What to do if you need to amend your tax return?
If you need to make a change or adjustment on a return already filed, you can file an amended return. Use Form 1040-X, Amended U.S. Individual Income Tax ...
Category: Updates
When do I want to be Married Filing Separately?
This usually causes your taxable income and tax to be lower. When would I want to be married filing separately over married filing jointly? Married filing...
How can I get my tax return transcript fast?
Notice: Historical Content Order Online. The fastest way to get a Tax Return or Account transcript is through the ‘Get Transcript’ tool available on IRS.g...
What is considered tax-exempt interest on Form 1040?
Tax-exempt interest refers to interest income that is not subject to taxation, most notably at the federal level. Some municipal bonds may also be “triple...
Can I open a bank account without my parents permission?
No matter what the reason, if you are 18 years old, it is possible, and relatively easy, to open a bank account without your parents knowing. If you are n...
What does current tax year mean?
Current year tax is the amount of tax payable that tax year. The span of time that comprises a tax year depends on the accounting method used, but with so...
What happens if you send the IRS a direct deposit?
In this case, the IRS will send you a paper check for the entire refund instead of a direct deposit. You incorrectly enter an account or routing number an...
Do you have to file a tax return if you get Social Security?
Generally, if Social Security benefits were the taxpayer’s only source of income, the benefits are not taxable and the taxpayer does not need to file a fe...
How much can a teenager make a year without paying taxes?
Generally, if a teen is a dependent of another taxpayer, they don’t have to file a return if: Unearned income (such as interest and dividends) is over $1,...
What was the tax law passed in 2017?
The Tax Cuts and Jobs Act (TCJA), passed in December 2017, made several significant changes to the individual income tax. These changes include a nearly d...
