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As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ – see below for explanations of each) used for such returns.
EFTPS allows individuals and businesses to make their tax and estimated tax payments securely online using their bank accounts. Payments can be made only after enrolling in the system, and the enrollment process can take about a week (initial online enrollment is followed by relevant information being sent by physical mail, after which the online enrollment process may be completed).
While you have to pay, you have a few options for the way you make estimated tax payments: Pay quarterly: Most taxpayers do this, sending in quarterly installments on April 15, June 15, September ...
Sept. 15: Self-employed workers must have their third-quarter 2023 estimated tax payment postmarked by this date to avoid IRS penalties. October 16: If you were granted a filing extension, your ...
Nevertheless, during the 2023 fiscal year, the agency processed more than 271.4 million tax returns including more than 163.1 million individual income tax returns. [12] For FY 2023, the IRS collected approximately $4.7 trillion, which is approximately 96 percent of the operational funding for the federal government; funding widely throughout ...
On March 27, 2023, the IRS put out a news release as part of its Dirty Dozen series. This release cautioned taxpayers to avoid shady tax professionals and offered tips on how to find the right tax ...