What is the significance of tipped income when filing taxes?

Answer When filing taxes, you must report all income unless specifically exempt by law. Tip income is reportable as ordinary income, and should be reported to your employer so that it will be included on ... Read More »

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When can we start filing income taxes?

Technically, you can file your taxes after January 1 of the new tax year. However, you must wait until you receive all of your documents, such as W-2 and 1099 forms, before you can complete your ta... Read More »

When are you exempt from filing income taxes?

According to the Internal Revenue Service, you may be exempt from filing income taxes if your income on the return is below the filing requirement. However, some financial transactions--like sellin... Read More »

Is direct deposit free of charge when filing income taxes?

According to tax regulators, any monies received are termed as income. Whether the deposit is direct over-the-counter, EFT (electronic funds transfer) or via a check, the most important thing to n... Read More »

What Are the Filing Limits for Federal Income Taxes?

If you are a citizen or resident alien, you must file a federal income tax return if your income exceeds certain limits. All income, regardless of whether it was actively or passively earned and re... Read More »