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Do I need to file a tax return if I am a dependent who has income?
Contributed by: KeriC, FreeTaxUSA Agent, Tax Pro If someone else is claiming you as dependent it can be tricky to know how to handle your tax situation. Do you include your income on their return or file your own return? Do you have to report your income at all? In this situation, there are a few different income criteria…
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Do I need to file a tax return?
Contributed by: KeriC, FreeTaxUSA Agent, TaxPro Most individuals who have income will need to file a federal tax return. However, there are some circumstances where a tax return isn’t required. Here are the top factors used when determining if you need to file a federal tax return: Age considerations. Your age at the end…
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Do I need to file FinCen Form 114 with the US Department of Treasury, Form 8938 with the IRS, or both?
Contributed by: PhillipB, FreeTaxUSA Agent, Tax Pro FinCen Form 114 You may be required to file a FinCen Form 114 (also known as an FBAR) if the following conditions apply: You have a financial interest in or signature authority over foreign financial accounts that exceed certain thresholds. The total sum of all your…
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What to do if you receive a CP12 notice from the IRS
Contributed by TriciaD, FreeTaxUSA Agent It’s easy to get nervous when you receive a notice from the IRS, but there’s no need to be alarmed. Understanding the steps you should take and the options available can help you navigate this situation with ease. Why did I receive a CP12 notice? A CP12 notice means the IRS fixed an…
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Can I do my taxes by myself?
Filing a federal and state tax return is easier today than it ever has been. Not too long ago, preparing your own returns meant going to the library, the post office or another public building and picking up paper forms and instructions. Today, online tax preparation has advanced to a point where we can even prepare and…