When you pay more than you are supposed to pay as taxes, the IRS issues a refund. You always look forward to a refund which is why you file your taxes early. However, things have not been rosy for...
Category: Taxes
Tax is a mandatory payment made by individuals who earn taxable income. However, not everyone is required to file taxes. If your gross annual income is low, you are not required to file a federal tax...
The U.S. operates a pay-as-you-go tax system. It is a system that requires taxpayers to pay their taxes via withholding or by making estimated tax payments. Since estimated taxes are paid quarterly,...
What Is the Penalty for Filing Taxes Late if You Are Owed a Refund?
The IRS frowns at late filing and will punish those who engage in the act (without reasonable cause). However, not everyone who files his or her tax late will be sanctioned by the IRS. There is an...
Once the tax season kicks off, you tend to find several taxpayers scrambling to file their taxes. However, as surprising as it may seem, not everyone is in haste to file. In fact, some individuals...
The United States operates a pay-as-you-go tax system. According to this system, you are expected to retain or pay estimated taxes as you earn or collect salary. However, if you are self-employed and...