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IRS Sees Millions of Tax Returns Last Days of Tax Filing Season

A recent update from the Internal Revenue Service (IRS) states that IRS has received about 135.6 million returns for the current year following the late surge of tax filings during the end of April. It is reported that after the mid of April 2018, IRS received more than 17 million tax returns and importantly the majority of the tax filing, 13.6 million returns came through electronically. On the whole, IRS received about 135.6 million tax returns through...

Interest Rates Remain the Same for the Third Quarter

Last month the Internal Revenue Service (IRS) declared that there is no change in the interest rates and it is the same for the calendar quarter, which starts from July 1, 2018.  IRS Interest Rates Every year, the Internal Revenue Service announces the interest rates for every quarter of the year. However, few of the taxpayers are not aware of how the interest rates work on their tax payment. What does the interest rate do? When a...

Need to Know About Taxable and Nontaxable Income

A taxpayer can reduce the tax liability when he/she knows what to claim as taxable and nontaxable income. A person can receive income in many forms such as salaries, wages, tips, interests, and commissions. According to accountant Caroline Thompson, “Consider all the income that increases the wealth as taxable”.  Apart from that, there is little left out to be nontaxable. The government lists the items that are not taxable and mentions the circumstances when the items occur...