General Tax Filing Questions

  • Q: When should I start preparing my tax documents?

A: Ideally, start gathering your income statements, expense records, and supporting documents as early as January. Early preparation helps prevent last-minute stress and ensures you don’t miss out on valuable deductions.

  • Q: What is the deadline to file my tax return?

A: For most taxpayers, the deadline is April 15. If that date falls on a weekend or holiday, the deadline moves to the next business day. Business entities such as S corporations (Form 1120-S) and partnerships (Form 1065) are typically due March 15.

  • Q: Can I file an extension if I’m not ready?

A: Yes. Individuals can file Form 4868 for a 6-month extension, and business entities can file Form 7004. Keep in mind: an extension gives you more time to file, not to pay. Any balance due must still be paid by the original deadline to avoid penalties and interest.

Tax Deduction Questions

  • Q: What expenses are tax-deductible for small businesses?

A: Common deductions include: office rent and utilities, business insurance premiums, advertising and marketing expenses, vehicle mileage or actual expenses, payroll and subcontractor payments, professional fees, and depreciation on business assets.

  • Q: Can I deduct home office expenses?

A: Yes, if you use a portion of your home exclusively and regularly for business. The deduction can be calculated using the simplified method ($5 per square foot up to 300 sq ft) or actual expenses based on the business-use percentage.

  • Q: Are meals and travel expenses deductible?

A: Business meals are generally 50% deductible, provided they’re directly related to your business. Travel expenses (lodging, airfare, rental car) are deductible if the trip is primarily for business purposes and properly documented.

  • Q: What deductions are available for individuals?

A: Individuals may qualify for deductions such as mortgage interest and property taxes, charitable contributions, student loan interest, retirement plan contributions, HSA contributions, and medical expenses exceeding 7.5% of AGI.

Compliance and Recordkeeping

  • Q: How long should I keep my tax records?

A: Keep tax returns and supporting documents for at least 3 years (the IRS audit window), or 7 years if you have loss carryforwards or claim bad debt deductions. Business owners should retain payroll records and corporate filings indefinitely.

  • Q: What happens if I receive a notice from the IRS or state agency?

A: Don’t panic — and don’t ignore it. Forward the notice to us immediately. 10 Key Solutions will help review the letter, verify its accuracy, and respond appropriately on your behalf.

  • Q: How do I stay compliant throughout the year?

A: Keep detailed records, make estimated tax payments if required, and update your bookkeeping monthly. Regular financial reviews help ensure compliance and prevent surprises at tax time.

S Corporation & Business-Specific Questions

  • Q: How should I pay myself as an S corporation owner?

A: Owners must receive a reasonable salary subject to payroll taxes, plus may take additional distributions that aren’t subject to self-employment tax. 10 Key Solutions can help determine an appropriate and compliant salary.

  • Q: What is the difference between business expenses and owner draws?

A: Business expenses reduce taxable income. Owner draws (or shareholder distributions) do not — they represent a withdrawal of profit. Mixing the two can create compliance issues, so we recommend maintaining separate business accounts.

  • Q: Can I deduct startup expenses for a new business?

A: Yes, you can deduct up to $5,000 in startup costs and $5,000 in organizational costs in your first year of business, with the remainder amortized over 15 years.

Filing and Payment Procedures

  • Q: What’s the fastest way to receive my refund?

A: Filing electronically with direct deposit is the quickest option. Paper returns or mailed checks can take significantly longer.

  • Q: Can I pay my taxes online?

A: Yes. The IRS offers secure online payment options at irs.gov/payments. You can also make estimated payments, schedule future payments, or use the EFTPS system for business taxes.

  • Q: What if I can’t afford to pay my full balance?

A: The IRS offers payment plans and installment agreements. We can help you apply and ensure the payment structure minimizes penalties while keeping you compliant.

Work With 10 Key Solutions

  • Q: How can 10 Key Solutions help me year-round?

A: We go beyond tax preparation — providing proactive planning, bookkeeping, payroll, and compliance reviews to help you build a stronger financial foundation. Our goal is to help you stay organized, compliant, and confident in your numbers.

  • Q: How can I schedule a consultation?

A: You can book directly on our website or contact our Atlanta office at [your phone/email here]. We’re here to make taxes simple, transparent, and stress-free.