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FAQs

What tax preparation documents do I need to provide to InstaTax Live?

Click here to see InstaTax Live’s tax preparation document checklist! Also, please provide any recent tax notices received and/or questions you have.

When is my tax return due?

  • Individual and Corporate (Form 1120): April 15th

  • Partnerships (Form 1065) and S Corps (Form (1120-S): March 15th

  • Filing extensions: October 15th; however, if you owe any taxes, you must pay by the above due dates to avoid late penalties.

If I am owed a refund, when will I receive it?

  • Federal refunds are usually deposited within 21 days after filing, sometimes as soon as 7–10 days.

  • State refunds generally take longer, depending on your state.

Recent Tax Updates for 2025:

  • SALT Deduction: Deduct up to $40,000 in state, local and property taxes (if you qualify)

  • Eligible workers can deduct tips (up to $25,000), overtime (up to $12,500), and certain auto loan interest (up to $10,000) from taxable income.

  • Child Tax Credit: $2,200 per child under 17

  • Seniors (65+): Enhanced deduction up to $6,000

  • Energy & EV Credits:

    • Tax credits for energy-efficient home improvements and electric vehicles will end after 2025.

    • If you purchased an EV before September 30, 2025, you may still qualify for a credit up to $7,500 for new or $4,000 for used EVs.

  • Crypto Tax Reporting: If you bought, sold, or earned cryptocurrency, it must be reported. The IRS treats crypto like property; therefore, any gains or losses must be included on your tax return, even if you didn’t receive a 1099 form.