Finally the blog for people who don’t like to read! (I’ll just give you the answers!)

Hey there, friends! I’m Renee from Dedicated Taxes and I get it—reading about taxes can feel like watching paint dry. So, let’s skip the fluff and get straight to the answers you need. I’m here to make your tax life easier, one quick tip at a time. Grab a coffee (or a snack!), and let’s dive in!

Question 1: When Do I Need to File My Taxes?

Answer: April 15, 2025, is the big day for your 2024 taxes. If you need more time, you can file for an extension by that date, which gives you until October 15, 2025 to file…but not to pay if you owe. Filing an extension will only avoid the failure to file penalty, but if you owe, the failure to pay penalty plus interest will be applied. If you feel like you will owe, but really can’t file on time, make a payment at officialpayments.com where you can access IRS, state and local payments. Fees will apply for payments. You can always mail in a voucher.

Question 2: Can I Deduct My Home Office?

Answer: Yes, if you’re self-employed and use part of your home exclusively for work. I would need the square footage of your dedicated office and the total square footage of your home. Don’t forget to give your annual utility costs, rent, mortgage, taxes, insurance and repairs. It’s a great deduction, but unreimbursed EMPLOYEE expenses have been done away with as a federal tax deduction since 2018. The only place you may be able to deduct is if you file a NY return because you live or work in NY. Or any other state that allows itemized deductions.

Question 3: What’s the Biggest Mistake People Make on Their Taxes?

Answer: Not knowing all of their deductions! That’s why we have a tax checklist. It will give you a good idea of most of the deductions. Read both sides, something may jump out at you! Second biggest mistake is not claiming all of their self-employment deductions. It pays to keep track of your expenses, they add up and help you reduce your tax bill. And that’s why we have the business checklist. Same for real estate rental property….guess what…we have a …you guessed it, a checklist for that! It’s on our Forms page. These are simple, condensed double sided one page forms. Who has time to file out 12 page organizers!

Question 4: Should I Hire a Pro or Do My Taxes Myself?

Answer: Some people might say, if your return is simple you can file yourself….I’m sorry, I don’t agree and it’s not because I want your business. I don’t like to see people paying more money than they should. I’ve seen all too often someone give me their simple taxes and I’ve saved them hundreds if not thousands of dollars and of course situations vary, but taxes are complicated and a seasoned tax professional will know how to get you the best tax result.

I actually think that the IRS Free File is not a good thing at all because I believe by people doing their own taxes, they overpay!

Question 5: How Do I Avoid a Big Tax Bill Next Year?

Answer: Talk to your tax accountant when you have changes coming up, make sure if you have Marketplace insurance you are reporting your GROSS wages to them, married people should make sure to take into consideration that one income sits on top of another, make sure yoru withholdings are correct. Form W-4 actually has a table for this. If you get unemployment, have taxes taken out. If you will the lottery, have taxes taken out. Bank interest and stock dividends are untaxed income so you will want to make sure those taxes are being paid during the year either thru higher withholdings on your paycheck or quarterly payments. Self employed people, be careful! Don’t wait until the end of the year to figure out if you will owe. You must pay Social Security, Medicare and ordinary income tax on your NET EARNINGS. So it’s a good idea to do a monthly P&L to see what’s going one.

Question 6: What’s One Tax Credit I Might Be Missing?

Answer: There are credits for installing windows, doors, hot water heater, central air or even insulation. Additionally, if you took the American Opportunity Tax Credit for your child for the 4 years that they were in college, they probably have that last semester in the 5th year so you won’t be able to the the AOTC credit BUT you can get the Lifetime Learning Credit. It’s a non refundable credit but can still help reduce taxes.

That’s It for Today!

See? Taxes don’t have to be scary or boring. I’ll be back with more quick answers soon, so keep an eye out. Got a tax question you want answered? Drop it in the comments or send us a message—I’d love to help! At Dedicated Taxes, we’re all about making taxes stress-free for you. Talk soon! 😊