Read Part 1 here. When fewer allowances are claimed, often more than enough tax is withheld, and the Internal Revenue Service (IRS) will issue a refund after the individual has filed their taxes the following spring. If multiple allowances are claimed, too little tax may be paid during the year and the IRS will request … Continue reading What is a W-4 Form? Part 2
One of the first steps at a new job is declaring your tax status on a W-4 form. The W-4 form determines the amount of tax withheld from your paycheck by your employer to pay to the federal government and is determined by allowances. The more allowances an employee claims on the W-4 form, the … Continue reading What is a W-4 Form? Part 1
Many Americans choose to hire tax experts to help file their taxes. These tax professionals are knowledgeable and up-to-date in tax law and can make filing taxes a seamless and simple process, though they do come at an expense. Extra tax support from a professional can be particularly helpful if numbers and finances are not … Continue reading Should I File my Taxes Myself?
When filing taxes, having all of the necessary forms nearby will be helpful. A first step is to have the names, dates of birth, and social security numbers for all individuals covered in your tax return. It could just be you, or it could include a spouse and/or dependents. One of the most important and … Continue reading What Forms Do I Need to File my Taxes?
Through the leadership of state government, every state has the authority to determine their tax structure to maximize their revenue. For most state governments, the involvement of citizens through lobbying or engagement can help determine taxes, particularly related to social services and education. One tax, sales tax, occurs statewide in 45 states and is printed … Continue reading Why do taxes differ wildly per state?
City or town government is your local government, led by elected representatives who lead only that town or city. County governments vary widely by state. In some locations, county governments oversee public education, law enforcement, the court system, and specific taxes. In other states, state governments oversee a portion of these services. And yet other … Continue reading How do my city, county, and state government differ?
Local governments carry out the same duties as state and national governments, but on a smaller scale. Led by leaders who are elected representatives working on behalf of the citizens in the particular town or city they represent, local government size varies by the size of the town or city. Local government leaders only have … Continue reading What is Local Government?