Question 1

When is the deadline to file my taxes?

Accepted Answer

For most individuals, the federal tax filing deadline is April 15th. If it falls on a weekend or holiday, it moves to the next business day. You can request an extension until October 15th, but remember—an extension to file is not an extension to pay. Any taxes owed are still due by April 15th.

Question 2

What documents do I need to file my taxes?

Accepted Answer

You'll typically need: W-2s from employers, 1099s for freelance/contract income, 1099-INT/DIV for investment income, mortgage interest statements (1098), property tax records, charitable donation receipts, business expense records, and last year's tax return. Self-employed individuals also need profit/loss statements and business expense documentation.

Question 3

Should I itemize or take the standard deduction?

Accepted Answer

Take whichever is higher. For 2026, the standard deduction is $15,000 (single) or $30,000 (married filing jointly). Itemizing makes sense if your mortgage interest, state/local taxes (capped at $10,000), charitable donations, and other deductions exceed these amounts. Most taxpayers benefit from the standard deduction since it increased significantly in recent years.

Question 4

What happens if I miss the tax deadline?

Accepted Answer

If you owe taxes, you'll face a failure-to-file penalty (5% per month, up to 25%) and failure-to-pay penalty (0.5% per month). If you're due a refund, there's no penalty for filing late—but you have only 3 years to claim it. Always file or request an extension by the deadline, even if you can't pay in full.

Question 5

Should my business be an LLC or S-Corp?

Accepted Answer

It depends on your income level. LLCs are simpler and have fewer requirements. S-Corps can save self-employment taxes when your net income exceeds roughly $40,000-$50,000, but require payroll, separate tax filings, and reasonable salary payments. We typically recommend starting as an LLC and electing S-Corp status when the tax savings outweigh the additional costs. Based on our work with 500+ DFW business owners, S-Corp conversion typically saves $5,000-$15,000 annually once you cross that threshold.

Question 6

What business expenses can I deduct?

Accepted Answer

Any expense that's "ordinary and necessary" for your business is deductible. Common deductions include: office supplies, software subscriptions, professional services, business travel, vehicle expenses (mileage or actual costs), home office, marketing, insurance, and retirement contributions. Keep receipts and document the business purpose.

Question 7

Do I need to pay quarterly estimated taxes?

Accepted Answer

If you expect to owe $1,000 or more in taxes after withholding and credits, you should make quarterly estimated payments. Deadlines are April 15, June 15, September 15, and January 15. Missing payments can result in penalties. A good rule of thumb: pay at least 100% of last year's tax liability (110% if income over $150,000) to avoid penalties.

Question 8

What is the QBI deduction?

Accepted Answer

The Qualified Business Income (QBI) deduction allows eligible self-employed individuals and small business owners to deduct up to 20% of their qualified business income. There are income limitations and restrictions for certain service businesses (like law, accounting, and consulting) at higher income levels. It's one of the most valuable deductions for small business owners.

Question 9

How are rental property profits taxed?

Accepted Answer

Rental income is taxed as ordinary income, but you can deduct expenses like mortgage interest, property taxes, insurance, repairs, and depreciation. Depreciation is especially valuable—you can deduct the cost of your rental property over 27.5 years, reducing taxable income even if the property appreciates. When you sell, depreciation is "recaptured" at 25%.

Question 10

What is a 1031 exchange?

Accepted Answer

A 1031 exchange lets you defer capital gains taxes when selling investment property by reinvesting the proceeds into a "like-kind" property. You have 45 days to identify replacement properties and 180 days to close. You must use a qualified intermediary—you can't touch the funds yourself. It's one of the most powerful tax deferral strategies for real estate investors.

Question 11

Can I deduct my home office?

Accepted Answer

If you're self-employed and use part of your home regularly and exclusively for business, yes. You can use the simplified method ($5 per square foot, up to 300 sq ft = $1,500 max) or actual expense method (percentage of rent/mortgage, utilities, insurance based on office square footage). W-2 employees cannot deduct home office expenses.

Question 12

Do I have to pay taxes on cryptocurrency?

Accepted Answer

Yes. The IRS treats crypto as property. Selling, trading, or spending crypto triggers capital gains tax. Receiving crypto as income (mining, staking, airdrops) is taxed as ordinary income. Simply buying and holding isn't taxable. Starting in 2026, exchanges will report your transactions to the IRS on Form 1099-DA.

Question 13

How do I report crypto on my taxes?

Accepted Answer

Report crypto sales on Form 8949 and Schedule D. Crypto income (staking, mining) goes on Schedule 1. You'll need records of purchase dates, cost basis, and sale prices for each transaction. Crypto tax software like Koinly or CoinTracker can help track transactions across multiple wallets and exchanges.

Question 14

What is crypto tax loss harvesting?

Accepted Answer

Tax loss harvesting means selling crypto at a loss to offset gains and reduce taxes. Unlike stocks, crypto isn't subject to the wash sale rule (yet), so you can immediately rebuy the same asset and still claim the loss. This is a powerful strategy during market downturns—you maintain your position while reducing your tax bill.

Question 15

When should I hire a CPA instead of doing taxes myself?

Accepted Answer

Consider a CPA when you: own a business or rental property, have investment income, went through major life changes (marriage, home purchase, inheritance), have complex situations (stock options, foreign income), or are spending more time on taxes than your actual work. In our experience with hundreds of clients, a good CPA typically saves 3-5x their fee in reduced taxes—and that's before the time and stress you save.

Question 16

What areas do you serve?

Accepted Answer

We serve clients throughout the Dallas-Fort Worth metroplex, including Plano, Richardson, Frisco, Allen, McKinney, Dallas, Garland, and surrounding areas. We also work with clients remotely across Texas and the United States. Most of our work can be done virtually with secure document sharing.

Question 17

How much do your services cost?

Accepted Answer

Pricing depends on the complexity of your situation. Simple individual returns start around $300. Business returns and more complex situations are quoted based on scope. We offer a free initial consultation to understand your needs and provide a clear quote before starting any work. No surprises.

Question 18

What's included in a tax planning session?

Accepted Answer

We review your current tax situation, identify opportunities to reduce taxes, and create an actionable plan. This might include entity structure optimization, retirement contribution strategies, timing of income and deductions, and real estate tax strategies. Many clients save multiples of the planning fee in reduced taxes.

Frequently Asked Questions

Tax Filing

QWhen is the deadline to file my taxes?

QWhat documents do I need to file my taxes?

QShould I itemize or take the standard deduction?

QWhat happens if I miss the tax deadline?

Small Business

QShould my business be an LLC or S-Corp?

QWhat business expenses can I deduct?

QDo I need to pay quarterly estimated taxes?

QWhat is the QBI deduction?

Real Estate

QHow are rental property profits taxed?

QWhat is a 1031 exchange?

QCan I deduct my home office?

Crypto

QDo I have to pay taxes on cryptocurrency?

QHow do I report crypto on my taxes?

QWhat is crypto tax loss harvesting?

Working with LeCPA

QWhen should I hire a CPA instead of doing taxes myself?

QWhat areas do you serve?

QHow much do your services cost?

QWhat's included in a tax planning session?

Still Have Questions?