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Tag: Tax Return

Hudson, NH Resident Discovers His Mistake

If you discover a mistake in the calculations on your tax return after filing, the IRS will often catch this mistake and make the necessary adjustments to the calculations. There is no need to file an amendment for mathematical errors in your tax return. You will want to make the changes on your end to determine how this will affect your final tax numbers. This can mean that your refund will be larger than expected, smaller, or it could mean that you will end up owing the IRS money. If there is a significant change, particularly in what you owe on your taxes, you will receive a notice in the mail from the IRS indicating the difference.

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Litchfield, NH Resident Looks to Delay the Inevitable

There are plenty of reasons to file your taxes early, not the least of which are to get this done and off your to-do list. If you are expecting a tax refund, the sooner that you file your return the sooner the IRS can begin processing it and get your refund sent out. Filing your tax return early can also protect you from scammers and identity theft. If someone files a fraudulent tax return under your identity and you have already filed, the fraudulent one will be rejected.

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Litchfield, NH Resident Worries About the Implications

If you missed the tax deadline for only the past year’s tax return, you should go ahead and file as soon as
possible. However, if you have missed multiple years of filing taxes the IRS will require you to submit
the past six years of tax returns. Late filers may be hit with failure-to-file penalty from the IRS. The
amount of this fine is based on the amount of unpaid taxes and how late the return is filed. This penalty
is 5% of the unpaid taxes for each month the return is late.

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When Does Your Child Need to File Income Tax?

Parents in Milford, NH Have Questions

A rite of passage for any working teen is the filing of their first income tax.  A status as a dependent does not exempt your child from filing income taxes.  If the child’s earned income reaches $12,200 or unearned income, from investment interest, above $1,100.  For those that are self-employed generating income, if the net earnings exceed $400 an income tax return must be filed. 

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