Tax Day 2024

Apr 2024 | Featured, Financial Education, Uncategorized

National Tax Day is April 15th, and in preparation, we’re providing some tips on taxes and what you need to know about filing them this year.

What are Taxes?

Taxes are mandatory charges to individuals and businesses from the government. Money can be owed to local, state, and national governments. The government(s) charges taxes differently depending on your city, county, or state within the United States.

Why do I pay taxes?

Governments use taxes to fund goods, services, and public infrastructure. There are many specifics your taxes pay for, but generally taxes go toward:

  • Emergency Services
  • Medicare & Medicaid
  • National Security
  • Roads & Bridges
  • Schools
  • Social Security

What is a Tax Return?

A tax return is the series of documents used to report your tax information to state and federal governments. This is an annual practice. These documents can include income, expenses, and filing status (single, married, etc.). Once completed, you’ll be given your total tax liability, or the amount responsible for paying to the various governments for the year.

Why do I have to file a tax return?

The reason you file a tax return is to prove to the government that you paid your fair share of taxes. If you don’t file a tax return, you can be assessed fines or even more serious penalties related to tax evasion.

When do I file a tax return?

Tax Day is April 15, 2024, so you have until then to complete your tax return Tax Day is always on April 15th, unless the date falls on a weekend or holiday.

How do I pay taxes?

The IRS provides resources on how to file taxes here.

Do I need to keep a record of my past tax returns?

You should keep record of past tax returns in case the IRS (Internal Revenue Service) or your state government has questions on any past information you’ve submitted. If they have questions, this could lead to an audit, where the government reviews your tax return to make sure you completed it correctly. Generally, it is a good idea to keep a record of past tax returns for at least 3 years, but an audit can go back six years. There is no time limit if the IRA suspects someone has committed tax fraud.

When it comes to filing Taxes, don’t stress! This guide can help answer some questions you have about Tax season, but don’t forget to file by April 15th!

Disclaimer:

While we hope you find this content useful, it is only intended to serve as a starting point. Your next step is to speak with a qualified, licensed professional who can provide advice tailored to your individual circumstances. Nothing in this article, nor in any associated resources, should be construed as financial or legal advice. Furthermore, while we have made good faith efforts to ensure that the information presented was correct as of the date the content was prepared, we are unable to guarantee that it remains accurate today.

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