉 https://www.irs.gov/refunds
8. What should I do if I can’t pay my taxes in full?
If you can’t pay your tax balance right away, there may be payment options available. We help you understand your choices and avoid unnecessary penalties.
9. Can you help with back taxes or unfiled returns?
Yes. We assist clients with filing prior-year returns and getting back on track with the IRS in a clear, organized way.
10. Do I have to report cash income?
Yes. Cash income is taxable and must be reported, even if you did not receive a tax form. Proper reporting helps avoid future IRS issues.
11. Is it better to use a tax professional instead of tax software?
A tax professional provides personalized guidance, helps reduce errors, and ensures deductions and credits are applied correctly—especially for self-employed or complex returns.
12. Does TaxHub Astoria prepare both federal and New York State taxes?
Yes. We prepare federal and New York State tax returns and make sure they align correctly to give you the best possible outcome.
