FINANCE AND TAX SOLUTIONS IN BROOKLYN NY

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The 2024 tax season begins January 02, 2025 and the deadline to file is Tuesday April 15, 2025!

Q & A

A tax credit directly reduces your tax owed, while a tax deduction reduces your taxable income, which can lower the overall tax you owe.

Most refunds are issued within 21 days if filed electronically and with direct deposit, though it may take longer during peak seasons or if there are issues with your return.
Yes, many taxpayers qualify for free filing through the IRS Free File program or via other providers if they meet specific income limits.
Estimated taxes are quarterly tax payments for income not subject to withholding, such as self-employment or investment income. People with significant non-wage income generally need to pay these.
Tax brackets determine the rate you pay on each portion of your income. As income increases, portions are taxed at higher rates, but only the amount within each bracket is taxed at that rate.
To qualify, you must be unmarried, pay more than half the household expenses, and have a qualifying dependent living with you for more than half the year.
Generally, if your child is under 19 (or 24 if a full-time student), lived with you for over half the year, and you provided more than half of their support, you can claim them.
A W-2 form reports your annual wages and the amount of taxes withheld by your employer. It’s essential for filing your tax return.
An IRS audit is a review of your tax return and financial information to ensure accuracy and compliance. It can be conducted by mail or in person.
You can reduce tax liability by claiming eligible deductions, credits, contributing to retirement accounts, and investing in tax-advantaged accounts like HSAs.
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