2020 Federal Income Taxes
Being on the receiving line of an Internal Revenue Service agents phone call or mailing informing you that your tax returns are being audited is a nightmare that millions of Americans have undoubtedly had. A tax audit can turn an otherwise quiet life upside down and cause undue stress on an individual and their family.
Determining whether or not you have to pay taxes on your Social Security benefits really comes down to two factors: 1) your tax filing status, and 2) the amount of your "combined" income. Generally speaking though, you will not have to pay any taxes on your Social Security benefits at all, if that is your only source of income.
The Child Tax Credit is one of the most straight forward tax credits that are available for Americans of all tax brackets. First enacted in 1997 and expanded in 2001, this credit has helped offset the cost of raising an eligible child under the age of seventeen.
Ever wonder what would happen if you just skipped out on filing your taxes? You get your paperwork back from your employer, either in the mail or through e-mail, and just think too yourself, ugh, not again. I don't want to go through this hassle again. So you just let the task fade back to a darker corner of your mind, and forget about it.
If you receive a 1099-MISC tax form, these guide is for you. Independent contractors, small business owners, and otherwise self-employed folks, use these 5 straightforward steps to fully take care of your tax filing and payment obligations.
Instituting a national sales tax has been debated, albeit halfheartedly, for years now. While I don't foresee our representatives in Washington tackling this issue anytime soon, it is still something that I've spent a lot of time thinking about, especially when it comes to the question of whether it will help or hurt the middle and lower classes.
Many myths fly around come tax season, making big claims that you don't have to do this, or don't worry about that. But how do you know which are true, and which to avoid? Well, the best way to not come victim to believing a myth that might sound too good to be true about filing taxes is to contact the IRS directly.
Have you ever filed your taxes only to find out from a friend or colleague that you overlooked a tax deduction you knew nothing about? Most Americans are aware of the major deductions they are able to claim when they file their yearly tax returns, but there are a host of lesser known deductions that many taxpayers simply aren't aware of.
Are you thinking of going to a tax professional to have them help you file your taxes? That is an option, and a good one for many people, but it doesn't have to be the only option for many others. The IRS offers free e-filing for basic returns and has partnered with e-file.com to offer two more low-cost services for individuals and businesses who need additional services.
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