IRS Taxes – Benefits of Filing a Tax Return

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

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

At the top of the tax yr it’s a must to file a US tax refund to the IRS (Internal Revenue Service) – even for those who 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 have to 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 must 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 whenever you owe the IRS – taxes it’s essential to pay will probably be eternally assessed with curiosity and penalties.
• If you’re a US resident felony fees 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 high quality of $25000 annually.
• If you should pay taxes and also you filed your tax return however didn’t pay them, there isn’t a legal penalty.

Therefore, submitting an IRS tax return will 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 types and paperwork is each complicated and time-consuming. To save this problem, many individuals selected to get a tax refund firm corresponding to taxback.com to file their returns on their behalf. Please observe 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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