Everyone dreads tax day. For the most part, it falls on April 15. There are times, like in 2018, where it was extended a couple of days for a few reasons. Some people wait until the last minute to gather all of the required documents for their income tax filing. Others prepare throughout the year, so there are no surprises and they don't miss anything. So, can you prepare for income tax filing throughout the year?
Everyone out there who earns an income knows exactly when tax season is each year. But, do you realize that tax season is not just when the deadline arrives to file your tax return? You should view the entire year as tax season because you can prepare for next year's filing, make estimated income tax payments, deal with the IRS and handle any issues surrounding your return throughout the entire year. Here are some important income tax deadlines and dates.
If you can't pay your taxes, you aren't out of luck. In fact, this happens to many people every year in the United States. When you can't pay on time, the Internal Revenue Service (IRS) normally allows you to set up a payment plan. This plan works differently depending on how much you owe, but generally speaking, you can pay the debt in installments.
When you sell shares of stock, land or a business, and make a profit on it, the profit is known as capital gains. If you lose money on the sale -- in other words, sell it for less than you paid -- that is considered capital losses. You are taxed on capital gains as income.
If you didn't file your taxes one year, you may not want to file the next year because of fear that the IRS will notice that you didn't file the year before. Be careful, one year can lead to another year, to another year and so on.
Many people are wondering what is included in the 500-page tax reform signed by President Trump in December, 2017. Most of the new tax changes won't go into effect until January, 2018. However, there are a few changes that will effect during the 2017 tax returns being filed now.
It's getting close to that time again: tax time. This often brings anxiety to those who believe they are going to owe extensive tax amounts at the end of the year. It is also stressful for business owners or corporations that still owe tax deficits to the Internal Revenue Services (IRS) from a previous year, or are in fear of being audited.
Whether you have a business, a corporation or just own a lot of property and real estate, taxes can be "taxing." Yes, that is a play on words, but a truthful play on words. Keeping up with everything that is needed to ensure you are legal when it comes to paying or filing taxes can be stressful.
Most people agree: filing taxes is complicated. Back when you worked for Corporate America, it wasn’t too bad. Your employer sent you your W-2, you copied that information over to your 1040, and most of the math was done for you.