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Posts Tagged ‘filing taxes’

Top Tax Breaks That Every Investor Can Use

April 05, 2016  |   Tax Advice,Tax Tips   |   Tags: , , , ,  

Most people invest with the intention of securing their financial future, while saving on taxes. Contributing to a retirement account is one of the most common investment vehicles for this purpose. According to the Investment Company Institute, 401(k) plans held an estimated $4.4 trillion in assets and represented nearly 18 percent of the $24.0 trillion in U.S. retirement assets, as of June 30, 2014. Which investments are the most beneficial to reduce taxes?

When Do Your Kids Have to Start Filing Taxes?

Dependents are required to file a tax return depending upon their income and their source of income. If your child has income, you need to check if he/she is required to file a return. A dependent is a child under age 19 at the end of the year, or under age 24 at the end of the year and a full-time student. ...

The Dangers of Failing to File

Failing to file a tax return can lead to serious consequences. Taxpayers that do not file their tax return before the filing deadline face penalties and interest on the taxes owed. Penalty is charged every month on the total back taxes. Due to the accumulation of penalties and interest, the amount of unpaid taxes increases substantially with time. Penalty for Non-Filing Failure to file a return and ...

The Importance of Filing Your Taxes, Even If You Can’t Pay

July 31, 2015  |   Tax Advice   |   Tags: , ,  

As far as IRS penalties are concerned, there is a difference between filing your tax return and paying your taxes. If you do not file your return, you pay the failure-to-file penalty. If you do not pay your tax bill, you pay the failure-to-pay penalty. If you do not file and pay, you pay the greater of the two penalties. You can and should file your tax return even if you cannot pay your taxes ...