Income Tax Filing

The tax levied on an individual's or corporation's income is known as income tax, which is a direct tax. Individuals are taxed on their total income, taking into account the standard deductions. Corporations or businesses are taxed on their net income, which is the difference between gross receipts and expenditure. Companies would have to pay corporate or corporation tax. Tax is charged on wages, business income and capital gains. And deductions on income tax help individuals and companies pay a lower amount in taxes.

U.S. people have to file income tax returns and pay federal income tax every year by the 15th of April. If you cannot do so then you can apply for an extension from the IRS by filing Form 4868. You must then file within fourmonths, by August 15th.

Filing Status is an important factor when computing taxable income under the Federal Income tax in the United States. Your federal tax filing status defines the type of tax return form an individual will use. Filing status is based on marital status and family situation. A taxpayer will fall into one of five possible filing status categories: single individual, married person filing jointly or surviving spouse, married person filing separately, head of household and a qualifying widow(er) with dependent children. If a taxpayer qualifies for more than one filing status, the taxpayer may choose the most advantageous status. Filing status can be determinative of your correct amount of tax, whether you can take certain tax deductions or exemptions that could lower your final tax bill, and even whether you must file a return at all. You must file your status honestly, or it will be considered fraudulent and penalties will be assessed.

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