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Tax returns: U.S. corporations and most resident individuals must file income tax returns to self assess income tax if any tax is due or to claim a tax refund. Some taxpayers must file an income tax return because they satisfy one of the several other conditions. [15] Tax returns may be filed electronically.
If your gross income exceeds the required filing threshold, you must file taxes. Here are the current IRS filing thresholds by filing status: Single (under 65): $14,600.
Donors of gifts in excess of the annual exclusion must file gift tax returns on IRS Form 709 [100] and pay the tax. Executors of estates with a gross value in excess of the unified credit must file an estate tax return on IRS Form 706 [101] and pay the tax from the estate. Returns are required if the gifts or gross estate exceed the exclusions.
Clearly, not all households or people believe they must file a federal income tax return. So, who exactly. In 2009, more than 141 million individual tax returns were filed with the IRS ...
There are also tax benefits to offset expats’ housing costs.However, even expatriates who qualify for the foreign earned income exclusion and other tax benefits still must file a U.S. tax return.
The annual deadline to file one's Federal individual income tax return is April 15. The IRS lists scenarios for which Tax Day does not follow this standard deadline - Taxpayers can file an extension where the taxes owed must be paid by April 15 but the completed tax return filed by October 15. [9]