Despite the extended due date for filing belated Income Tax Returns and making revisions until January 15, 2025, several taxpayers missed out on their filings. Such individuals still have the option ...

The Income Tax Return, commonly known as ITR, is a prescribed form through which the particulars of income earned by the taxpayers in a given fiscal year as well as taxes paid on such income are ...

Direct File is designed for relatively simple tax returns: To be eligible, you’ll need regular income and a W-2 form, SSA-1099 for Social Security income, a 1099-G for unemployment compensation or a ...

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Bonds are issued by organizations to borrow funds, with the promise of repaying that money with interest. Bond investors profit by collecting interest payments or selling bonds at a higher price ...

Internet filing is available starting January 13, 2025. Our Internet filing applications are convenient, free and secure. Where possible, you should file returns electronically to avoid the delays ...

However the IRS does set a limit of allowing taxpayers to use Form 1040X to go back no more than three tax years to make adjustments. Your household filing status usually corresponds to your ...

With the 2025 tax season opening this month, Free File could be just what you need ... option is recommended for people familiar with IRS form instructions. The system is designed to handle ...

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Interest also accrues, at a rate of 3 percent, compounding daily. If you must file late, you can get an automatic extension by filing IRS Form 4868. The automatic extension gives you until Oct. 15 to ...

2. Standard Deduction Limit Raised: In the Union Budget 2024, Finance Minister Nirmala Sitharaman increased the standard deduction for salaried individuals to Rs 75,000 from Rs 50,000. Whole ...

The 2025 tax season deadline for Americans to file is April 15. Taxpayers who earned more than $5,000 on payment apps in 2024 will receive a new 1099-K form. The IRS began accepting tax filings in ...