Here are important facts about a failure to file penalty that around 5% of taxpayers -- approximately 7 million Americans -- will find helpful. Failure to File Penalty: A Primer 1. Tax Penalties: What You Get When You File Late Taxpayers should file their tax documents on April 15 or the next business day if the 15th is a weekend or a holiday. Filing one day after … [Read more...]
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Avoid Forfeiting Your Past Tax Refund
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...]
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...]
How To Create A Budget For Your Taxes That You Can Stick To
A lot of people often wonder how to create a budget that also includes taxes, particularly for those who work as freelancers or as business owners. How to Create a Budget Plan for Your Taxes Step 1: Start with Filling Out the Tax Forms People who have a fixed salary can easily fill out their tax budgeting. The form 1040-ES is very simple and straightforward. If you … [Read more...]
10 Weirdest US Taxes [INFOGRAPHIC]
We listed down 10 of the weirdest, and sometimes ridiculous, taxes in America. Weird US Taxes You Never Knew Existed Click here to jump to the infographic. 1. Virginia’s Sheep / Lamb Tax The state of Virginia imposes a $0.50 excise tax on every sheep or lamb sold within the state. Virginia already imposes taxes on eggs, peanuts, and soft drinks. These raise $1.8 million, … [Read more...]
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