You may not know it, but there's a chance you are one of the million taxpayers in the U.S. who's not aware that a tax refund exists. Here's how you may get one. Determining and Getting a Tax Refund: Things to Know 1. Existence of Tax Refund The IRS estimates that around $1 billion worth of tax refunds remained unclaimed in 2016. This is because most taxpayers have … [Read more...]
What Happens If You Don’t Pay Taxes? | Consequences And Penalties
When you happen to pay taxes late or miss filing tax returns, there are certain consequences and penalties you will incur. In this article: What Are the Consequences of Unpaid Taxes? When Do You File Taxes? How Are Tax Penalties Computed? When Do You Not Have to File Taxes? What Is an Installment Agreement? What Happens When I Am Put on Offer in … [Read more...]
Standard Deduction vs Itemized Deduction | What’s The Difference?
Standard deduction vs itemized deduction is one of the concerns you need to resolve to determine how much to pay the IRS. In this article: The Premise The Basics of How the Standard Deduction Works How Itemized Deduction Differs from the Standard Deduction What's Changed for the 2018 Tax Year? So Should I Take the Standard Deduction or Itemize? Standard … [Read more...]
What Is Tax Evasion? Understanding Tax Evasion And How It Works
What is tax evasion and what are the consequences that come along with it? Let's take a closer look at it and learn how to best go about filing and paying taxes properly. In this article: Tax Evasion Is Against the Law Determining Intent What Is Tax Avoidance? Will the IRS Catch a Missing 1099? What Happens When Tax Fraud Occurs? Penalties for Tax … [Read more...]
Personal Income Tax | A Guide To Doing Your Taxes
Don’t wait until you’re close to the filing deadline before you think about personal income tax! Keep reading and learn to save money with tax credits, tax deductions, and these tips. In this article: Know What Personal Income Tax Is Compare Your Current and Future Finances Donate to Charities Mind Your Traditional IRA Contributions Deduct Your Business … [Read more...]
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