IRS Income Tax Return
IRS (Internal revenue service) is the federal agency of the United States responsible for tax collecting and filing. All United States citizens, whose gross income exceeds from a certain amount, are bound to file IRS income tax return. An important thing to be noted is that if you are a U.S citizen, then no matter where do you are residing in the world, you are bound to file IRS income tax return. Many citizens find very difficult to fill out the tax form. Consequently errors are also expected but a citizen who have made a mistake in filling his previous IRS income tax return, can correct the error with the help of FORM 1040X, which is available on IRS website.
Citizens can enjoy a lot of benefits if they file their returns in time. Your current filing status and gross income are the factors which decide if you have to file a return. If you earn 400 $ or more by self employment, then you are bound to file a return. Usually last date of filing is 15th of April. But extensions are being granted by internal revenue service to file income tax returns. If you want an extension, then you have to file FORM 2350, an application to extend the time to file your return. FORM 4868 will give a six months extension automatically. You can download forms in PDF format.
If you do not apply for extension and due date is passed, then IRS imposes a 5% penalty. penalty would not be imposed if you have a solid logical reason behind your late filing of income tax return, but this concession is for the citizens having 90% liabilities paid. If you want to know about your status, then you can call at Toll free number of IRS. You can also check your current status through internet. Simply go to the website of IRS. Then select check on refund and after inserting your social security information, you can easily check your status.
Specific forms are easily downloadable from the website of IRS. You must yearly file your tax return. A facility of E-filing is being provided by IRS, which is really a convenience. If you are getting a trouble to file income tax return, then you can consult to an income tax expert.