IRS Taxes – Benefits of Filing a Tax Return

Whether you’re a US citizen or a non-resident (corresponding to ten of hundreds of college students on a Work and Travel program), you may be paying 4 varieties of taxes within the US.

If you will have labored briefly within the USA you’ve got most certainly overpaid these taxes and are due a tax refund. The IRS reviews that over 80% of all taxpayers obtain a tax refund.

At the top of the tax yr you need to file a US tax refund to the IRS (Internal Revenue Service) – even in the event you have been solely within the US for a few months. In the United States, the tax yr ends on the 31st of December and IRS tax refunds must be filed by the 15th April of the next yr to keep away from penalties.

IRS Tax Returns Explained

• If you earned above $3500 in 2008 or $3650 in 2009, you’re obligated by law to file a USA tax rebate to the IRS on the finish of the tax yr. The US tax authorities are very strict and so you need to all the time file a tax return to keep away from any pointless issues with US visas sooner or later.
• If you don’t file your tax return civil penalties could also be imposed. These may be a deducted refund or in instances if you owe the IRS – taxes it’s essential pay shall be ceaselessly assessed with curiosity and penalties.
• If you’re a US resident legal expenses could also be introduced towards you. Not submitting a tax return is a legal offense punishable by one yr in jail for every unfiled yr and a effective of $25000 annually.
• If you should pay taxes and also you filed your tax return however didn’t pay them, there isn’t any felony penalty.

Therefore, submitting an IRS tax return will most probably to get you a refund and can keep away from legal issues sooner or later with visas and penalties.

Preparing and submitting a US tax return includes tedious work. Dealing with piles of difficult varieties and paperwork is each complicated and time-consuming. To save this problem, many individuals selected to get a tax refund firm comparable to taxback.com to file their returns on their behalf. Please notice that in case you are a non-resident you aren’t allowed to e-file your tax return.

Source by Aoife Twohig

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