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How to file back taxes
Contributed by: KelliP, FreeTaxUSA Agent, Tax Pro and PhillipB, FreeTaxUSA Agent, Tax Pro Occasionally, taxes are not filed by the deadline and may remain unfiled for several years. We recommend filing them as soon as possible. FreeTaxUSA supports filing returns for the past seven years. If you have multiple years to file,…
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What do I need to know about taxes when starting an LLC?
Contributed by: AnthonyS, FreeTaxUSA Agent, Tax Pro So, you’re thinking of starting your own business and forming an LLC. This is an exciting step! But once you’ve filed the paperwork with your Secretary of State, you might wonder, What now? Whether you’re a solo entrepreneur or forming an LLC with others, it’s important…
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How Do I Report a Backdoor Roth (2024 and later)?
Contributed by: RachelR, FreeTaxUSA Agent, Tax Pro There are two different types of Individual Retirement Accounts (IRAs) – Traditional and Roth. With a Traditional IRA, you'll usually qualify to get a tax deduction in the current year for any IRA contributions you make during the year. When you retire and begin using the…
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What happens to money in my FSA if I don't use it?
Contributed by: MatthewD, FreeTaxUSA Agent, Tax Pro Back in 1978, Congress passed a revenue act creating Flexible Spending Accounts (FSA) to aid employees with medical and dependent care costs. An FSA allows a person to contribute pre-tax money from wages into a designated savings account to use on qualifying medical and…
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How does the EITC work? Why does the amount decrease?
Contributed by KiaraB, FreeTaxUSA Agent TaxPro As FreeTaxUSA support agents, we often get asked questions like, “Why am I not getting the EITC?” and “Why did the Earned Income Tax Credit go down when I had more income?” Here is a simple explanation so you can understand how the Earned Income Tax Credit (EITC or EIC) works.…