The self-employment tax consists of Social Security and Medicare taxes, but you might have other taxes to pay as well.
The IRS offers a series of directions on its website to help US citizens figure out their taxes. Here’s a rundown of what’s available and where you can find it.
If you owe taxes and don't file, there will be consequences in the form of fees and penalties. The IRS levies a failure-to-file penalty, as well as a late-payment penalty— and it charges interest. If you're due a refund, you won't necessarily get penalized, but you still must ...
Direct File can only be used to file your 2023 federal tax return. As such, you cannot use it to file your state income taxes.12 Helping Your Child File a Tax Return When it comes to helping your child file their income taxes, you should know the following: Legally, your child bears ...
However, if you fail to file a complete return by this date, your state may charge you penalties just for filing your return late. With TurboTax Live Full Service, a local expert matched to your unique situation will do your taxes for you start to finish. Or, get unlimited help a...
The failure-to-file penalty is stiff, which is why it's best to ask for an extension if you aren't going to be ready to file by April 18. The penalty rate is 5% of unpaid taxes for each month that a filing is late, with the penalty capped at 25% of unpaid taxes. Take a ta...
How to File a Tax Extension Filing taxes can be a stressful experience, but it’s important to make sure you do it right. If you’re not quite ready to file your taxes by the April deadline, don’t worry! You can file for a tax extension, which will give you some extra time to...
However, it is too late to take advantage of many tax deductions for 2023, such as charitable contributions or employee contributions to tax advantaged accounts (e.g. employer-sponsored 401Ks, 403Bs,457Bs). With few exceptions, the deadline to contribute was the final day of the calendar ...
How to e-file your taxes in 2023 When it comes to e-filing, also known as online filing, there seem to be as many options to get the job done as there are forms to fill out. Which online filing option is right for you may depend on your income, your budget, the complexity of yo...
While filing income tax returns after the due date may attract penalties and interest charges, it is still possible to fulfill your tax obligations by filing a belated return. By following the procedures mentioned above, paying any outstanding taxes, and submitting the necessary documents, you can...