Nationwide Tax Consulting

There are no doubts half of the Americans don't pay income taxes and according to a survey, 46% of households either will pay no federal income tax or will receive more from the Internal Revenue Service of the United States of America than they pay in. TPC recently released a new study that examines why these people end up paying no federal income tax. The number one reason should come as no surprise. It's because they have low incomes. As Nationwide Tax Consulting notes: A couple with two children earning less than $26,400 will pay no federal income tax this year because their $11,600 standard deduction and four exemptions of $3,700 each reduce their taxable income to zero. The basic structure of the income tax exempts subsistence levels of income from tax. Low incomes (or, if you prefer, the standard deduction and personal exemptions) account for fully half of the people who pay no federal income tax. The second reason is that for many senior citizens, Soci

Emergencies happen to anyone, and sometimes you are not in the situation to file your taxes and filing an extension at such time is a good idea to get time from IRS to clear your taxes to avoid late filing or late paying penalties. IRS doesn't care, if you have lost a document, had a medical emergency or whatever the reason is, you will get six months to pay your taxes. Process of filing an extension is straight forward, but it's better to do through a professional or a company such as Nationwide Tax Consulting to avoid refusal or get things done in the right way. How to File: You can e-file extension using a free file software or a better option is to file with the help of a professional. You can also print out Form 4868 and send it to the IRS address for your state by the deadline. Denial is possible, so it's better to get this done from the help of a professional. Tax Refund: If you expect a refund, you won't get it until after you file your tax returns and the I

Most individuals prefer to file taxes jointly to get benefits of tax deduction, but there are more benefits of filing separately as they don't realize individual filing can better their financial situation, mentioned Nationwide Tax Consulting.  First of all, We will talk about the disadvantages of filing separately: Couples prefer filing jointly because of several significant tax credits and deductions that are available to those who file jointly, such as: Earned income credit Child tax credit Child and dependent care credit Elderly and disabled credit All deductions and credits of every kind relating to education, such as the American Opportunity and Lifetime Learning Credits, student loan interest deduction and tuition and fees deduction Adjusted gross income (AGI) phaseout threshold of $0-$10,000 for traditional IRA deductibility These were some reasons that are why married couples prefer joint filing, but the following benefits of filing separately could cha

If you are earning from more than one state then you must be filing taxes in multiple states, or there could be further reasons which described below by Nationwide Tax Consulting . Moving to Another State: If you moved to another state during the ear and both states withhold income taxes, you will have to file your taxes in both states for the time you lived and worked in each state. Live in One State and Work in Other: If you and your spouse filing jointly and working in a different state but reside in another, you might have to file your taxes in both states, but that doesn't mean you have to pay in two states as well.  In that case, you will pay taxes in the state you worked unless both states have reciprocal tax agreement. In such cases, you will have to pay taxes in the state you reside. In case, you are working remotely for a company that has headquarter in a different state; you won't file tax in both, you will only file in the state you are working and residing. Incom

General question by taxpayers, How they can file their taxes in multiple states or why one needs to register tax in another country where he doesn't live anymore? Such queries are common, and some don't find an appropriate answer to that.  Here today, we are going to share a solution that could see you a solution to your all such queries about filing taxes in multiple states. First of all, you never get an appropriate answer on the internet because no one knows your tax situation and if you are seeking an answer online, I would say you are wasting your time. Solutions for tax matters can be only selected after looking in your tax record and statements. If you are running in such a situation, I would advise you to find a professional who has experience resolving such tax matters, to make sure about his abilities, talk with references or his/her previous clients. Share your details of the tax matter and ask for their suggestions for a solution. If you are looking for a professi