You are required to file a federal income tax return if your income is above a certain level, which varies depending on your filing status, age and the type of income you receive. However, the Internal Revenue Service reminds taxpayers that some people should file even if they aren’t required to, […]

The number of electronic filing and payment options increases every year, which helps reduce your burden and also improves the timeliness and accuracy of tax returns. When it comes to filing your tax return, however, the law provides that the IRS can assess a penalty if you fail to file, fail […]

In a report this week, the Tax Foundation attempts to answer the question. It compares how different income groups benefit from federal spending — directly and indirectly — for every tax dollar they pay. The broad takeaway: The bottom 60% of Americans receive more from government spending than they pay in taxes, and […]

According to the IRS, the average non-business taxpayer spends eight hours and $120 per year preparing their tax return. That’s a lot of time and money to invest in something you probably don’t want to do in the first place. Yet, there’s often a reward for your investment, as many taxpayers get some […]

Knowing what you’re entitled to write off on your tax return might seem complex and mysterious, but it doesn’t have to be. Here are five easy ways to pay fewer taxes. 1. Check for ordinary losses on stock losers Last year was a great year for the stock market, but not […]