Federal Taxes

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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 ...

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 ...

Can I File Separately if I Am Married & Filed Jointly in Previous Years?

int married tax returns usually save spouses tax dollars, but sometimes there are good reasons to file a separate return instead. If you file separately, you have no tax liability for your spouse's income or for errors on his return. You can file either a separate or joint ...

Do I Have to Itemize for a Childcare Deduction?

ying a person or entity to care for your child or children while you work or look for work can be an expensive proposition for the even the wealthiest of people. The Internal Revenue Service acknowledges the need for proper childcare while parents work by offering taxpayers the ...

What if I Forget a Tax Form 1099-INT?

en your bank or investment company mails you a 1099-INT, it also provides the same information to the Internal Revenue Service. If you file your taxes and forget to include a Form 1099-INT, you must file an amended return to include it. You cannot amend a return electronically, ...

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 ...

Can I Deduct Vehicle Registration Fees on Federal Tax Return?

th insurance, maintenance and registration fees, owning a car can feel almost as expensive as buying one. However, you might be able to claim your registration fees as a tax deduction on your federal return, depending on how you use your car and how the vehicle registration fees ...

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 ...

Do I Report the Interest From a CD Not Matured on Federal Taxes?

e Internal Revenue Service considers all income that is not specifically exempted by law from taxation to be taxable income. A significant portion of income received by Americans is interest income. While some interest income, such as the interest on most municipal bonds, is ...

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