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...
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 ...
If your 2022 gross income exceeds the amount shown in the table above, you must file a federal income tax return. The IRS defines gross income as all income you receive in the form of money, goods, property and services, including income from outside the U.S., sale of stock, a busine...
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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...
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” ...
Who needs to file a W-8 form? Certain foreign individuals and businesses that earn income from US sources must file a W-8 form. These forms assist the IRS in determining the appropriate amount of tax to withhold from the income. The type of W-8 form an individual or business needs to...
“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...
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...