One of the tax filing requirements of the IRS is for the taxpayer to identify their "status". This helps to determine what deductions or tax credits they may be eligible for, what the standard deduction amount will be, and their tax bracket. There are five options which are: single, marri...
Regardless, stragglers have a little extra time this year: The filing deadline for 2020 taxes has been extended to May 17. More must-read finance coverage from Fortune: Why Tesla stock could be worth $1,300, according to one analyst How to check the status of your ta...
Once you file your tax return, the IRS will process it and determine whether you are owed a refund. If you are, the IRS will issue your refund via direct deposit or mail, depending on your preference. It’s important to note that refunds can take several weeks or even months to process...
Choosing the correct filing status is pivotal as it may have been used to determine your tax liability and any potential refunds. Each status, such as single, married filing jointly, married filing separately, or head of household, comes with specific criteria and may influence the amount of ta...
Once you've determined your taxable income, refer to a tax bracket table to determine your rate based on your filing status. One thing that's tricky, though, is that rates can change over time as they are adjusted for inflation or because of tax reform legislation. Therefore, if retirement...
Any business can use the calendar year as its tax year. And the vast majority of small businesses do so. The IRS requires sole proprietors to use the calendar year. This alignment makes sense because when you’re a sole proprietor, you personally own your business. So, your business tax...
There are several steps you need to take before you file your own taxes. They include the following: 1. Determine Your Filing Status It is imperative that you choose your filing status before you can prepare your tax return. If you don’t understand your filing status, the IRS can help ...
How to Lend Money to Family and Friends Lending money to a friend or relative can be risky, so it's best to do it very carefully. Geoff WilliamsNov. 6, 2024 What's My Tax Bracket in 2025? Here's how to determine your tax rate and its impact on taxes owed. ...
More days spent in the UK than in any other country during the tax year Understanding how many ties are required to determine your residence status will depend on the number of days you spent in the UK during the tax year. The following table simplifies this, however, you should seek speci...
Step 1: Determine Your Filing Status To calculate your taxable income for anindividual tax return, you first need to determine your filing status. If you are unmarried, you can file your taxes either as asingle fileror, if you have a qualifying person for whom you pay more than half of ...