Taxes are usually not blessed with a good reputation for provoking excitement but in 2016, more than 388,000 taxpayers left their tax calculations unless it was 31 st January, which was their deadline date to file their tax returns. As per rough figures, 10.5m self-assessment tax returns were filed on the right time but again 880,000 people forgot about the midnight rebate that they got for filing the tax returns for the year to 5th April, 2016. Continue reading Filling out the Self-assessment Tax Return – What are the Processes Involved?
As we know that tax time is coming near, most of you may be hunting some of those interesting and money-saving tax breaks due to which you can pay a bit less to Uncle Sam. Even after the election of the new President, there is enough good news for the taxpayers as the President-elect has promised to reduce taxes for the Americans and help them save their dollars. You are even fortunate enough to grab some of the biggest opportunities to get the benefit of tax provisions which have been created to save money. The concerns of this article will deal with some of the most valuable tax deductions that you should know of if you wish to save your dollars. When it comes to tax filing, you always require seeking help of some of the best income tax consultants Miami Florida but despite that you should remain aware of the few tax deductions listed below. Continue reading Save Big Bucks in 2017 after Knowing Few Tax Deductions – Educate Yourself on the Tricks
In 2017 taxpayers will get an extra weekend to compose and submit their tax returns. New type of scrutiny of 2 tax credits will mean a delay in refunds until late February for all those taxpayers who are going to claim on tax credits. These are going to be the two big changes about which Uncle Sam is warning people as the country prepares itself for the next income tax season which is going to start on the 23 rd of January, 2017 which is a Monday.
As we reach January every year, we are already done with the vacations and the gay part of the year. For most of us, it is the time of the year when we resume our regular business. This resumption of the business definitely means we start thinking of our life all over again from the professional aspects. One of the most essential part which we consider during the following 3 month period is Income Tax which is a very important yearly activity for the people whose income come under the bracket of income tax payee. For them, the Social Security Administration Benefits Changes for the year 2017 would be immensely essential as they are here with the potential to change the level of your benefits forever.
If you are one of those people who like to be prepared ahead of time, then this is the perfect time to start thinking about your tax filing plans. Many of you may not even think about tax returns till April rolls in but the smart thing to do is to plan ahead. So, what are some of the things you should be doing right now to make your tax planning easier for the next fiscal year? Let us take a look.
Once the Christmas vacations are over, professionals all over America start feeling concerned about the most dreaded time of the year according to them. This is the time of the year when income taxes needs to be paid. Historically, over two-thirds of the Americans are bothered about the filing of taxes either to some extent some even have dreaded dreams regarding this issue. But, one has to keep in mind that if the entire thing is managed with a certain amount of intelligence along with a little bit of strategy, tax paying gets a lot easier as well as errors are minimized and there will definitely be a decrease in the amount you would have to pay.
The IRS provides the taxpayers four easy options for filing their individual tax returns – Form 1040, Form 1040A, Form 1040ES and Form 1040EZ. The last is designed for the easiest and simplest tax situation while the first one is created for a more complex tax situation.
Here is a brief discussion that would help you understand the difference between Form 1040EZ and Form 1040. Continue reading What are the Fundamental Differences Between IRS Forms 1040 and 1040EZ?
Federal income tax is the key source of revenue generation for the federal government. Income tax is a type of federal tax that Americans pay. Direct tax and indirect tax, aka excise tax, are two types of federal tax. Tax taken out directly from the workers’ paycheck is mandatory direct tax that falls into three categories Medicare, Social Security and federal income tax. On the other hand, the government charges indirect taxes, which are not mandatory, on some products or services bought like tobacco, alcohol, real estate, gasoline, cellphone, toll or sales tax.
Here are 3 less known facts about federal income tax. Continue reading Top 3 Less Known Federal Income Tax Facts
25th December and 15th April happen to be the 2 most memorable dates on the calendar of America. While the first marks the most joyful season of celebration and gift giving, Christmas, the second date is when the income tax returns have to be filed. The first one is eagerly anticipated and the second one is a day of stress, fear and anger among many people. In spite of the fact that 3 out of 4 filers obtain a refund, none likes this time of income tax. Nevertheless, there are definitely ways in which you can make the experience less hectic and simpler. Continue reading Tax Preparation Advice For The Americans – The Heavy Cost Of Not Filing On Time
Anxiety during time of taxes is pretty common and millennials feel it much more than the others. It is true that millennials belong to that age group who remain extremely worried about their tax filing process, as per a survey poll conducted by Harris Poll. Moreover, student loan debt can be even more confusing as you will be rather alarmed to know how many people in the US don’t even consider such loans to be relevant for their tax return. Continue reading Student Loans Will Affect Your Income Taxes – Some Ways You Should Know of