There is a pretty good chance that you have to file a tax return each and every year. Pretty much every American has to do so. The Internal Revenue Service is very strict and you can get into trouble if you do something wrong. Unfortunately, the tax laws are very complicated. This is why many people hire a professional to fill out their taxes. Below, you’ll find answers to some of the most common tax law questions.

Do I Need To File A Return?

Whether or not you need to file a tax return depends on your income level. If it is above a certain level, you may not have to file. If you work a conventional job and receive a paycheck from your employer, you’re going to need to file your return.

When Is The Deadline?

Each and every year, the IRS sets a specific deadline for getting your taxes filed and paid. Generally, the agency will begin accepting returns in January. They’ll start processing the returned near the middle or end of the month. The deadline varies from one year to the next. However, it always ends in the middle of April. Be sure to get your taxes in on time or you’re going to face a lot of problems. If you cannot, you should ask for an extension. The IRS interest rate is pretty hefty, so your bill will accumulate rapidly.

Can I Claim My Child?

Claiming your child as your dependent is a very good idea. Just remember that only some children will be eligible. In order to claim a child, they must be younger than you. And, they need to be younger than 19. However, it is possible to claim student children until they turn 24. Children that are permanently and totally disabled can always be claimed.

Who Else Can I Claim As A Dependent?

It may also be possible to claim other people as your dependent. However, this will depend on several things, including your marital status and the relationship you share with the individual in question. The amount of support you provided them will also be a major factor. The IRS’s official website has more information and a form to help you find out who is your dependent and who is not.

What Is The Split Refund?

Some people may wish to split up their refund. This is referred to as a split refund. This makes it possible for you to deposit the refund into separate bank accounts. The IRS allows you to divided up the money and have it deposited into three separate bank accounts.

What If I Make A Mistake?

There is a good possibility that you’re going to make a mistake on your refund at least once. Don’t worry, because you can fix the problem. If it is something minor, such as a math error, the IRS will probably fix it on their own. If you’ve made a serious mistake, you should file an amended return as quickly as possible. This will help you avoid unnecessary trouble.

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