Have You Filed Your IRS?
If you come under the US tax law then you need to file your IRS on time to avoid any kind of penalties or charges. As per the taxation law of United States, every individual is supposed to file IRS if he or she earns a specific amount of money or more than that from one or the other source. However, if your income is below the limit specified for filing IRS then you need not to file your IRS compulsorily. All types of income, that is, investment income, self-employed income and employment income comes under the category of taxable income. You could end up in criminal penalty on your part if you do not file your return every year. Even if you consider yourself incapable or cannot pay your IRS tax this year, it is mandatory that you file your IRS tax. This way you would not be liable for criminal penalty and would only have to incur penalty on the part of non-payment of taxes.
Popular Tax Forms
- irs tax form 1040
- irs tax form 1040ez
- irs tax form 1099
Gone are the days when people used to visit IRS offices physically to evaluate and pay their taxes. Filling paper forms is becoming a history nowadays. With innovations in the field of computers and electronic commerce, the concept of online IRS filing and payment of income tax is gaining popularity. People are freed from the chores of visiting IRS departments and do not have to depend upon the office timings of such offices. You can file your IRS even at midnight when you return from the office. Moreover, you get tax refund early as compared to traditional filing processes.
You need to file your IRS based upon certain factors such as level of your income, age and the filing status or the marital status of an individual. However, if you are an elder or a child below the age of fourteen years then you can save some of your taxes on the investment income.
You can visit an IRS website to find out the tax tables and schedules of tax rate. Websites are enriched with forms that you can download and use. IRS has electronic tax filing process that would assist you in filing your taxes online and provides verification for the same.