Taxpayers who owe tax and file their federal income tax return more than 60 days after the deadline will usually face a higher late-filing penalty. For that reason, the Internal Revenue Service urges affected taxpayers to avoid the penalty increase by filing their return by Thursday, June 14. Ordinarily, the late-filing penalty, also known as the [...]
Members of the military and their families are often eligible for certain tax breaks. For example, members of the armed forces don’t have to pay taxes on some types of income. Special rules could also lower the tax they owe or give them more time to file and pay taxes. No matter what time of the [...]
[youtube https://www.youtube.com/watch?v=jx7ZulLb-PM] If you are one of many Americans who earn a low to moderate income, you may be eligible for a tax credit that can increase your tax refund. This credit is known as the Earned Income Tax Credit, or more simply the EITC. The credit is variable and depends on several factors, including your [...]
The following article was published by the IRS. Most taxpayers can claim one personal exemption for themselves and, if married, one for their spouse. This helps reduce their taxable income on their 2017 tax return. They may also be able to claim an exemption for each of their dependents. Each exemption normally allows them to deduct [...]
The following article was published by the IRS. The Internal Revenue Service recently encouraged taxpayers who are seriously behind on their taxes to pay what they owe or enter into a payment agreement with the IRS to avoid putting their passports in jeopardy. This month, the IRS will begin implementation of new procedures affecting individuals with [...]