The Federal Tax is a progressive tax levied on the taxable income and assets of the citizens and resident aliens. The entire responsibility of administrating and collecting the Federal Tax lies with the Internal Revenue Service (IRS). Every year before the 15th of April, all individuals with taxable incomes, assets and properties must file their [...]
Continue reading...25. May 2009
Earned income credit is a very important tax paying benefit that is extended towards the low-income groups of the country. Earned Income Credit or EIC is essentially an anti-poverty attempt at lowering the tax burden on those who need it the most. The main targets of this anti-poverty measure are families with low income. The [...]
Continue reading...19. January 2009
During the first quarter of every year, everyone would be worrying about tax returns. If taxes are not filed within the stipulated deadline, penalties may be imposed. But if you really think about it, lots of things can go wrong if you decide to go manual (i.e. paper filing). For example, the forms may have gotten [...]
Continue reading...16. December 2008
Filing a tax return can be a confusing matter. For example, you may want to find out whether you need to file taxes or not. And if you do, you may also want to know whether you qualify for certain tax write-offs. On top of that, some states do not have income tax. So you [...]
Continue reading...10. December 2008
More taxpayers than ever before, are now e-filing their state and federal tax returns. Gone are the days when harried procrastinators roamed the streets on April 15 late into the night, searching for an open post office to mail their returns. Now taxpayers can safely and conveniently file their tax returns electronically over the Internet. [...]
Continue reading...10. December 2008
Many taxpayers use tax preparation firms to prepare their tax returns. For those taxpayers who file a short 1040 form and have no itemized deductions, a professional tax preparation firm is usually not necessary. A careful reading of the 1040 tax form instructions, along with your current W2 form, should make the process relatively easy. [...]
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2. June 2009
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