Tax Season
Candlefocus EditorTax season can be a stressful time for individuals and businesses, as they are required to pay their taxes and submit accurate returns by April 15 of each year. Individuals must report their income and other financial assets, such as investments, for the preceding tax year when filing their tax returns. The same is true for businesses, which must report their income and expenses in order to compute their taxes. Late returns are subject to penalties and interest from the IRS.
There are a number of tax materials available to individuals and businesses in order to aid them in the tax preparation process. The IRS website provides detailed information about filing taxes, as well as forms and instructions related to the specific situation of the taxpayer. Additionally, many third-party tax preparation services offer assistance throughout tax season, such as software to help calculate taxes owed, or advice from professionals.
Taxpayers have the option of filing their taxes electronically, such as through the IRS e-file system, or by mail. Electronic filing is the most common avenue as it offers many advantages like quicker refunds and improved accuracy. Furthermore, the IRS offers free filing to eligible taxpayers, who can use the IRS's free file system.
Overall, tax season is the set period leading up to the April 15 filing deadline in which individuals and businesses are responsible for submitting their tax returns. Taxpayers must be mindful of the materials and deadlines required to ensure they stay on track and comply with the tax laws. By filing an accurate return, taxpayers can minimize headaches and potential penalties.