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It is actually income and not age that determines the amount of federal taxes you have to pay. If you and your spouse are above the age of 65, you would need to file for a joint tax statement if the income is above $21300 or the combination of half your social security along with the other income is more than $32000. In case you are single, the thr

Preferred stock implies ownership in a company that provides a higher claim on assets and earnings. There is no tax advantage available because preferred stocks are paid fixed dividends with after-tax dollars. This is considered to be similar to debt. Preferred shares dont reflect debt on the organization's financial books and save money.

In order to report your Social Security and Medicare taxes, you must file Schedule SE (Form 1040), Self-Employment Tax (PDF). Use the income or loss calculated on Schedule C or Schedule C-EZ to calculate the amount of Social Security and Medicare taxes you should have paid during the year.

By law, the IRS must hold refunds claiming the Earned Income Tax Credit and/or the Additional Child Tax Credit until mid-February. You can prepare and file your federal individual income tax return using tax-preparation-and-filing software without any cost.

Business owners need to make sure they've properly filed each form, correctly itemized each deduction and write-off, and have their receipts handy in case of a dreaded audit. Here are some tips to file your taxes properly: 1)Collect your records - Before filling out any tax form to report your business income, you should have all records in front o

You may file Form 1040 by paper mail, by using IRS e-file, or through an approved tax preparer. Filing taxes online is generally safer, faster, and easier and you will get your tax refund much sooner if you choose the Direct Deposit option.