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If Christmas is the most wonderful time of the year, Tax Season is the most less-wonderful and slightly stressful time of the year. And unless you've got a big return coming, you're probably delaying your tax filing as long as possible.
But there can be some advantages to procrastination -- you can get some of your biggest tax law questions answered before you file. Here they are:
Not everyone needs to file an income tax return. If you're hoping you're one of those people, read this.
Whether your remote employer is based in another state, you've picked up several side gigs over the year or you moved halfway through, figuring out which state can tax your income can be a little tricky. Here's a guide.
Cash or property prizes might feel like free money. But any time you win something of value, the IRS is going to want its cut. Find out how much.
For federal tax purposes, your child support payments to an ex are not tax deductible. And if you're receiving child support payments, you don't need to report that as income. But be careful about which of you claims the child as a dependent.
Is the house you got from your parents really "income"? And if the money from your aunt is all in a trust, is it even taxable? If you inherited anything this year, find out the rules on inheritance taxes first, before you file.
We've all heard of untraceable, off-shore accounts in island locales, where shady millionaires park their money tax-free. But do these actually work, and how?7. Which States Have the Best Tax Laws for Retirees?
If you're living off your Social Security benefits or IRA savings, you'll want to maximize every penny. So where can you live cheap in your golden years?
As with anything, missing the tax filing deadline can have its consequences, generally a percentage of what you owe. But be aware -- that percentage can increase the later you file.
Whether you don't have the money or you don't believe in paying taxes, simply ignoring your tax filing and the IRS is not going to be the answer. There are ways to work out payment plans, even if you haven't filed in years.
It's something new this year, but yes. The IRS can now report seriously delinquent tax debt to the State Department, meaning your passport can revoked.
Your best source of information on your personal tax filing is going to be an experienced tax attorney. Contact one today.