Dealing With Overdue Federal Income Tax
It is not uncommon for individuals to find themselves with an unpaid federal tax balance. Common reasons for inadequate withholding include self-employment income, dual salaries, and bonus income. Tax filers who are unable to pay their federal balance in full have options available to reduce and eliminate the balance over time. Tax returns should always be filed by their due date, even if it leaves a tax balance unpaid. The specific penalty for filing late can usually be avoided by submitting the return itself in a timely manner.
Making The Transition To Online Income Tax Filing
For several years, the number of tax filers who prepare their own return online has steadily increased. The IRS provides statistics on the number of e-filed tax returns that were self-prepared. The statistics also provide the number of e-filed returns prepared by tax professionals. Some individuals who now require professional assistance can reduce their tax preparation fees by filing online. Almost anyone who is comfortable paying bills online or banking online is likely capable of filing their taxes online.
First Year Filing Taxes As A Self-Employed Person? Tips For You
If you have recently decided to go into business for yourself, whether it is as a freelance writer or consultant, or you have opened your store or other business, one of the many challenges that you will face in the next fiscal year is filing your taxes. Filing taxes as a person that is self-employed is quite a bit different from filing taxes as a wage-earning employee of a company. The first year, these changes can throw you off if you do not know how to prepare yourself to deal with them.