April 15, 2015
Generally, individual income tax returns need to be e-filed or postmarked by April 15. 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 a...
April 9, 2015
Nearly everyone knows that April 15 is the deadline for submitting tax returns in the United States. Although some entities may need to file before that date – including businesses, which must generally file by March 15 – most individuals need to...
March 25, 2015
Are you wondering if you need to file a tax return? While most people who earn an income must file a Federal income tax return, that is not true for everyone.
March 18, 2015
Although the IRS only audits about 1.1% of the over 140 million returns it receives each year, for those people who do receive an audit notice it can be a stressful experience.
March 11, 2015
Below are the tax rates and related numbers that you will need to prepare your 2014 income tax return, which is due by April 15, 2015.2014 Income Tax Brackets
There are 7 tax brackets for the Federal income tax: 10%, 15%, 25%, 28%, 33%,...
March 5, 2015
One of the best ways to reduce your income tax liability (and possibly increase your tax refund) is through Federal tax deductions provided by the IRS.
There are certain...
February 23, 2015
It’s the age-old question: Should you take the standard deduction, or should you itemize your deductions?
To properly answer this question, you must first understand what the standard deduction is.The Standard Deduction
February 22, 2015
Roughly one in three Americans files their own taxes online, rather than using a professional tax preparer. If you're going to file electronically, there are a few ways you can do it.
February 20, 2015
Tax credits, available through the IRS, can bring you a substantial savings on your Federal income tax bill.
A tax credit reduces your tax liability dollar-for-dollar. This means that a $500 tax...