Any estimated taxes must still have been paid by the April 15 deadline to avoid late-filing penalties or interest. What else to know about Ohio state tax Ohio offers an online portal to help qualifying individuals file taxes online. Ohio has reciprocity with Indiana, Kentucky, West Virginia,...
If you are self-employed, your obligation to file a tax return doesn’t relate to the Standard Deduction and personal exemption at all. Instead, you must file a return whenever your net earnings from self-employment exceed the threshold amounts set out by the IRS each year. With Turbo...
Investment tax tips Child tax credit Important tax deadlines Federal tax brackets Help and support TurboTax Live Community Support Contact us Where's my refund File an IRS tax extension TurboTax Login Community Tax law & stimulus updates Refer Your Friends ...
If the IRS denies your whole EIC claim: You must pay back any EIC amount you’ve been paid in error, plus interest. You might need to file Form 8862, "Information To Claim Certain Credits After Disallowance" before you can claim the EIC again. You could be banned from claiming ...
FBAR has nothing to do with whether you owe taxes. It’s all about reporting, not tax liability. Even if you don’t owe a dime to the IRS, you’re still required to file an FBAR if you meet the threshold. “My foreign bank reports my account for me” ...
Each year, the IRS processes more than 150 million individual tax returns. Yours may be one of them—that is, if you have to file a tax return. Not everyone must file a return; whether you need to file depends on your age, filing status, income level and the source of that income....
Direct File will also accept more tax breaks, including thechild and dependent care credit,premium tax creditfor Marketplace insurance and thecredit for elderly or disabledandretirement saver's credit. While filers still must claim the standard deduction, Direct File will add the tax break forhealt...
IRSInternal Revenue Serviceincome taxtax ethostax moralecompliancesocial contractquid pro quoerosionfederal tax revenueThe article discusses the erosion in the American public's taxpaying ethos and the resulting decrease in tax compliance. A government unable to perform even b...
“I think this is big because it tells the story of wealth and the way it is taxed in a way everybody kind of expected but didn’t know,” Philip Hackney, a former IRS official who teaches tax law at the University of Pittsburgh, told The Washington Post. Article conte...
4. Individuals required to file income tax Who must file an income tax return?§ 1.6012-1 Individuals required to make returns of income. (a) Individual citizen or resident—(1) In general. Except as provided in subparagraph (2) of this paragraph, an income tax return must be filed by ...