What is the process in filing income taxes?
That all depends on what country you are in. Be specific to get a useful answer.
When filing for the state income taxes do you receive your federal income tax refund as well as your state income tax refund?
What extension is there for gift tax when the donor obtain an automatic filing extension for income taxes?
You made 1400.00 in your personal business last year do you need to report it along with your regular earned income when filing taxes?
Federal income taxes must be filed by April 15th every year. Extensions can be filed for those people needing a little more time to prepare their taxes. The above is true for filing taxes; however, the actual income taxes are due when the income is earned. If income is not withheld by your employer or if you are self employed you will need to make quarterly estimated tax payments to fulfill your tax obligation.
The taxes on Social Security benefits are tied to your total taxable income, not your age. Anytime you receive benefits, you may be required to pay taxes on 0%, 50% or 85% of the benefit amount based on your filing status. If you are single, you can draw social security without paying taxes if your income is $25,000 or less. For a couple that is married and filing jointly, the untaxed amount is $34,000 per…
Not filing your income taxes will have you facing a penalty by the IRS. According to legal zoom: "Well, you end up paying a penalty on the amount you owe at 5% per month (4.5 % for not filing and 0.5% for not paying). The total penalty for failure to file and pay can eventually add up to 47.5% (22.5% late filing, 25% late payment) of the tax owed. Interest, compounded daily, is also charged…
I suggest not filing a joint return. Using the Married Filing Separately filing status will not allow you to claim some tax benefits and you won't have the benefits of combining your income, but it will save you if your spouse is audited. If you file jointly, you will be fully responsible for the taxes on the omitted income. Filing a joint return creates something called "joint & several liability" which means you are both…
When married to an illegal that works for cash on filing taxes would you apply single married or married but separated?
If this is a normal pension distribution, income tax will apply. The rate depends on your other income and filing status. You may be taxed by your state as well. If this is a premature distribution with no exception, you will be assessed a 10% penalty, or $7,700, in addition to regular income taxes.
If you earned income for the whole year while in a penal institution do you still file income taxes?
Sure. The fact that you were incarcerated does not exempt you from filing income taxes and paying tax on your income. It does prevent you from claiming many of the tax credits such as Earned Income Credit, Child Tax Credit as you cannot claim that you supported your children or that they lived with you during this time.