The information disseminated by governmental agencies tends to change rapidly and sometimes daily. Right now, few things are certain, and many people are just trying to keep up, including many here in Missouri. What everyone knows is that the annual ritual of submitting income tax returns to the IRS is still on the lists of many people. The question now is what the deadlines are for filing and payment.
Most Missouri residents will take the opportunity to save money wherever they can, and this usually includes doing what they can to avoid sending a big check to the IRS each year. For this reason, some taxpayers may be glad to hear that they can once again take advantage of some tax breaks that had disappeared prior to the new tax laws. Congress even made these deductions and credits retroactive to the 2018 tax year.
Like others across the country, St. Louis residents work to figure out how to save the most money possible on their taxes every year. Before the recent changes in the tax law, this meant looking for as many deductions as possible. However, after the recent changes, getting those deductions over the standard deduction could prove problematic for many people.
Everyone makes mistakes from time to time. When those mistakes happen during tax time, they can result in trouble with the IRS. Fortunately, it may be possible for a Missouri resident to amend the income tax return containing the error or errors, with minimal or no repercussions.
Many people in Missouri and across the country find the tax code of the United States to be overwhelmingly difficult to fully understand. As a result, it is understandable how some could overlook something or make a mistake. Unfortunately, some people could find themselves the subject of an IRS investigation as a result.
Anyone in Missouri who has filed their own taxes is likely aware of the complications associated with the process. For many, the idea of making a mistake is nerve-wracking. Unfortunately, the threat of being under an IRS investigation is even more difficult.
Most everyone in Missouri recognizes the importance of taxes and the many things that paying them provide for those who live in the United States. Despite this knowledge, the process and laws surrounding the Internal Revenue Service, or IRS, can be overwhelming. Unfortunately, a man in another state is likely facing a stressful time after he was indicated on multiple tax charges.
If you have student loans like so many other Missouri residents do, then you are probably familiar with the term "deferment," which allows you to postpone your loan payments for a specified period. Did you know that the IRS has a similar option? Of course, the criteria for receiving a deferral from paying your taxes are much more stringent than it is for your student loans.
Federal taxes are due on April 17 this year, but those extra two days won't help small business owners fix a looming tax bill. If you haven't set aside enough to pay your business's income taxes, what can you do?
The Internal Revenue Service is set to have a new leader at its helm-and for the first time in several years, the candidate will have a background in tax law. Several news outlets have reported that President Trump is allegedly preparing to nominate California-based tax lawyer Charles Rettig to serve as the commissioner of the IRS.