Category Archives: General Filing
If you choose not to have taxes withheld from your wages, or if you have not paid enough for each paycheck, you may have to make estimated tax payments. Similarly, self-employed people typically pay income tax by estimated payments. Four Important facts about estimated taxes If you think you need to pay estimated taxes, or […]
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If you enjoy trying your luck at the tables, watching the slots spin, or hoping to win your horse, any money you have earned from these activities is taxable, the IRS must be advertised. Every once in a while you can enjoy a game of chance, but you should never play your taxes. Follow these […]
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Many taxpayers who receive a refund choose to deposit directly. Actually, it is the best way to receive payment for a federal tax refund. It is completely safe and delivers the cash you have the right to, especially when combined with electronic filing methods, quickly and easily. About 95 million taxpayers opted for direct deposits […]
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If you heard about the Alternative Minimum Tax, you probably wonder if it applies to you and what to expect if it applies. If your income exceeds a specific amount, you may fall under the Alternative Minimum Tax guidelines. The purpose of the AMT is to keep a minimum tax payment for those who choose […]
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Personal or investment property owned by you is typically a ” capital asset. ” Examples include materials such as a house or a car and investment items such as stocks and bonds. When a capital asset is sold, capital gains or losses occur. Whether you consider selling a capital gain or loss depends on the […]
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Tax time can be confusing if you are a self – employed. It is not difficult to file a federal tax return, and with a little information, independent contractors and small business owners can easily file returns just like the rest of the taxpayers. Understanding what is classified as self – employed income and your […]
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A retirement fund is a smart financial decision to help offset the costs associated with life after employment. However, situations can occur that require you to withdraw some cash earlier than you expected from your savings plan. In this way, you can activate an additional tax and report withdrawals to the IRS. The following facts […]
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Once you have submitted your taxes, you should keep all your records and supporting documents safe if you have to refer to them or if you are audited. But how long do you have to keep your records? The IRS has some tips to help you figure out how long your documents should be stashed. […]
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Your teen turned 16 and has finally gotten a first job. Congrats! As a parent, you may be wondering if you should file a separate tax return for your working teen. Basically, there are three different questions to answer to determine whether your child should file a return of their own. Does the IRS consider […]
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When tax tie rolls around, there’s three different forms one can use in order to file their tax return: the 1040EZ, the 1040A, and the full Form 1040. There are benefits and restrictions to all three forms, so deciding which to use should be based on which is best for your tax situation. You can […]
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