If you have no tax due this year and you’re owed a refund instead, you have up to three years to file a return and claim your refund money. There is no penalty for filing a tax return late when you have no balance due, but if you’re owed a refund, make sure you file so you...
Itemized deductions claimed on Schedule A, like charitable contributions, medical expenses, mortgage interest and state and local tax deductions Unemployment income reported on a 1099-G Business or 1099-NEC income (often reported by those who are self-employed, gig workers or freelancers...
The gift giver pays any gift tax owed, not the receiver. You don’t have to report gifts to the IRS unless the amount exceeds $18,000 in 2024 (increasing to $19,000 in 2025). Any gifts exceeding $18,000 in a year must be reported and contribute to your lifetime exclusion amount. ...
Options for filing taxes include getting free help from the IRS, paying for tax software, or hiring a pro. Whether you go solo or with a tax pro, the IRS says you'll get a refund faster (if you're owed one) by filing electronically and including your direct deposit information.For...
A tax refund occurs when a taxpayer has paid estimates or paid (through withholding) more in federal or state taxes than what was owed A refundable tax credit is a credit you can get as a refund even if you don’t owe any tax Some taxpayers choose to put their refund toward their savi...
You had at least $400 in self-employment income. This will also extend to freelancers, people with side businesses, and anyone who engages in gig work. You owe household employment taxes. Social Security and Medicare taxes owed on unreported tip income. You received a distribution from a retir...
These brackets apply to income earned during the 2024 calendar year (taxes filed in 2025). Below you can also view taxes owed for each filing status. Tax rate Single Married filing jointly Head of household Married filing separately 10% $0 to $11,600 $0 to $23,200 $0 to $16,550 $0 ...
In 2016, the US Tax Court ruled that the medical device company owed just $14 million in taxes. This was a huge drop in the tax bill. However, it wasn’t over yet. The Eighth Circuit Court of Appeals sent the case back to the Tax Court for a new ruling. ...
If you owe money, the sooner you file, the sooner you can reduce penalties and interest accruing on the unpaid balance. If a tax refund is owed to you, you must file a tax return within 3 years of the return due date to claim it, or you risk forfeiting it. ...
Does this situation involve tax return or tax owed? How should I file it? There are two kinds of tax identity for foreigners working in China, each with its own calculation method. Simply put, those who stay in China for more than 183 days will be regarded as resident individuals, w...