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Home Damaged by Hurricane Sandy? Get Some Tax Relief
If Hurricane Sandy damaged your home, you may face months of waiting for much-needed repairs and insurance reimbursements. And even after the... read more »
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A Tax Hike is Coming Soon for the 47% and the 53%
Even if you're part of the 47% who don't pay federal income taxes, you probably do pay payroll taxes. A few years ago, President Obama and his... read more »
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States Taxes: Where They're Highest, and Where They're Lowest
When people think about their taxes, they often focus on how much money they send to Washington, but your state and local tax burden is a big... read more »
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Tax News
By Rich Smith, The Motley Fool
TurboTax Articles
Income taxes fund government services. Your employer withholds taxes from your wages and pays the government on your behalf.
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At TurboTax we help you avoid the hassle of an audit.
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If you don't pay your taxes when they're due, the debt doesn't go away. It may even grow as it accumulates interest and penalties each month it remains unpaid. The IRS will continue to attempt collection of the tax you owe, but it may be willing to waive or reduce the penalty charges if you can show you have a good reason.
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The Internal Revenue Code is lengthy and complex, which can sometimes mean that your personal income tax return will be riddled with errors and omissions. The IRS allows you to voluntarily correct the mistakes you later discover by filing an amended tax return. However, you have to adhere to all eligibility criteria before filing the amendment.
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A tax schedule is a form the IRS requires you to prepare in addition to your tax return when you have certain types of income or deductions. These commonly include things like significant amounts of interest income, mortgage interest or charitable contributions. Generally, the totals you compute on these schedules are transferred to your Form 1040. When you qualify to complete a simpler tax form, such as the Form 1040EZ, then additional schedules are not required.
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