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Thinking about doing your own tax can be tough, which is why there are several people who would rather hire a tax professional or an accountant than doing it on their own. However, that should not stop you from learning how taxes work. Below are the top things you need to know about US Tax:
1. Employment and Tax
The unemployed individual pays taxes too. According to the finance tax law, your employment status should not inhibit you to do your responsibilities in paying taxes. Even if you have been unemployed for a year, you still need to file an income tax return. The only difference it makes is the income bracket you have to file it with. Minors who are employed need to file taxes too. According to Internal Revenue Service (IRS) Publication 929, any minor who works and earns above the standard personal exemption is obliged to pay for income tax. Babysitters and other minor jobs should pay taxes too. If a person made an income, according to the federal tax rules, these minor jobs have to pay taxes since you made a profit out of babysitting.
2. You have to file your tax with the right form
In the US taxation history, taxes should be filed with a particular paperwork and the tax forms; for instance, the Form 1040 is an Individual Tax Return form used for individual federal income tax returns.
3. If you have difficulties filing for your tax you can file them with TurboTax 2017
If paying for your tax is tough, you may use a software that will allow you to file your tax without hassle. Also, you may have free filing with TaxAct. Lastly, do not fail to pay your tax, it is your obligation as a US citizen.
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Bio Thinking about doing your own tax can be tough, which is why there are...
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