While we get to answer this one particular question, we always come across 10 others. From “What are tax refunds” and “Why do we need to file taxes” to “How long does it take to get my refunds.”
IRS (Internal Revenue Services) is the world’s largest financial institution responsible for collecting taxes and administering the Internal Revenue Code. There are also forty-three states that require their residents to file taxes and forty-seven states that impose a tax on the income of corporations.
Everyone who earns income above the threshold is required to file federal taxes and depending on where you live, work, and do business, you might need to file state or even multiple state taxes.
Tax law changes and updates are meticulously studied and interpreted by tax professionals. They are often tricky, but very important. Then, starting January 15th, tax filing is in full swing.
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