This overview on whether you need to file a tax return (i.e. the minimum income when you are required to file taxes) has been updated for the 2025 tax season (for 2024 tax year filing).As thetax start dateand inevitabletax deadlinesapproach, I wanted to share something that may come a...
There are a series of questions you should answer to help you determine the minimum income amount that applies to you. Let’s start with the IRS questionnaire found on their“do you need to file” page. This questionnaire is provided through the IRS interactive tax assistant (ITA), which is...
No matter if you've begun assembling the documents you need to file your taxes, or you're still waiting on a W-2, you need to know the due date. If you regularly file your taxes, you may recall that tax day typically falls on April 15. However, April 15, 2023 falls on a Saturda...
You are required to file an income tax return once your annual income exceeds Rs 2.5 lakh. A deduction of TDS does not replace the requirement to file ITR. While e-filing your ITR, you should furnish the details of your annual income, claim deductions and credit for TDS deducted by your...
What kinds of taxes do I need to pay on my blog income? By operating a blog business, even part-time, you’re self-employed. As a self-employed individual, you’re required to (1) file an annual tax return and (2) pay estimated taxes each quarter. We go into these two subjects ...
2023-2024 Standard and Itemized Deductions The standard deduction is the amount taxpayers who don’t itemize can deduct from their income before paying income taxes. Itemized taxes include state and local tax (SALT) deductions, property taxes, charitable contributions and more). ...
Quick question: What if I moved from one state to another? If you live and work in the same state, typically, you’re required to file just one state tax return annually, if necessary. However, suppose you relocated to a different state within the year, living in one state while worki...
Amended returns allow taxpayers to correct these errors, ensuring they pay the right amount and claim any refunds due. Filing an amended return isn't a sign of wrongdoing. It's merely an acknowledgment of an oversight. But it's essential to understand the process, from the forms to use to...
asnet income, also known astake-home pay, orgross income. Net income is the total amount received after taxes, benefits, and voluntary contributions are deducted from the paycheck. When taxes are withheld, it means the company or payer has paid the tax to the government on the worker’s ...
Required minimum distributions (RMDs)are back for 2024 and beyond. You must start taking withdrawals from your IRA, SIMPLE IRA, SEP IRA, and retirement plan accounts at age 72. The withdrawal amount is based on a calculation dictated by factors like account value and longevity. The Secure 2.0...