Tax Deductions for Professionals Wilmington NC
Business, Tax, Mergers & Acquisitions, LLC, Corporate
North Carolina Central University School of Law,University of Florida, Fredric G. Levin College of L
Winston Salem, NC
Tax, Estate Planning
San Joaquin COL,Univ of California Davis
Business, Corporate, Tax, Mergers & Acquisitions, LLC
University of North Carolina School of Law,University of North Carolina, Charlotte,University of Nor
Ateneo de Manila Univ
Employee Benefits, Partnership, Tax
Illinois, North Carolina
Winston Salem, NC
Estate Planning, Tax, Litigation
Tax Deductions for Professionals
Income Tax Filing - Efile for Faster Refunds And Avoid Unnecessary MistakesAuthor: Gen Wright
Income tax filing is a compulsory exercise for everyone who is earning and resides within the jurisdictions of the IRS. Income tax filing ensures that every taxable person residing within the country declares all of his or her taxable income and assets. The deadline for income tax filing is April 15th of each year and any one failing to file on time will face interest charges and fines.
Also, hiding an asset or income to reduce the amount of tax payable is considered illegal and is a federal crime. This crime, called tax evasion is a serious crime and punishable under federal law and judiciary.
The Federal Income Tax is a progressive tax that is levied on the Adjusted Gross Income or AGI of each taxpayer. There is a certain limit that set by the IRS and an AGI below this limit is considered to be exempt from tax. The taxing system is a complicated one and it is governed by the Internal Revenue Code and is handled by the Internal Revenue Service (IRS).
The filing of income tax each year is easy for some people but difficult for most. This is because many people today have extended credit situation and this complicates that person's financial details. The income Tax filing requires all individuals to file a return whether the person is taxable or not. If the financial situation is complicated, then it becomes a difficult job to account for everything on the tax form without missing anything.
There's also a huge rush during the last period of the tax filing, typically just when the due date (April 15th) is approaching. This also makes it a difficult job to file your income tax return in peace.
While filing your tax, you also need to be aware of all the deductions and tax credits that may be applicable to you. But there are too many policies to keep track of and it is not possible to always know what may apply to you.
These are some of the major problems faced by the taxpayer when the time comes for filing income tax. The IRS has come up with a very elegant solution to these problems and it is called e-file. As the name suggests, e-file is an electronic means of submitting your income tax returns. This can easily be done online, through the Internet because the IRS has approved a few good third-party websites to assist in the process.
Taxpayers can log on to these websites and by paying a small fee can file their tax returns in a fully electronic and automated manner. There is no paperwork involved and you will have access to information on all the possible deductions and tax credits that may apply to you. You can also pay your tax online through these websites when you're filing your returns. You can also schedule a tax payment on a later date. E-file is always free for individuals with an AGI under $56,000 and it is really the best way to file your returns.
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Learn more about federal income tax forms and efile tax returns from our website.
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