Filing taxes is one of those things we are required to do. Few of us look forward to it, but we know it is coming every year. The only thing that makes filing taxes worse is suffering from identity theft or tax refund fraud.
Fortunately, the Internal Revenue Service (IRS) has taken steps to make you a little more secure and provides easier access to precautions like an identity protection PIN.
Read MoreYou might find yourself in the position of not being able to pay your taxes. This is not easy to deal with. You might at first feel alarmed if you don't have the money to keep up with tax payments. Remember that many people have been through this before. Fortunately, the IRS will help you in this situation. A solution can always be found. You just need to find the right solutions to deal with this unfortunate problem. Get started by learning about the resources that are out there. There are a lot of resources that will help you when your tax debt seems overwhelming.
Read MoreTax time brings about a sense of dread and relief in so many. It comes around every year, and it is the one thing we all have to do is pay taxes. If we do not, there are penalties and possibly jail time waiting for us. That is why it is important to know what happens if you file taxes late.
Read MoreIf this is your first time as a taxpayer and you don't know what to do, you need to start by identifying and defining your role and responsibility as well as your tax obligation. It is no use putting it off and it still has to be done. Want to know how to file taxes for the first time? Let’s dive in.
Read MoreYou can easily file your taxes. It does not take as long as you might imagine, but you will need a few hours set aside to learn how to do your own taxes. Just make the coffee or tea, sit down pre-organized, and get to it.
Read MoreWe're going to answer the question, "What happens if you don't file taxes?" and then explain a few things you can do to ensure that you do file your taxes each year on time. Our goal is to help you understand your taxes and to be a better taxpayer in future years.
Read MoreThanks to tax time becoming so common among Americans, there are many that do not know that they are not even required to file. Others know they are not required but wonder if they should, thanks to the recent stimulus packages provided by the government.
The questions then are how much money do you need to make to file taxes, and are there any additional requirements? The information here outlines the answers to both of those questions and more.
Read MoreAre health insurance premiums tax deductible? The answer is yes, but it has some limitations because it depends on the amount spent on medical expenses and also on the kind of health care services utilized. One of the points of contention is the type of services that qualify as medical expenses.
For that reason, fewer tax payers will qualify for this deduction as you will notice after reading this article.
Read MoreIf this is your first time claiming business losses on personal taxes, you might be confused and feel uncertain in many ways. One common question is this: Can I claim business losses on personal taxes?
The answer is yes- it’s actually a widespread practice. It has been since before all of the changes this year. There are just specific requirements that need to be met, and the filing process must be appropriately handled. (Don’t worry. We’ll get into all of that.)
Read MoreTax breaks are different for everyone depending on your particular circumstances. If you’re in school and still live at home, you may not be able to claim education deductions or credits yourself, but your parents could see the substantial benefit. If your income exceeds certain levels, it’s more difficult to qualify for some tax breaks – but that’s not such a bad problem to have. In general, however, there are a number of potential breaks when it comes to student taxes. Let’s look at a few of the most common so you’ll at least know what to look for when it’s time.
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