Tax Filing

You can file your federal taxes as early as Jan. 1 if you have all the necessary documents. The Internal Revenue Service has set Jan. 16 as the first day you can file using e-file, its electronic...

It is sometimes difficult to determine if you will owe taxes before your actual income tax return is filed. This is a catch-22 because no one wants to be surprised by a large bill when filing...

When tax time rolls around, scholarships are tricky. They're not exactly income but they can still be taxable, and the rules that govern the distinction are complex. Between the exceptions,...

Filing annual income tax returns is a necessary chore that crops up every April. Fortunately, technology has made this task infinitely easier. Rather than painstakingly filling out paper forms and...

If you gave someone money as a gift, then you may have to file it on your taxes. To file gift money on your taxes, you must complete a gift tax form. To qualify you must have given at least...

Although there are many reasons for filing a late tax return, only a few of those reasons are considered justifiable based on the standards outlined by the IRS. Late filing due to illness is often...

According to the IRS, millions of dollars in tax refunds go unclaimed each year. This is unfortunate because taxpayers are ultimately giving away money that they are legally entitled to. If you...

As an independent contractor, you are responsible for filing your own local, state and federal taxes. Your independent contractor status means you exist as a business entity, with your own gross...

A new tax legislation was recently passed to extend the first time homebuyer $8,000 tax credit. Also the new law detailed other changes. Those changes include raising income limitations for...

Every year the IRS requires millions of people to file income tax returns. Whether you are receiving a tax refund or having to pay additional taxes, you may want to check to see if the IRS has...

If you're new to the United States, sooner or later you will hear people griping, fretting and worrying about filing their taxes. Don't worry. Paying taxes gets everyone in a tizzy. Filing is easy.

Keeping track of investment gains and losses is an important part of any prudent investment strategy. However, this information is also critical to properly filing tax returns. Any time you sell a...

The retirement planning system known as an IRA or individual retirement account has grown in popularity because of the tax-deductible nature of the traditional IRA and the tax-free nature of the...

An important part of investing is keeping accurate records of purchase and sale prices. For starters, this information will help in your overall investment planning, as you can see how your...

Calculating your taxes and filing status is not hard to do, but there are numerous steps to go through and many rules and regulations to follow. Always refer to the IRS instructions for...

According to a Tax Tip provided on the Internal Revenue Service (IRS) website, lottery winnings are considered taxable income.The Mega Millions website says that an IRS W-2G Form will be issued...

No matter what you do for a living, filing taxes is a fact of life, but the ability to file those taxes electronically can take away some of the pain. Filing your taxes electronically is one of...

Federal law requires the filing of income taxes to take place by April 15 of the following year. Sometimes circumstances may cause some people to file late. Filing back taxes is usually not a...

The reasons are numerous reasons why people tap into their 401(K) accounts--job losses and upwardly adjusting mortgage rates are two of them. If you withdraw everything, you will have to close the...

Whether you hit on a slot machine, pick the winning lottery numbers or bet on a lucky horse at the racetrack, the Internal Revenue Service mandates that you pay income tax on the money won. While...

Employers often mail W-2 forms to employees late, or not at all. Although you can call the IRS to request that they lean on your employer, there is no guarantee that your employer will send your...

According to the Internal Revenue Service (IRS), first-time homebuyers purchasing homes in 2008, 2009 or 2010 may be eligible to receive a home tax credit. To qualify for the credit, the home...

According to the TurboTax support website, it is possible to amend a tax return if changes are required after the return has already been filed. Using TurboTax software to amend a tax return...

The Internal Revenue Service (IRS) is the government monitoring service that ensures tax returns are properly prepared and filed. Tax law mandates how personal and financial information should be...

Your personal identification number (PIN) is five digits long and serves as the signature for all electronically filed tax returns. Unfortunately, since tax season only comes once a year, many...

Contest winnings are always taxable, just as earnings are. "The cash value of prizes or awards won in a drawing, quiz show program, beauty contest, or other event, must be included on the tax...

Each year, many taxpayers find themselves in an uncomfortable position: their tax returns are completed and ready to be filed, the federal government says that they owe money, but there are no...

If you are from a foreign nation or do not qualify for a Social Security number, you need to get a taxpayer identification number. This is a number assigned to you so that you can be properly...

Many Americans file their taxes late every year. As long as you have filed for an extension before the April due date you are in good standing with the IRS. After being granted an extension you...

Online tax filing is a fast and easy way to file your taxes for free without having to leave the comfort of your home. Every year, more and more people choose to file their taxes through the many...

Forget to file your taxes on time? Relax, as long as you filed an Automatic Extension with the IRS before the April due date your okay. Many people every year delay paying their taxes for one...

If you have children or provide care for your parents, you have dependents. Those dependents can provide you with additional deductions from your income. It's not hard to take the deduction. You...

If you have an Individual Retirement Account (IRA) and forgot to claim a tax deduction for the contributions, you have two routes to fix this oversight. First, you can amend your tax returns so...

The government, either federal or state, may place a tax lien on your property if you owe taxes. Tax liability is often incurred when you, as a taxpayer, file your income taxes. Because people...

Changing your filing status from single to married is one of the first things a new couple will be required to do. Thankfully, the process for filing a tax return together versus alone requires...

Another April 15 has come and gone. You're worried that you may have made mistakes when filing your tax returns with the IRS. Now you wonder how long the agency has to audit your return. Not...

In order to be able to file federal income taxes as an exempt organization such as a charity, non-profit or religious organization, you must meet certain federal guidelines. The United States...

In some cases, when you overlook certain duties, the consequences are minor, but filing your federal tax return is not one of those cases. Failure to file a federal tax return can result in...

For many people, online poker is not just a hobby, it is a career. You may not be earning enough to consider yourself a full-time online poker player, but if you have won money playing poker...

If you are a widow or widower, executor or other personal representative of someone who died and who also had financial assets or was a wage-earner, you will need to file a final tax return for...

An employer reports employee wages to the Social Security Administration by submitting Copy A of Internal Revenue Service Form W-2. He also must submit a corresponding Form W-3, or Transmittal of...

In the United States, married couples can choose to file a joint tax return or separate tax returns. For most couples, filing a joint return results in lower taxes than filing separately.

Filing your taxes online can be a fast, easy alternative to filing on paper. While it is not possible to file directly through the Internal Revenue Service's website, the IRS offers links to...

If your spouse does not have a W2, it may mean several things. Ask why first. The answer will dictate what filing steps to take and which additional forms aside from a 1040 you may need.

Tax treatment for 401(k) payouts differs depending upon your circumstances. Generally, payouts taken before you reach age 59 ½ are taxable and subject to a 10 percent penalty, unless you roll...

Most taxpayers who are in college or paying the education expenses of a family member are eligible to claim a tuition credit on their income tax return. Generally, taxpayers who fall into one of...

A taxpayer might file a late tax return for several reasons. Illness, military duty, incarceration, and forgetfulness are among the most common reasons taxpayers give for filing a late return....

Filing a corporate extension indicates the self-employed and small business owner--as well as owners of larger corporations--need a little extra time. According to the Internal Revenue Service,...

If you own an IRA account, you're required to begin taking distributions by April 1 of the year after you turn 70-1/2. The amount of these "required minimum distributions" changes every year based...

Filing individual tax returns quickly can help expedite refund payments, but businesses have until the end of January to issue your tax documents. You may not receive relevant W-2s, 1099s and...