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Tax preparation can be daunting, but getting your tax transcript from the IRS doesn't have to be. Whether you need it for a loan application when you apply for a mortgage, college financial aid or...
President Donald Trump has issued a slew of executive orders (EO) since beginning his second term, including one that may have an impact on your tax refund.One of Trump’s EOs initiated a hiring ...
No one wants to pay taxes, and practically every American dislikes the IRS. But, as the saying goes, the only guarantees in life are death and taxes. So the IRS is here to stay.
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.
Another purpose of Form W-9 is to help the payee avoid backup withholding.The payer must collect withholding taxes on certain reportable payments for the IRS. However, if the payee certifies on the W-9 they are not subject to backup withholding they generally receive the full payment due them from the payer. [2]
In April 1952, the Select Committee to Investigate Tax-Exempt Foundations and Comparable Organizations (or just the Cox Committee Investigation), led by Edward E. Cox, of the House of Representatives began an investigation of the "educational and philanthropic foundations and other comparable organizations which are exempt from federal taxes to determine whether they were using their resources ...
The IRS will usually send a letter stating the mistake and the amount you owe or if it’s a return, a refund check. This is something that its computer system can figure out on its own. This ...
An individual's tax liability depends upon two variables: the individual's filing status and the taxable income. [16] The status can determine the correct amount of tax, whether the taxpayer can take certain tax deductions or exemptions that could lower the final tax bill, and even whether one must file a return at all. [ 17 ]