The best time to file your tax return is as early as possible, ideally in late January or early February, once the IRS opens the e-file season. Early filing reduces the chance of IRS identity-verification delays, speeds up your refund, and gives you more time to correct any unexpected issues such as incorrect W-2s, 1099s, or missing tax documents..

For individuals, you typically need W-2s, 1099s, Social Security statements, deductions, credits, and health-insurance forms. For businesses (LLCs, S-Corps, C-Corps), you need financial statements, payroll reports, expense logs, bank/merchant statements, depreciation schedules, prior-year tax returns, and year-end reconciliations. Having a complete checklist ensures maximum deductions and prevents IRS notices related to missing information.

The IRS usually processes e-filed tax returns with direct deposit in 7–21 days. Mailed paper returns can take 8–12 weeks or even longer during peak season or IRS backlogs. If there are identity verification issues, unmatched employer records, or missing forms, refund timing may extend significantly.

Self-employed taxpayers may deduct home office expenses, vehicle mileage, advertising, software, supplies, and legitimate business meals. Corporations and LLCs taxed as S-corps can deduct payroll, rent, contractor payments, depreciation, and other ordinary business expenses. Proper documentation is required to satisfy IRS audit rules, so maintaining accurate logs is essential.

The IRS allows several options including installment agreements, short-term payment plans, currently-not-collectible status, or offers in compromise. Filing on time is crucial to avoid additional penalties, even if you cannot pay immediately.

Yes. If you earn $400 or more from self-employment, you must file a tax return and pay self-employment tax, even if you have no W-2 income. You may deduct business expenses such as mileage, supplies, home office, and equipment.

Rental income is reported on Schedule E, and you may deduct mortgage interest, taxes, repairs, management fees, utilities, depreciation, and insurance. Improvements are depreciated, not expensed. Short-term rentals may sometimes be reported on Schedule C, depending on services offered.

Yes, medical and dental expenses exceeding 7.5% of your adjusted gross income may be deductible if you itemize. Self-employed individuals may deduct 100% of health insurance premiums above the line.