At a Glance You can file taxes without a W-2 if you lost the form or didn’t receive it; ask your employer for a copy. If unavailable, use Form 4852, the “Substitute for Form W-2,” to request information about withheld wages and taxes. Complete the form using documents like a
At a Glance: If you didn’t have any income last year, you are not required to file a tax return. It allows you to claim refundable tax credits such as the Additional Child Tax Credit or the Earned Income Tax Credit. You can also recover taxes withheld if you earned
At a Glance: The Federal Income Tax is a tax withheld by the IRS from your paycheck, applying to various forms of income such as employment and capital gains. It helps fund government programs and infrastructure. Reasons for not paying federal income tax include earning below the threshold, being ex…
At a Glance Legal ways to lower taxable income include saving for retirement through tax-deductible contributions. Investing in tax-exempt bonds and utilizing flexible spending plans offered by employers are effective strategies. Business deductions can be claimed if self-employed, and making charit…
At a Glance Adjust your W-4 form for accurate tax withholding. Contribute to a 401(k) or IRA to reduce taxable income. Maximize tax credits and deductions for additional savings. Consider strategies like charitable contributions and timing purchases. Paying taxes is one of the most unpleasant things…
At a Glance: Filing exempt on a W-4 means that you are claiming exemption from federal income tax withholding. If you meet certain criteria, such as having no tax liability in the previous year and expecting none in the current year, you can indicate this on your W-4. However, filing
At a Glance A stimulus check is a payment sent by the U.S. government to taxpayers, designed to stimulate the economy by providing spending money. It is a refundable tax credit, meaning individuals receive money even if they didn’t pay taxes. Unlike traditional tax credits, a stimulus check is…
At a Glance: Taxes are financial charges imposed by the government on individuals and corporations to fund public expenditures. They can be paid through various methods, including check, debit card, and credit card. Paying by check is convenient but may have delivery issues, while paying by debit ca…
At a Glance Taxes are mandatory payments made by citizens at local, state, and federal levels. They fund government workers’ salaries and various public programs. Taxes are divided into federal, state, and local levels. The government uses tax revenue for defense, education, healthcare, public…
At a Glance: Back taxes are unpaid taxes that accumulate interest and penalties. Taxpayers usually need to file six years of back tax returns. Required documents include Form 1040, income statements, and documents for tax credits. Back taxes can be filed by hand, with software, or through a tax prof…