Whether you're an individual taxpayer, partnership taxpayer, or corporation taxpayer, the filing requirements are basically the same. You must file a return if you have income and deductions that total more than your exemptions.
Each year, tax day approaches with varying degrees of anxiety. But don't let the stress get to you – it's actually quite simple to prepare and file your tax return on time. You can checkout companies such as CPA KPA to get more information about filing your tax return.
Here are some tips to help make the process go smoothly:
1) Gather all the paperwork you need before starting – including all original receipts, W-2s, 1099s, etc.
2) Create an electronic file of your taxes using our free IRS tax filing software – this will make preparing and filing much easier.
3) If you need help filling out your tax form(s), try our easy-to-use online tax preparation tool.
4) Mail in all of your completed forms and documentation by April 15th – even if you
If you have filed your taxes before, you are likely familiar with the process. However, if this is your first time filing, there are a few things to expect. Take some time to review the IRS guidelines for filing taxes. This will help you understand what is required of you and how to properly complete your return.
If you do not file a tax return, the IRS may impose a financial penalty on you. The amount of the penalty will vary depending on your income and filing status. For most people, the penalty will be at least $100 (although it could be more). In addition, if you have failed to file for three consecutive years, your account may be closed, and you may not be able to open an account again for five years.