Top Overlooked Tax Deductions - Don’t pay the IRS more than you need to. Be sure to claim these often overlooked deductions
The Non-Tax Paying Crowd - The majority of taxpayers do file their tax returns with the IRS every year. It is estimated, however, that at least 3% of taxpayers do not file at all!
Need to look up a tax term? Find it here!
Q. What tax schedule must I fill out if I am self-employed?
A.For nearly all self-employed persons, a Schedule SE, Self Employment Tax, must be filled out and attached to their federal income tax return. There are two types of Schedule SEs, the Short SE and the Long SE. You are usually better off with the latter, even if it is longer. The Schedule SE will help you calculate how much you owe in self-employment tax.
Q.When returning to the United States as a US citizen from a foreign country, am I subject to any taxes?
A.Duty and internal revenue tax are required to be paid on articles acquired abroad. US citizens are allowed to bring back $400 worth of merchandise duty free.