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Tag: Tax Return

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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