Whether you are required to file a federal income tax return this year will depend on how much you earned last year, plus a ...

You get two more months to file the tax return if you work outside USA or serve in military or naval service on duty outside the country. However, this does not mean that you get two more months to ...

There are three status updates which the taxpayer might see: “received return,” “refund approved,” or “refund sent.” If the ...

Tax credits for homeowners don't require you to itemize. They directly reduce the amount of taxes you owe, and you can ...

Cryptocurrencies, commonly referenced as digital assets in tax regulations, are treated as property for U.S. tax purposes ( IRS Notice 2014-21 ). This treatment means that general tax principles that ...

Proprietors must file Form 1040, which is the standard form for the income tax returns. 3. File Schedule C: Attach Schedule C (Form 1040), which reports business incomes and expenses. 4. File Schedule ...

Being in business for yourself can be exciting, lucrative, and a great way to draw the attention of the IRS's audit division.

The VITA program, which the IRS administers, began after the Tax Reform Act of 1969 and provides free tax filing assistance ...

Nonrefundable tax credits can only be used against taxes that you owe -- once your tax bill hits $0, you don't get the additional money. Fully refundable tax credits are just the opposite -- if your ...

Finance Secretary Tuhin Kanta Pandey said tax bouyancy of 1.42 is expected in next fiscal, lower than 2 in current fiscal. "We have assumed a moderate tax revenue bouyancy looking into the sacrifice ...

Budget 2025: Finance Minister Nirmala Sitharaman announced that there will be no income tax on people's earnings up to ₹12 lakh. This means individuals earning ₹25 lakh can save up to ₹1.1 lakh under ...