Income Tax Return - Judgement Day
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We all know that income tax is a reality. Evidently, we know well that income taxes are a necessary evil and that our government need part of our earning to run the country. If we don't pay our taxes, does the government really care? Yes, the Internal Revenue Department is adamant that we all do our part to keep the country economically viable. Ever heard of Al Capone. The FBI tried for years to convict him of his many heinous crimes. Who finally got him and trotted him off to jail where he died? Yes, the IRS tried him for income tax evasion and put him in prison. Finally, one of the most notorious criminals of the Twentieth Century finally went to jail because he didn't pay his taxes. Obviously, we all need to understand the basics of Income taxes or we can join all of those other criminals sitting in jail because they thought they could beat the IRS.
By law, every income earner needs notify income the federal and state governments by completing an income tax return. Income tax returns are required whether or not income tax has been withheld. While all businesses except partnerships must file an annual tax return. For the individual, when determining whether you must file or not, the IRS takes into account your income, filing status, and age.
As a permanent resident or citizen of a country, lodging a tax return is extremely important, the requirement to file an income tax return is not optional and is clearly set forth in Internal Revenue Code §§ 6011(a), 6012(a), et seq. If you fail to file an income tax return it is considered a Class A misdemeanor with a maximum penalty of one year in jail and a $10000 fine. While the penalty for filing a frivolous income tax return is only $500, the penalty.
There are two ways of lodging a tax return - by mail or electronically. No matter how simple or complicated your income tax return is these methods will work. The primary form for the income tax return is either the 1040 NR or 1040 NR-EZ. The average time to process an accurate tax return is between six and eight weeks. Your tax return is due on April 15th. If the income tax return is late (even one day), there is an automatic tax due of 25% of your tax return. If you know that you’re going to be late, file an extension, taxpayers are granted an automatic six month extension for filing an individual income tax return.
You should first learn about the disdvantages of the paper form off income tax returns. By e-filing your tax return and using direct deposit; you can receive your tax refund in as little as 10 days. Even if you do not choose the direct deposit option, you will usually receive your tax refund in half the time by e-filing.
If you are decide to use the federal income tax return on paper, you should go for the simplest form you can and don’t forget to sign. If you need a copy of a previously filed state income tax return you may obtained it by submitting a written request to the IRS.
As outline above, lodging an income tax return is extremely important. There are trained volunteers from non-profit organizations who provide free tax counseling and basic income tax return preparation for senior citizens. If you need help, contact the IRS or a tax service. Tax returns leave no room for mistake.
Sam Kern- All Rights Reserved Copyright 2007
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