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Can you file for my taxes on the first of January?
Yes, as long as you have your pay stubs and or w2 form and information for the tax man
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What is tax filing?
A tax return is a form (paper or online) on which you: report details of your taxable income, and any capital gains if appropriateclaim tax allowances and tax reliefs. HM Rev…enue and Customs (HMRC) may issue a tax return to you each tax year. The tax year runs from 6 April one year to 5 April the next. If you receive a tax return, the law says you must fill it in. HMRC uses the information on your tax return to work out your tax bill or work out whether you are due a tax refund.
How do you get a tax form to file your tax return?
You can get copies of tax forms in several ways. One, print them on-line at the Related Link below by clicking on 'Form and instruction number'. Two, request them by telephone… at 1-800-TAX FORM (1-800-829-3676). You'll receive them by mail usually within 10 business days. Three, send a request by mail to the Internal Revenue Service, 1201 N. Mitsubishi Motorway, Bloomington IL 61705-6613. You'll receive them by mail usually within 10 business days. Four, pick them up at post offices or public libraries during tax season January-April or at your local IRS office.
What is the first day you can file for taxes?
Congress has to approve the tax rate--probably around January 15. State tax rates do not have to be set until about January 31. So, you may want to gather your informati…on, but hold off on your filing until then.
Do you have to file federal income tax?
You would be the only one that will have all of the necessary information to determine this answer. A self employed taxpayer would be required to file an income tax return i…f business operation had a net profit of 400 and pay the social security and Medicare taxes that would be due plus any income tax that may be due after adding the net profit to all other gross income on the 1040 tax form and the amounts would be subject to income tax at the marginal tax rates. A dependent on another taxpayer income tax return with unearned income interest, dividends, capital gains, rental income, taxable social security benefits, unemployment compensation, gambling winning and misc income, etc of more than 950 must file an income tax return and report all worldwide income on the 1040 tax return The must file an income tax return requirement for the year 2009 would be in the 2009 1040 instruction book starting on page 7 through 9 and the book is available at the enclosed web site. Go to the IRS gov web site and use the search box for 1040 and choose instruction Filing Requirements Do You Have To File Go the IRS gov web site and use the search box for Publication 17 go to chapter 1 Do I have to file a Tax Return? ans Simple Common Sense: It really makes no difference since the only time you actually do WANT to file is when the IRS says you don't have to! They don't do that because it's good for you. They do it because it is more likely to be good for them. Certainly if you don't have to file, NOTHING BAD, in fact only good things, can happen by doing so. Federal Taxes are the same throughout the country. State tax laws are specific to each area. Whether you have to file a tax return (or pay tax) depends, in part, on your filing status, deductions, amount & type of income. There are no such things as "start and stop" ages, not having to pay because of retirement or on social security or working from home or a student. It is all addressed as a matter of"how much TAXABLE income." (Note: working isn't relevant either, as many people who don't work or are retired, or disabled, or old, or young, or in school, have income from many sources: savings, investments, etc. TAXABLE income is different than what you may otherwise think of as income. In most circumstances, you have to do many of the calculations needed to file a return, just to determine what taxable income may be). Likewise, there are no special or fixed rates for retired, student, doctor, sanitation worker, President, convict...whatever. The amount of taxable income after applicable deductions and adjustments determines the rate applied to your particular situation. The rate, as well as the amount, you pay changes as the amount of income does. You must file a tax return if you had net earnings from self-employment of $400 or more. This is your total self-employment income less the expenses paid in operating your trade or business, multiplied by 92.35%. If you weren't self-employed (meaning paid on a 1099 or ran your own business) then you would always want to file a return to claim the amount withheld and shown on your W-2. Which with lower incomes will always be refunded to you. If you are an individual who may be claimed as a dependent on another person's return, you are subject to specific filing requirements. Refer to the instructions in your tax package or refer to Publication 929, Tax Rules for Children and Dependents, or Publication 501, Exemptions, Standard Deduction, and Filing Information, for the filing requirements for dependents. All available at www.IRS.gov You must file a tax return if you received any amount of advance earned income credit payments from your employer during the year, or if you owe any taxes, such as: social security tax and Medicare tax on tips or group life insurance,alternative minimum tax,tax on qualified retirement plans including an Individual Retirement Account, or other tax-favored account,tax from recapture of an education credit, investment credit, low income housing credit, federal mortgage subsidy, qualified electric vehicle credit, or the native American employment credit. Generally, you must file a tax return if you are a nonresident alien with income from sources in the United States. For more information on nonresident aliens, select Topic 851 at the IRS website. Even if you are not required to file a tax return, file a return BECAUSE MANY, LOW INCOME PEOPLE HAVE MANY BENEFITS COMING THAT ARE KEYED TO FILING A RETURN. (Like stimulus checks). Also, the Statute of Limitations for when the IRS can no longer ask you questions about your affairs for a year only STARTS to run when a return is filed. Not filing, and they can bug you, (and assess a tax) for forever! You can file for free at the www.irs.gov site too! See http://www.irs.gov/pub/irs-pdf/i1040ez.pdf
No income do you have to file tax return?
If you have NO income, then no. ANSWER: If you are subject to the Personal Income Tax Law and liable for a tax then yes you do have to file a valid return, ev…en if no income was earned. Income is what is used to measure how much is owed and the tax collections agencies can not know how much you owe or even that you don't owe until you have filed the necessary forms informing them of your no income status. Don't take anybodies word on this. Not mine, not TaxmanAE's, read the law yourself. You are presumed to know the law and since it is your tax liability in question it is you that is expected to know the law and you won't be able to argue that an incompetent tax expert gave you bad advise in a tax court later and God forbid in a criminal court even later. Learn the law!
When can you file your taxes?
You really can't even try to file until February 15th. Prior to that date you must make every reasonable effort to obtain a W-2 from your employer, who is required to ma…il or otherwise deliver your W-2 to you no later than January 31st. Also, you need any of the other forms (like 1099, from banks, etc), and if you do file withhout them, there are additional forms you need to provide so the IRS can find out why whoever was to provide them didn't. Obviously this can delay the processing of your return....and if the amounts you showed don't exactly match what is filed (and employers frequently have some year end changes that will make your last stub in accurate), you would have to file an amended return to correct it...or expect nasty-grams! Finally, if your wanting to do so early because you have a large refund coming...especially if that is common for you...you should file a new Form W-9, to change the amount of withholding being done so your not always having too much taken out of your check through the year.
If no taxes are taken out do you have to file taxes?
Filing and paying are 2 different things. You are required to pay as you make money, that is commonly done as you work, by your employer "withholding". But many types of inc…ome, and many people, don't get income from an employer. They still have to pay tax....and file a return. Most people who have money withheld from their employer have TOO MUCH money withheld. Filing the return get them that amount back...a refund. Still they MUST file the return. Federal Taxes are the same throughout the country. State tax laws are specific to each area. Whether you have to file a tax return (or pay tax) depends, in part, on your filing status, deductions, amount & type of income. There are no such things as "start and stop" ages, not having to pay because of retirement or on social security or working from home or a student. It is all addressed as a matter of"how much TAXABLE income." (Note: working isn't relevant either, as many people who don't work or are retired, or disabled, or old, or young, or in school, have income from many sources: savings, investments, etc. TAXABLE income is different than what you may otherwise think of as income. In most circumstances, you have to do many of the calculations needed to file a return, just to determine what taxable income may be). Likewise, there are no special or fixed rates for retired, student, doctor, sanitation worker, President, convict...whatever. The amount of taxable income after applicable deductions and adjustments determines the rate applied to your particular situation. The rate, as well as the amount, you pay changes as the amount of income does. You must file a tax return if you had net earnings from self-employment of $400 or more. This is your total self-employment income less the expenses paid in operating your trade or business, multiplied by 92.35%. If you weren't self-employed (meaning paid on a 1099 or ran your own business) then you would always want to file a return to claim the amount withheld and shown on your W-2. Which with lower incomes will always be refunded to you. If you are an individual who may be claimed as a dependent on another person's return, you are subject to specific filing requirements. Refer to the instructions in your tax package or refer to Publication 929, Tax Rules for Children and Dependents, or Publication 501, Exemptions, Standard Deduction, and Filing Information, for the filing requirements for dependents. All available at www.IRS.gov You must file a tax return if you received any amount of advance earned income credit payments from your employer during the year, or if you owe any taxes, such as: social security tax and Medicare tax on tips or group life insurance,alternative minimum tax,tax on qualified retirement plans including an Individual Retirement Account, or other tax-favored account,tax from recapture of an education credit, investment credit, low income housing credit, federal mortgage subsidy, qualified electric vehicle credit, or the native American employment credit. Generally, you must file a tax return if you are a nonresident alien with income from sources in the United States. For more information on nonresident aliens, select Topic 851 at the IRS website. Even if you are not required to file a tax return, file a return BECAUSE MANY, LOW INCOME PEOPLE HAVE MANY BENEFITS COMING THAT ARE KEYED TO FILING A RETURN. (Like stimulus checks). Also, the Statute of Limitations for when the IRS can no longer ask you questions about your affairs for a year only STARTS to run when a return is filed. Not filing, and they can bug you, (and assess a tax) for forever! You can file for free at the www.irs.gov site too! See http://www.irs.gov/pub/irs-pdf/i1040ez.pdf
Do you have to file taxes if you do not owe any taxes?
The requirement to file an income tax return is not determined by whether you owe taxes or not. For example, if you have net self-employment income of more than $400, you must… file. If you are subject to Alternative Minimum Tax (AMT), you must file. You may want to file -- because you will get a refund of withheld taxes, or are eligible for the earned income credit or other refundable tax credits, or could get a stimulus payment, or to get Social Security credits. For more information, see the page link, further down this page, listed under Related Links.
When to file taxes?
Presumably, you mean Personal Income Tax, normally done on a Form 1040....(others have different times). April 15 each year is the due date for filing your Federa…l individual income tax return, if your tax year ends December 31st. Your return is considered filed timely if the envelope is properly addressed and postmarked no later than April 15. If you use a fiscal year (which is a year ending on the last day of any month other than December), your return is due on or before the 15th day of the fourth month after the close of your fiscal year. If the due date falls on a Saturday, Sunday, or legal holiday, the due date is delayed until the next business day (i.e., Tax Year 2006 is due April 17, 2007). If you cannot file by the due date of your return, then you can request an extension of time to file. However, an extension of time to file is not an extension of time to pay. You will owe interest on any past-due tax and you may be subject to a late-payment penalty if payment is not made timely. To receive an automatic 6-month extension of time to file your return, you can file Form 4868 by the due date of your return. For more information, refer to the Form 4868 Instructions. If you are a United States citizen or resident, whose home and main place of business or post of duty is outside the United States and Puerto Rico on the due date of your return, you are allowed an automatic extension until June 15, to file your return and pay any tax due. This also applies if you are in military or naval service on duty outside the United States and Puerto Rico. If you use this automatic extension, you must attach a statement to your return showing that you met the requirements for the extension on the due date of your return. If a joint return is filed, both husband and wife must sign the return. If your spouse cannot sign because of disease or injury and requests that you sign the return, sign your spouse's name in the proper place followed by the word "by" your signature, followed by the word "husband" or "wife". Be sure to also sign in the space provided for your signature. In addition, you must attach a statement that includes the form number of the return you are filing, the tax year, the reason your spouse cannot sign the return, and that your spouse has agreed to your signing for him or her. If you are the guardian for your spouse who is mentally incompetent, you may sign the return for your spouse, as guardian. If your spouse cannot sign the return for any other reason, you may sign it only if you are given a valid power of attorney. The document granting you power of attorney should be attached to the return when it is filed. Form 2848, Power of Attorney and Declaration of Representative, may be used for this purpose. If you are filing a return for a minor child who cannot sign the return, sign the child's name followed by the word "by", your signature, and your relationship, such as "parent" or "guardian of minor child". Be sure to attach the Form W-2 and the Form 1099-R that show Federal income tax withheld to the front of the return. If you are filing Form 1040, be sure to attach all related schedules and forms behind your return in order of the sequence number located in the upper right hand corner of the schedule or form. If you owe tax, make your check or money order payable to the United States Treasury, and enclose it with your return. On the front of your check or money order, please show your name, address, social security number, daytime phone number, the tax year and type of form you are filing (for example, "2005 Form 1040"). Do not mail cash with your return. You can also use a credit card to pay the tax due by calling 1-800-2paytax (1-800-272-9829) or Link2Gov (1-800-729-1040). Refer to your form instructions for more information. If you cannot pay the amount owed with the return, refer to Topic 201, The Collection Process, for more information. You may want to file electronically! When you file electronically, you usually receive your refund within 3 weeks after the IRS has received your return, even faster if you have it directly deposited into your checking or savings account. Many professional tax return preparers offer electronic filing of tax returns in addition to their return preparation services. A fee may be charged. For more information on electronic filing, click on the e-file logo on the home page of irs.gov.
How should a college student filing for taxes for the first time go about it?
A very reasonable question! And I've even taught college tax courses..so I'm glad you asked. Taxes are the types of things too many people make a very big deal about…, probably for no particular reason. And, considering they are things you'll likely have to deal with your entire life, it just makes common sense to start doing and learning it for yourself. really, no one will ever do as good a job of filing, or planning your financial and tax situation than yourself. Your starting at a very good time...once these things were all done by hand. Not only did that make it functionally difficult, addition errors, wrong form lines, were common and changes, etc were all difficult. Using any of the popular softwares, which are generally very cheap (like $10 after rebate, with some free certificates for efile etc)...and simply following the program will work just fine. They normally have a method of doing it quick or doing it long...basically, do the long method (it really doesn't take long), which will ask you questions...most of which won't be applicable to you (like perhaps things about your home mortgage interest), but will expose you to the things that can make a difference to taxes. It will also pick up and qualify any potential tax benefits for your schooling...HOPE credits, that type of thing. Even setting up a test person and doing the Q&A, (you know, as if you weren't a starving college student...but a highly paid exec with a little side biz, etc.)...gives a great learning opportunity. Alternatively, to save even buying the program, there are online filing programs available for free...all also excellent: http://www.irs.gov/efile/article/0,,id=118986,00.html Go for it! A very reasonable question! And I've even taught college tax courses..so I'm glad you asked. Taxes are the types of things too many people make a very big deal about, probably for no particular reason. And, considering they are things you'll likely have to deal with your entire life, it just makes common sense to start doing and learning it for yourself. really, no one will ever do as good a job of filing, or planning your financial and tax situation than yourself. Your starting at a very good time...once these things were all done by hand. Not only did that make it functionally difficult, addition errors, wrong form lines, were common and changes, etc were all difficult. Using any of the popular softwares, which are generally very cheap (like $10 after rebate, with some free certificates for efile etc)...and simply following the program will work just fine. They normally have a method of doing it quick or doing it long...basically, do the long method (it really doesn't take long), which will ask you questions...most of which won't be applicable to you (like perhaps things about your home mortgage interest), but will expose you to the things that can make a difference to taxes. It will also pick up and qualify any potential tax benefits for your schooling...HOPE credits, that type of thing. Even setting up a test person and doing the Q&A, (you know, as if you weren't a starving college student...but a highly paid exec with a little side biz, etc.)...gives a great learning opportunity. Alternatively, to save even buying the program, there are online filing programs available for free...all also excellent: http://www.irs.gov/efile/article/0,,id=118986,00.html Go for it!
What do you file first state or federal income tax?
Many numbers on your State return are going to be based on your Federal return, so you should probably prepare your Federal return first.
When can you file taxes?
Presumably, you mean Personal Income Tax, normally done on a Form 1040....(others have different times). April 15 each year is the due date for filing your Federal individual… income tax return, if your tax year ends December 31st. Your return is considered filed timely if the envelope is properly addressed and postmarked no later than April 15. If you use a fiscal year (which is a year ending on the last day of any month other than December), your return is due on or before the 15th day of the fourth month after the close of your fiscal year. If the due date falls on a Saturday, Sunday, or legal holiday, the due date is delayed until the next business day (i.e., Tax Year 2006 is due April 17, 2007). If you cannot file by the due date of your return, then you can request an extension of time to file. However, an extension of time to file is not an extension of time to pay. You will owe interest on any past-due tax and you may be subject to a late-payment penalty if payment is not made timely. To receive an automatic 6-month extension of time to file your return, you can file Form 4868 by the due date of your return. For more information, refer to the Form 4868 Instructions. If you are a United States citizen or resident, whose home and main place of business or post of duty is outside the United States and Puerto Rico on the due date of your return, you are allowed an automatic extension until June 15, to file your return and pay any tax due. This also applies if you are in military or naval service on duty outside the United States and Puerto Rico. If you use this automatic extension, you must attach a statement to your return showing that you met the requirements for the extension on the due date of your return. If a joint return is filed, both husband and wife must sign the return. If your spouse cannot sign because of disease or injury and requests that you sign the return, sign your spouse's name in the proper place followed by the word "by" your signature, followed by the word "husband" or "wife". Be sure to also sign in the space provided for your signature. In addition, you must attach a statement that includes the form number of the return you are filing, the tax year, the reason your spouse cannot sign the return, and that your spouse has agreed to your signing for him or her. If you are the guardian for your spouse who is mentally incompetent, you may sign the return for your spouse, as guardian. If your spouse cannot sign the return for any other reason, you may sign it only if you are given a valid power of attorney. The document granting you power of attorney should be attached to the return when it is filed. Form 2848, Power of Attorney and Declaration of Representative, may be used for this purpose. If you are filing a return for a minor child who cannot sign the return, sign the child's name followed by the word "by", your signature, and your relationship, such as "parent" or "guardian of minor child". Be sure to attach the Form W-2 and the Form 1099-R that show Federal income tax withheld to the front of the return. If you are filing Form 1040, be sure to attach all related schedules and forms behind your return in order of the sequence number located in the upper right hand corner of the schedule or form. If you owe tax, make your check or money order payable to the United States Treasury, and enclose it with your return. On the front of your check or money order, please show your name, address, social security number, daytime phone number, the tax year and type of form you are filing (for example, "2005 Form 1040"). Do not mail cash with your return. You can also use a credit card to pay the tax due by calling 1-800-2paytax (1-800-272-9829) or Link2Gov (1-800-729-1040). Refer to your form instructions for more information. If you cannot pay the amount owed with the return, refer to Topic 201, The Collection Process, for more information. You may want to file electronically! When you file electronically, you usually receive your refund within 3 weeks after the IRS has received your return, even faster if you have it directly deposited into your checking or savings account. Many professional tax return preparers offer electronic filing of tax returns in addition to their return preparation services. A fee may be charged. For more information on electronic filing, click on the e-file logo on the home page of irs.gov.
Answered
In Tax Audits
Are you required to give a terminated employee your tax id number so taxes can be filed early by her Or does she have to wait until you mail out the W9 at the end of January?
Got your forms confused...it is a W-2 you'll mail at end of January. I do not believe you have to provide your EID# outside of the official places you are required to. You ma…y want to explain to her, she cannot file "early"...she MUST make every reasonable effort to get her W-2 and allow until Feb for you to provide it...and if it she can't get one...provide the IRS an explanation and form so they would pursue you...exactly why she shouldn't be provided this otherwise non-problematic thingit...it seems she may become (more) of a problem for you by misusing it! (Of course, it's probably on her paystub, some other documents, and last years info if she was there then anyway). Understand, she may well be trying to get some payday or "quick file" advance loan and the company doing so wants that info...but that's her and their problem not yours. (Just pragmatically, you could ask her to have them call you and you'll confirm she was an employee or something). You may want to provide her the below (one of the current ans here for the frequently asked "when can I file" or "can I file early" or such), refer her here, or to the IRS. You really can't even try to file until February 15th. Prior to that date you must make every reasonable effort to obtain a W-2 from your employer, who is required to mail or otherwise deliver your W-2 to you no later than January 31st. Also, you need any of the other forms (like 1099, from banks, etc), and if you do file with out them, there are additional forms you need to provide so the IRS can find out why whoever was to provide them didn't. Obviously this can delay the processing of your return....and if the amounts you showed don't exactly match what is filed (and employers frequently have some year end changes that will make your last stub in accurate), you would have to file an amended return to correct it...or expect nasty-grams and assesments from the IRS! Certainly no refund will be made until all that is cleared up...so trying to do things other than as the system wants, generally only delays things. Finally, if your wanting to do so early because you have a large refund coming...especially if that is common for you...you should file a new Form W-9, to change the amount of withholding being done so your not always having too much taken out of your check through the year.
Answered
This is the first time you will be filing your taxes as this is your first job you will be making 45000 a year you are single and do not own a home how much do you need to pay in income tax in Chicago?
Try this calculator for your federal taxes: http://www.dinkytown.com/java/Tax1040.html Chicago does not have an income tax, but Illinois does. To figure Illinois income …tax, just take your federal adjusted gross income, subtract $2000, and multiply by 3%. And while that is an excellent answer..the other thing for you to understand is that by accurately completing the W-4 (which means even working thru the few workpapers that are part of it), your withholding will be essentially a good estimate of what you will need to pay on filing your return. Your payroll provider will effect what you dtermine with it. Understand that many of the things taken out of your pay are out of your control, and may not be for "income tax" exactly, but for other things - like social security, unemployment, disability etc. You are wise to ask as you have, and I'll bet you'll find that your payroll deptartment is happy to discuss with you how it all works. May I suggest you even start doing you own tax return, using one of the popular programs (TaxCut, TurboTax, whichever) and doing the long form...that is the entire question and answer process...which will help you understand what is important to you- now and in the future- for taxes...as no one, ever, will be able to really do this for you better than yourself for the rest of your life!
Answered
Why do you have to file taxes?
First off of course is because it is the law.But really, becasue you are a memebr of society and want and more than that need the things government provides...all of which are… funded by taxes.
Answered
Do you have to file your taxes?
Obviously, as no one LIKES to file and pay, the well established system is fairly adept at catching those that don't...it has been thought of before! The receipt of a W-2 …makes little difference to having to file. All income is presumed taxable and certainly many people who don't work as employees, are retired, self employed, just rich, have investment income, etc etc have to file tax, yet don't get a W-2. The consequences of not filing are many fold and type: First it is the law to do so and there are lots of people in jail for not doing so. Not doing so immediately incurs an additional and substantial penalty and interest charges when the failure comes to light. The tax will always be due, and all the bad things that can happen continue, as the statute of limitations doesn't start to run until a return is filed. You will probably be subject to audit, even intense audits, much more regularly. When you want or need to claim a government benefit, it may become very difficult or impossible. Finally, experience has shown that a great majority of the time those people who fail to file actually had a refund coming had they done so! They just outsmarted themselves without understanding the system.
Answered
Do you have to file taxes if you owe?
yes