Federal Tax Returns
April 17, 2016
This year, most individual income tax returns need to be e-filed or postmarked by April 18. If you do not file on time, there is a late filing penalty of 5% on the amount that you owe. This is added to your tax balance for each month (or part of...
April 7, 2016
Mark your calendar! Due to an overlap of tax deadlines and Federal/State holidays, the IRS has announced some new due dates for the upcoming 2016 tax season.
April 6, 2016
The Federal income tax is based on a “pay-as-you-go” system. There are 2 ways to pay as you go: withholding tax or estimated tax. This article discusses withholding tax (also...
March 14, 2016
The IRS allows both individuals and businesses to file for a tax extension, which gives you more time to file your income tax return. However, the rules and due dates for business tax...
February 9, 2016
The e-file process allows taxpayers to submit their taxes electronically by connecting to the Internal Revenue Service’s (IRS) Electronic Filing System. E-filing can be done from a computer (as well as some modern smartphones and tablets) using...
February 3, 2016
Generally, taxpayers are allowed to claim exemptions on their tax returns that reduce their amount of taxable income. There are two main types of exemptions: personal exemptions and exemptions...
February 2, 2016
There are many benefits to filing your taxes online.
Once you are familiar with the advantages of electronic filing, there is a good chance that you...
January 29, 2016
The Earned Income Tax Credit (EITC or EIC), which has been around since 1975, essentially provides a subsidy for low-income working families. To claim this tax credit, you must meet certain eligibility...
January 27, 2016
The 1040 series of federal income tax forms are the starting point for personal federal income tax returns. There are three different versions of these federal income tax forms: the original 1040, the...