At this time of the year, forgetting about our income tax report might be tempting, leaving the stress for either the end of the year or for when the due date to file gets closer. However, we should always keep in mind our tax duties, as it will help us have a much simpler and…
Medical expenses can represent a significant portion of our yearly income, with the average American spending almost $10,000 a year on health care. This might sound like quite a financial burden since there aren’t many options available when we need to cover medical charges. However, medical expenses can be deducted from our income tax report,…
When it comes to taxes, there are only a few moments of calm for taxpayers, as taking a breath of relief after filing their taxes is only the sign of the work that needs to be done to start preparing for next year’s return. Because of the tax code changes that resulted from the Tax…
Everybody can use a hand when it is time to file your taxes. Luckily, we have plenty of time ahead of us, as tax season for 2018 just finished, so we’re in time to start preparing for next year’s season. In order to make the process much easier and simpler, we can start planning ahead and preparing…
This year’s tax season is over for the 103 million taxpayers that were able to file their taxes before the due date of April 15. However, many taxpayers are unhappy as they received a smaller tax refund than they had anticipated. According to the IRS, they paid a total of $220.7 billion in tax refunds…
ay, we will be subject to interests and late fees. The IRS charges a failure-to-pay penalty that consists of 0.5 percent of your total balance per month. The maximum percentage that they can charge, though, is 25% of the total balance you owe. This is why it is important to cover our taxes due as soon as…
As the Internal Revenue Service mentions, approximately a quarter of Americans wait until the last two weeks before the deadline to prepare and file their income tax report. If you are part of that 25% of the population, there are only two possible routes of action, either get around it and prepare your taxes before…
There are many different misconceptions that some of us might believe, whether because of lack of information or because we heard someone close to us repeat them. However, debunking these common tax myths will help us have a better understanding of how taxation in the US actually works. We will also feel more confident and trusting…
There are still a couple of weeks left to file our income tax report on time and avoid interests and fines. Thus, if we haven’t had the chance to get around it, we still have some time left to take care of such an important matter. However, if we are freelancers or entrepreneurs working on…
There are many consequences we can face if we fail to file our taxes or pay our due balance. These consequences can come in the form of interests and fines, for example. However, another consequence that can come as a result of serious tax debt is the revocation or denial of our passport. Even when…