Tax Filing

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How to Declare Gifts on Tax Returns

The Internal Revenue Service requires that you declare on your taxes all gifts that exceed the annual exclusion amount. For example, the annual exclusion amount for the year 2012 is $13,000. Therefore, any qualifying gift you make exceeding that amount in the year 2012 must be ...

Is it Illegal to Not File Taxes?

Filing taxes every year is not something to look forward to, but it's necessary nevertheless. While not everyone needs to file taxes to be in compliance with tax codes, most adults who earn money do. The legal and monetary penalties for not filing taxes depend on your reason for ...

Can My Estranged Wife File Married Filing Separately?

Deciding the filing status you and your estranged wife should choose at tax time can be challenging. The Internal Revenue Service provides only two filing status choices for married couples — joint or separate. Your estranged wife can file separately, but depending on your ...

Tax Returns When Donating Money

The Internal Revenue Service allows you to deduct the amount of certain donations to nonprofit organizations from your taxable income on your federal income tax return. You must carefully follow IRS rules when preparing your tax return. Only donations to certain organizations ...

IRS: Tax Liability Upon Death if Married and Filing Separately

Upon the death of a U.S. taxpayer, the Internal Revenue Service immediately categorizes the deceased person's estate as a separate entity as far as income tax liability is concerned. For example, a taxpayer that dies on July 1 would have a personal income tax liability through ...

Tax Changes if I'm Getting Married

It’s important to have the right amount of federal income tax withheld from your earnings so that you don’t owe Uncle Sam money at tax time. Life events such as a change in marital status can change your tax withholding for the year. If you go ahead and change the ...

Can I Be Denied a Tax Extension?

If tax deadlines are looming and you’re nowhere near ready to file, a tax extension might be the perfect solution. The IRS can’t deny a tax extension if your request is made timely, but you’ll want to secure proof of your application in case the IRS ever ...

Can Domestic Partners File Joint Taxes?

Internal Revenue Service rules prescribe different tax treatments for legally-registered domestic partnerships and other forms of legal union depending on whether the couple involved is comprised of a man and a woman or two same-sex partners. In general, the IRS tax rules for ...

What if You Filed Your Taxes & Forgot Interest Income?

Say you sent off your completed tax return and then received a late 1099 form in the mail from a savings account you forgot about. The account earned interest, which you’re obligated to report on your tax return. Depending on how much interest the account earned, you may ...

Penalties for Not Filing a 1099 Misc Form

The tax form 1099-MISC, Miscellaneous Income, allows business owners to report funds paid to independent contractors to both the contractor and the Internal Revenue Service. According to the IRS, the 1099-MISC must be filed with the IRS by February 28 on paper, or by April 1 if ...

Can You File Married Jointly if Your Wife Does Not Work?

You and your wife can file a joint federal income tax return even if she doesn’t work. While each couple’s tax situation is different, generally, you can claim more deductions and credits by filing a joint return. In most cases, your tax liability will be lower. ...

1040EZ Vs. 1040

The Internal Revenue Service offers different versions of the Form 1040 personal income tax return to meet different taxpayer situations. There are rules for determining which form to use in your personal tax situation. The Form 1040EZ is the simplest federal tax form, but you ...

Tax Filing Requirements When Earning Income in Two States

Earning income in more than one state may require that you file your taxes a little bit differently. The filing requirements will depend on the state(s) that you claim residence in. You may live in one state six months out of the year and six months in another. As long as you ...

Will I Receive a 1099 From My Stock Broker on Dividends?

If you receive more than $10 in dividends from stocks and mutual funds you own in a brokerage account, you will get a Form 1099-DIV from your broker. Your broker sends the same form to the IRS. Understanding the information on a 1099-DIV – see Resources for an example ...

What Happens if I Get a 1099 After I File My Taxes?

The Internal Revenue Service requires that 1099 forms be mailed to individuals by Jan. 31. However, via client or company error or oversight, or mail mishap, you may find you receive your 1099 as late as March or April. If you have already filed your taxes and then receive a ...

Do You File Jointly if Your Spouse Did Not Have Reportable Income?

If you are married, you can file a joint tax return with your spouse even if only one of you had income. There is nothing in the tax rules requiring that a husband and wife both have income in order to file jointly. Although federal law doesn’t permit same-sex married ...

Do I Have to Report Earnings Under $600?

A common misconception among independent contractors revolves around reporting income and 1099-MISC forms. Although it is true that your client doesn’t have to issue a 1099-MISC unless that client pays you more than $600, you still have to report those earnings on your ...

What to Do If Your W2 Shows the Wrong State for Taxes?

Although your employer is required to provide you with a completed, correct W-2 form, you still need to check it for inaccuracies. If you discover that your state of residence is incorrect, you need to fix it as soon as possible. This is because you need to use the information ...

How to Avoid IRS Tax Penalties for a 401(k) Early Withdrawal

By saving consistently over the long term, you probably will accumulate a large sum of money in your 401(k) plan at work. This money is designed to be a nest egg for your retirement, and to discourage tapping into the funds, the Internal Revenue Service assesses a 10 percent ...

What to Do If You Receive a 1009-C After Filing Taxes

When a lender forgives a debt you owe, it will report the forgiven amount to the Internal Revenue Service as income paid to you using form 1099-C. You must report this income to the IRS for the tax year in which it was received. Do not ignore this form, even if you receive it ...

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