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Filing late: It's important to submit Form 941 on time since the IRS charges a 5% penalty of the total tax amount due. Your business will continue to be charged an additional 5% every month the ...
But according to W. Tax Group, the IRS classifies most errors as honest mistakes — but that doesn’t mean you’re off the hook. If an audit finds that you underreported income, claimed credits ...
"The tax reform bill has not made the rules any easier to understand; in fact, under the Tax Cuts and Jobs Act of 2017, there is a new $500 credit for what the IRS calls 'qualifying relatives' who ...
Form 1040A, U.S. Individual Income Tax Return; Form 1040EZ, Income Tax Return for Single and Joint Filers with No Dependents; Form 1041, U.S. Income Tax Return for Estates and Trusts (for 1993 and prior years, this was known as "U.S. Fiduciary Income Tax Return"); Form 1065, U.S. Return of Partnership Income (for 1999 and prior years, this was ...
As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ - see below for explanations of each) used for such returns.
Penalty for Failure to Timely Pay Tax: If a taxpayer fails to pay the balance due shown on the tax return by the due date (even if the reason of nonpayment is a bounced check), there is a penalty of 0.5% of the amount of unpaid tax per month (or partial month), up to a maximum of 25%.
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