Federal Taxes

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Can You Stop Paying Federal Income Taxes at Age 70?

is income, not age, that determines when you can stop paying federal income taxes. Basically, you have to file a tax return as of publication if you and your spouse, both over 65, had combined income of more than $21,300 or half your Social Security benefits and other income ...

Minimum Income Required to File Federal Taxes

e requirement to file federal taxes hinges not only on your income, but also the source of it. This applies to your salary or wages, and also to income from other sources, such as investments and the sale of property. Before you decide whether or not to file, consult a tax ...

How Much Can I Claim on My Taxes for a Charitable Donation Without Evidence?

ving to a charitable organization has two benefits. First, it helps that group provide services to needy individuals. Second, it can provide a nice deduction from your taxable income. Like everything else associated with income taxes, the Internal Revenue Service has strict ...

The Advantages of Paying Estimated Taxes

all prefer to pay later rather than earlier, especially if the money is going to the taxman. However, many filers are obligated to make estimated tax payments before the April 15 deadline. It's an unpleasant surprise to find out in the spring that not only do you owe a big tax ...

What Happens to Federal Income Tax Debt if the Person Who Owes It Dies?

ath and taxes may be inevitable, but what about taxes after death? If you pass away with a tax liability, the IRS can keep on coming with notices, liens, levies and the entire arsenal of heavy collection weaponry. The target shifts slightly, however, with your heirs and ...

How to File for a Social Security Tax Overpayment Refund

e Internal Revenue Code sets the maximum amount employers may withhold from paychecks for Social Security tax in one fiscal year. But a problem sometimes occurs when you change jobs within the same year: Not knowing how much has already been withheld, your new employer may ...

IRS Penalties for Overstating Deductions

e U.S. Internal Revenue Code imposes tax penalties of gradually increasing severity on taxpayers who overstate their deductions. The least severe penalties involve moderate fines and interest penalties based on the amount that you owe, while the most severe penalties involve ...

Federal Income Tax Rules on Babysitting Income

e Internal Revenue Service doesn't make a distinction between child care providers and babysitters. If you – or your teenage son or daughter – care for children on a regular basis or even occasionally, the money you earn is income. This typically means filing a tax ...

If I Owe More Taxes After an IRS Audit, Do I Have to Pay Interest on It?

en the Internal Revenue Service audits you, the agency compares your tax return against your records to see if you have underpaid your taxes. If the IRS finds an underpayment, you will have to make arrangements with the agency to bring your account current. The agency will also ...

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