People move for various reasons: to be close to loved ones, amenities and nightlife, to pursue lower living costs, or just because you always wanted to live in a certain place. Proximity to work is the most common reason for moving, and you may be eligible for tax incentives if you just got that offer for a dream job hundreds of miles away. Or, if moving to the city of your dreams is the only viable place where you can start a business, chances are that you can deduct your moving expenses.
All Americans are obligated to pay federal tax income taxes, and most states (and some counties and cities) will also make their residents pay a separate income tax with a few exceptions. The following states don’t have an income tax:
April 15th is in most taxpayers’ rearview mirrors–except for those with an outstanding tax debt.
There are provisions for extending the deadline date for filing, but the extension must be accompanied by a payment, or the clock starts ticking for accruing of interest and penalties and setting in motion a levy or a lien.
Because of changes initiated by the Affordable Care Act, your healthcare costs during the year now affect your taxes more than they ever did before. Below are some of the most frequently asked questions with regard to healthcare and income taxes to help you prepare your 2015 return.
Estimated taxes are commonly paid by those who are self-employed or have unconventional income, such as income from stocks and bonds. Those who are on salary and receive a check from payroll generally pay their estimated taxes through their company; their income tax is withheld from each check and then filed by the business. Those who do not receive salaried checks must complete these calculations and payments themselves.