If you are a lower income worker who filed for two special credits, then the bad news is that there will be delays in your refund thanks to a newer tax policy. Wanting to claim credits, many will file early and depend already on a count of money when mostly likely this new process could hurt filers gravely. It is not safe to be so heavily depended on it, this time it could hurt you.
Done to Protect
The IRS reminded that fillers would not get any refunds for those claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC). Apparently, it is done to protect Americans from the Tax Hikes Act of 2015, also known as PATH. The e-filing would still open up for returns. The reason for the delay is to prevent …Read more
Every individual, whether employed or not is required to file for tax returns by the end of the year. Businesses too are expected to file their returns. Failure to do this can result in severe punishment. If you don’t earn a salary or you earning are below the taxable threshold, you need to file null returns-if the system offers the option.
Filing tax individually is a bit simple compared to businesses or individuals with many taxable properties. You can do it on your own or seek help from a professional. If your tax dues are many or come from different assets, you may need the help of a tax accountant.
How can a tax accountant help?
A tax accountant is a professional who files tax returns for individuals and businesses. Their familiarity with tax regulations will help in ensuring only …Read more