Whether you file a Form 1040EZ or a complicated corporate return, you will benefit from knowing your rights as a taxpayer and being familiar with the IRS’ obligations to protect them. You have rights as a taxpayer when dealing with the IRS. Eight of most important rights as a taxpayer are listed below.
I. Protection [...]
“Income tax has made more liars out of the American people than golf.” — Will Rogers, humorist
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It is critical that you, the business owner, correctly determine whether the individuals providing services are employees or independent contractors. Generally, you must withhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment tax on [...]
If you own or have authority over a foreign financial account, then you may be required to report the account yearly to the Internal Revenue Service. An FBAR must be filed whether or not the foreign account generates any income. Read more to find reporting and filing requirements, voluntary disclosure, penalties for late filing etc…
Read the story »If you need to make a change or adjustment on a return you already filed can do so by filing an amended return. Here are the top 12 things you should know about amending your federal tax return.
1. Taxpayers needing to amend their return use Form 1040X, Amended U.S. Individual Income Tax Return.
2. Taxpayers can [...]
If you owe taxes and didn’t file your tax return or request an extension by the March 15 / April 15 deadline, you may face interest on any unpaid federal taxes you owe and a failure-to-file penalty. The IRS will deny a request for an extension that is filed after midnight on April 15. However, [...]
Read the story »If you haven’t had your taxes started by now, maybe you are still trying to decide how you will go about getting them done.
Filing your tax return properly will usually result in a sizable tax refund. There are number of ways to file tax return without crawling through the forms or even hiring a tax [...]
