What is tax return filing

Filing a tax return is a United States Government requirement of all working Adults of a certain age and income.  It is used to measure your income for taxes that are to be paid to the government. This taxation is also termed as Federal income tax”.  The Internal Revenue Service (IRS), taxing agency for the US government determines who has to pay and what needs to be paid. These rates are determined each year by your elected officials in United States Senate and House of Representatives.  The President of the United States provides his signature for the final approval. 


Not all adults have to pay income taxes.  The IRS estimates that 47% of Americans pay no federal income tax. If you are under age 65 and single with income earning of $10,400 or more you must file your income for taxation.  There a number of other factors in determining what to file, how to file and when to file.  There are individuals who specialize in preparing and filing tax return. Most are usually accountants; special tax preparers and many are individual citizens who file personally for them.   


For those who choose not to file an income tax, the IRS has systems to determine who have not.  Based on the delinquency, the IRS can imposed penalties and interest on what they believe you owe.  They also do the same if it is determined you owe taxes after filing and chose not to pay.  If that is ever the case, they’re private business owners that are approved by the IRS to negotiate the terms of your delinquency as assist you with coming up with a plan to pay your taxes.  The very best representative for the IRS on matter of delinquency is called IRS “Enrolled Agent”.  This person usually has years of experience and expertise in handling cases with the IRS.  The title designation proves that the individual is approved by the IRS and is astute on all of the tax codes.  If you find you are in need of an IRS enrolled agent, contact Sandra King.  She is experienced in all matters of tax delinquency. 


King Financial Services Inc