Individuals with income from employment, investments and even gambling have to file income tax returns. Frequently, employed individuals qualify for income tax refunds because they paid more than they needed to toward their federal income tax obligations for the year....
It is standard practice for spouses to file their taxes together. While some couples do file their annual income tax returns separately, joint filings often help people maximize their use of deductions and credits. Frequently, one spouse handles financial and tax...
Filing an annual tax return allows someone to verify that they have paid a sufficient amount in income taxes. The Internal Revenue Service (IRS) reviews information provided by employers and financial institutions when verifying the tax returns submitted by...
People like to claim that the government always gets what people owe it. That aphorism is a way of conveying how serious the Internal Revenue Service (IRS) is about enforcing tax law and collecting on valid tax debts. Not only can the IRS hold people accountable for...
Once someone begins working or receiving passive income from investments, they have to start reporting their income to the government and paying income taxes. Filing an annual income tax return is necessary for anyone with significant income even if they are still a...
Holding personal resources in an offshore account was once a top tax avoidance strategy. However, that has shifted in recent years. While some people may continue to hold resources in international bank accounts, they will typically derive far less protection from...
A tax controversy occurs when an individual taxpayer and an authority assessing taxes disagree about someone's responsibilities. For example, if the Internal Revenue Service (IRS) accuses someone of tax evasion by misrepresenting their income, that tax controversy...
Paying income taxes is part of life in the United States. Even those who only have part-time jobs are generally required to contribute to federal and state tax programs. Once a year, taxpayers need to file a tax return reporting their income and household...
Nobody wants to pay more taxes than they have to pay – which is why both individual filers and businesses often employ various strategies to minimize their tax liabilities. There’s nothing really wrong with minimizing your taxes as long as you understand the key...
Some people wait until the day that the Internal Revenue Service (IRS) stops accepting tax returns to file their annual paperwork. Occasionally, those last-minute filings will come with a surprise balance due. Most employed adults tend to receive a refund when they...
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