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No. 1: Invest in an Experience The most interesting way of spending your Tax refund is to spend money on your hobby. Learn to sing, join a gym, and take aerobic classes or travel. Studies show that a person gets more contended by spending on an experience rather than a product. Splurging on experiences [...]
Most states require you file state refunds along with the federal refund with the exceptions of Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming where there is no state individual income tax. Are you curious how to check your tax refund status? Continue reading below. If you have a federal tax refund coming your way [...]
Asking for Tax Extensions are really helpful when you need some extra time to pay taxes. Members of military usually need extra time in paying the amount of tax owed. They might be at a deputation during a tax period or they might be so busy that they don’t get time to file the taxes. [...]
EIN stands for Employer Identification Number; it is also called Federal Tax Identification Number. Like the individual tax payers are given a Social Security number, similarly companies are identified through EIN. Many entrepreneurs are confused if they really need an EIN, here are some basic details about it. Who actually needs an EIN? [...]
The IRS first-time penalty abatement (FTA) waiver was introduced 12 years ago. It is still not known to many people. What is FTA? IRS FTA allows a non compliant taxpayer to request abatement of certain penalties for a single tax period. The reasons due to which individual tax payer can request FTA are: [...]
It is the duty of taxpayers to pay taxes on time. According to an estimate approximately 44% of people do not pay income taxes. This is a huge number, it is important that people are encouraged to pay federal income tax. Even if an individual is note paying income tax, he is still paying all [...]
When a tax payer gets a Tax refund, it’s a real happy moment for him. The excitement of getting the money back cannot be underestimated. This extra amount of money is a sort of a treat for the tax payer; it is the spare amount which tax payer can use anywhere he wants. It seems [...]
No. 1: Lack of complete Information till the deadline It is impossible to file a tax return if you do not have proper information with you. Sometimes few required forms get delayed and you the tax payer is unable to file the return by the April deadline. The IRS allows the taxpayer [...]
Tax Extension is the extra time that an applicant asks from IRS to file the tax returns. There are many reasons due to which tax payers file a tax extension. If a tax payer is unable to fill the forms at the right time, or he is out of town, the tax payer can [...]
The first thing that comes in the mind of a taxpayer is to know who can requests a tax extension, it is important that a tax payers knows the details of all the advantages they can get during the tax payment process. Tax extension can be applied by those who have complicated financial situations and [...]
