Monthly Archives May 2016

If you receive a letter from the IRS, don’t ignore it. You can usually deal with an IRS notice simply by responding to it. Most IRS notices are about federal tax returns. The notice will have specific instructions about what you need to do. You need to keep copies of any IRS notices you receive with your tax records. There are a lot of tax scams that correspond by email and phone calls. The IRS sends letters and notices by mail . If you owe tax, you have several payment options and the IRS won’t demand that you pay a
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Many students and teachers take summer jobs. Employees must fill out a Form W-4 so their employers will know how much federal income tax to withhold from their paychecks. The IRS has a Withholding Calculator Tool that can help employees determine the number to use for their withholdings. Social Security and Medicare Taxes will also be withheld from employee paychecks. Employers are required to provide employees with a W-2 by January 31 of the following year. Employees will need to use their W-2 to file their income taxes. Self-employed workers should make estimated tax payments to avoid penalties and interest
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