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Posts Tagged ‘tax return’

Are You Earning Unusual Income This Year?

This year might be like any other, as you bring in the usual wages from your employer(s), without any additional income to speak of. However, there is a chance that before the year is out, you’ll enjoy an unexpected windfall. If this is the case, it’s critical to understand how this can affect your tax return next year – and, ultimately, how much you may have to pay in. Extra Work

Manage Your Quarterly Tax Payments Using These Methods

For many, tax season is not the only time to make tax payments. Those making estimated tax payments, such as freelancers and the self-employed, may be required to pay taxes each quarter of the year. The first quarter for 2016 fell on April 18, and the following quarters fall on June 15, September 15, and January 17, 2017. Not making tax payments on time can lead to penalties and interest. To manage your estimated tax ...

Must Know Tax Responsibilities for Starting a Business

Every business is required to fulfill certain tax duties. When starting a business, it is important to have a clear understanding of the taxes you need to pay. It helps to accurately estimate your expenses and determine the tax responsibilities for a business. Here are essential tax responsibilities that businesses need to consider. Filing an Income Tax Return Every type of business, except partnerships, must file a ...

U.S. Taxes for Americans Staying Abroad

U.S. citizens living overseas are required to report their worldwide income to the IRS, including financial accounts held overseas. The IRS’ persistent efforts to curb tax evasion lead to the strict enforcement of the Foreign Account Tax Compliance Act (FATCA). Failure to report income results in a serious penalty. The Motley Fool shares: “Deadlines “Let's start with deadlines. The one for filing your income ...

When to Report Income Held in Foreign Banks

If you are a U.S. citizen or a resident alien, you are required to report and pay taxes on all income within and outside of the U.S. Additionally, you must also report on your tax return any foreign bank accounts or foreign investment accounts, even if those accounts do not generate any taxable income. Foreign Bank and Financial Accounts (FBAR) If you have a foreign financial ...

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 ...

How and Why to Amend Your Return

You may file an amended return if you think you made a filing error or forgot to claim credits, deductions, dependents, etc. If you forgot to attach tax forms with your return, you may not amend your return. The IRS will ask you to send those. Generally, you can amend a return up to three years after filing it. How to Amend Your Return To amend Forms 1040, ...

How to Find IRS Documents Online

December 11, 2015  |   Tax Advice,Tax Tips   |   Tags: , , , ,  

Most taxpayers take the utmost care in storing their tax documents. But sometimes, theft, natural disasters or negligence can lead to losing tax documents. If you cannot find your past tax returns or other tax documents, there are ways to get tax return transcripts and tax account transcripts from the IRS. The agency also provides downloadable tax forms and publications, and offers assistance to taxpayers in determining the status of their tax refunds and amended ...

The Dangers of Ignoring IRS Notices

November 13, 2015  |   Tax Advice,Tax Tips   |   Tags: , , , ,  

The IRS sends notices to inform taxpayers about the taxes they owe past the payment deadline. Sometimes, even after a taxpayer has paid his or her tax liability in full, he or she may owe more in taxes due to inaccuracies on the tax return. Whether a taxpayer has filed a return or not, the IRS will demand payment if the full tax bill hasn’t been paid. Placement of a Federal Tax Lien

Top Four Year-End IRA Reminders

It’s never too late to save for retirement. Individual Retirement Accounts are a great way to put away money for your golden years. If you have an IRA or want to open one, here are the top four reminders on IRAs from the IRS to keep in mind: Top ...