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The federal government and most state governments impose income taxes, but the federal government's tax system tends to be more complicated. These frequently asked questions can help you sort out ...
Federal Tax Refund vs. State Tax Refund. Many taxpayers don't realize there's a difference between state and federal income tax refund timeframes. The IRS typically processes electronic federal ...
The tax gap is the difference between the amount of tax legally owed and the amount actually collected by the government. The tax gap in 2006 was estimated to be $450 billion. [125] The tax gap two years later in 2008 was estimated to be in the range of $450–$500 billion and unreported income was estimated to be approximately $2 trillion. [126]
Although state taxes are filed separately, many state tax returns will reference items from Form 1040. For example, California's 540 Resident Income Tax form makes a reference to Form 1040's line 37 in line 13. [46] Certain tax filing software, such as TurboTax, will simultaneously file state tax returns using information filled in on the 1040 ...
Gross income includes most kinds of income regardless of whether the income arises from legitimate businesses. Income from the sale of illegal drugs, for example, is taxable. Many criminals, such as Al Capone, are indicted not only for their non-tax crimes, but for failure to file Federal income tax returns (and pay income taxes).
The IRS Direct File program, which lets you prepare and file your federal return for free, is expanding to 25 states for the 2025 tax season.
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