Like many taxpayers, you may wonder what it is going to cost you to file your taxes this year. The expense associated with filing a return can depend on a number of different factors. You may be able to anticipate your own expenses by knowing what circumstances most commonly affect taxpayers' tax filing costs.
People who work as employees have the good fortune of their employer withholding and paying in taxes for them. All they have to typically do is await their W-2s in the mail each year, file a simple 1040 form, and await any refund that might be owed to them.
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You need your W-2 to file your income taxes. Your employer has until January 31 to get it into the mail to you. It typically will arrive in your mailbox just a few days later.
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Scammers and hackers are always on the lookout for the perfect opportunity to steal people's private information. As people rush to file taxes and cash in on substantial refunds they are often unaware that they leave themselves open to scams that could jeopardize their identities and their tax returns.
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It is perfectly legal to keep money in an overseas bank account. In fact, many Americans do simply because they work and live abroad.
While it is legal to open and maintain international bank accounts, it is illegal to avoid reporting this money to the IRS. You can obey current U.S. tax laws and still keep your overseas accounts by keeping in mind these tips about reporting this money to the IRS.
The IRS collects more than $2 trillion in tax revenue each year. Despite this massive sum of money, the IRS will at some point notice if you do not report your own income to the government.
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As the year draws to a close, your thoughts may soon turn to filing your income tax return. Tax season will be here before you know it. You can start preparing now to file your 2016 taxes by heeding some precautionary steps and by gathering information that could be critical to completing your return.
The Affordable Care Act, also known as Obamacare, now requires all eligible U.S. citizens and residents to have health insurance. Failure to purchase health insurance from your employer, a private insurer, or through the Healthcare.gov exchange could result in the IRS monetarily penalizing you and your family.
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The government has a vested interest in keeping businesses afloat and people employed. When companies and their workers fare well, they in turn contribute to the economy.
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Nobody wants to think about taxes during the holiday season. Still, one of the best New Year's resolutions you can make is to take some critical tax moves now that will pay off come April 2020.
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