Tax brackets are based on your taxable income and filing status. The IRS provides tax tables each year to help you determine your bracket based on your income.
It’s important to keep records of income, expenses, deductions, and credits. This includes W-2s, 1099s, receipts, and bank statements. Generally, it’s advisable to keep these records for at least three years.
In the U.S., the deadline for individual tax returns and C. Corporation is typically April 15th. However, this can vary if it falls on a weekend or holiday. Extensions may be available if you need more time. For Partnership & S. Corp the Due Date is March 15th.
If you don’t file your taxes on time, you may face penalties and interest charges. If you owe taxes and don’t pay them, the IRS may take further actions, including liens or levies.
Yes, you can file an amended return using Form 1040-X if you need to correct errors or make changes to your original return.
The IRS typically grants a 6-month extension for filing federal income taxes. This means that if you apply for an extension, the due date for submitting your tax return is moved from the regular deadline (usually April 15) to October 15. For Personal & C. Corp, And for Partnership & S. Corp the due date is Sept 15.
A tax audit is an examination of your tax return by the IRS to ensure that it is accurate and complete. You might be selected for an audit randomly or because something on your return raised red flags.