When can we start filing income taxes?

Answer 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 »

Top Q&A For: When can we start filing income taxes

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 »

What is the significance of tipped income when filing taxes?

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 »

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 »

When did congress start income taxes?

According to the Department of the Treasury, Congress passed the Revenue Act of 1861 to finance Civil War expenses. This act imposed an income tax of 3 percent on incomes greater than $800. However... Read More »