Google trend - Tax Day

Tax Day - 10 things to know with detail

• Deadline: Tax Day is typically on April 15th each year, but it can vary depending on weekends and holidays. In 2021, the deadline was extended to May 17th due to the ongoing COVID-19 pandemic.
• Filing options: Taxpayers can file their taxes online using tax software, through the IRS website, or by mail. Some people may also choose to hire a tax professional to help them prepare and file their taxes.
• Extensions: If you need more time to file your taxes, you can request an extension from the IRS. This will give you an additional six months to file, but it is important to note that any taxes owed are still due by the original deadline.
• Refunds: If you are owed a tax refund, you can choose to have it deposited directly into your bank account or receive a paper check in the mail. Refunds typically take a few weeks to process, but it can be longer if there are errors on your return.
• Payment options: If you owe taxes, there are several payment options available to you. You can pay online using a credit or debit card, set up a payment plan with the IRS, or pay by check or money order.
• Penalties: If you fail to file your taxes or pay what you owe by the deadline, you may face penalties and interest charges. It is important to file on time or request an extension to avoid these additional costs.
• Deductions and credits: There are many deductions and credits available to taxpayers that can help reduce their tax liability. Common deductions include mortgage interest, charitable donations, and medical expenses, while credits can help offset the amount of tax owed.
• Tax brackets: The amount of tax you owe is determined by your income level and tax bracket. The US tax system is progressive, meaning that higher income earners pay a higher percentage of their income in taxes.
• Tax forms: There are several different tax forms that taxpayers may need to fill out, depending on their financial situation. The most common form is the 1040, but there are also specific forms for self-employed individuals, investors, and other groups.
• Record keeping: It is important to keep accurate records of your income, expenses, and deductions throughout the year to make filing your taxes easier. This includes saving receipts, bank statements, and any other relevant documents.