自2020年起，税收将在不到一周内到期-这是您友好的提醒，预产期是5月17日— what better time to talk about them than right now??? I know, I know: Taxes are not a SUPER-EXCITING topic, but we gotta do 'em, so we may as well learn some tips on how to save money and avoid getting audited, right?!
让我们开始为什么可能会带来好处ile taxes, even if you aren't required to. "The income threshold where you're required to file taxes changes every year. This year it is $12,400 and $400 if you're self-employed. Generally, if you make under this amount, you don't have to file, but it's good to file because you may be entitled to a refund," said Ahad.
If you don't file taxes because you owe money, sometimes the IRS files the tax return for you. "When they file taxes on your behalf, they don't add all the deductions and things you're entitled to, so it's always good to file yourself."
"Owed taxes don't affect your credit score, but there are other ways that it can affect your life. The IRS can levy your bank account; they can levy your wages — they'll try all of these tactics to get that money out of you. However, there are people who are completely off the radar, and they don't have much the IRS can take," he said.
And, as everyone knows, not paying your taxes for many years will leave you with a ton of penalties and interest...so we are NOT suggesting that you wait 10 years until your tax debts disappear!
随着去年流感大流行的开始，让我们来讨论一下你今年申报时税收的不同方式，以及你可能从中受益的方面。”有一些特殊的事情要知道由于关怀法案.One of them is the stimulus payments. If you were a dependent on your parents' 2019 taxes, you can file independent for 2020 and get the first two stimulus checks — even if you had no income," explained Ahad.
If you do get audited, the IRS will send you a letter in the mail. "The IRS never sends emails or even phone calls — and they rarely call. A general audit can go back three years...however, they can go back up to seven years if you understate more than 25% of your income," said Ahad.
So how do you know if you need a tax expert to do your taxes or if you should just do them yourself? Ahad said not everyone needs a CPA. "Once you start having a complicated tax situation — like rental properties, business ventures, or multiple sources of income — that's when you should consider a tax professional, because there are way too many deductions, myths, and rules that most people don't know about."