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While it's probably not anyone's idea of fun to sit down and file taxes, it certainly no longer has to be the hassle it once was. One of the largest complaints about filing taxes has been the confusing directions and mystifying tax codes. Many complain that it is the main reason for the errors that delay refunds. To alleviate this problem, the use of short forms and online filing makes completing the task actually be quite simple. Those with more complex returns often use professionals when it comes time to file taxes; however, even professionals file most tax returns online. It is simply a more trustworthy filing option.
There are many who still prefer to file taxes the old fashioned way through the mail. However, unless an individual has a great number of itemized deductions or a special set of circumstances, a majority of filers opt to use the 1040EZ short form. The form does have certain restrictions for use. Married or single, those with an income up to $100,000 can file taxes using the 1040EZ; however, no dependents can be claimed on the form. It simply allows filers to give the necessary information such as income and filing status. The filer then takes the standard deduction for their income.
The most popular way to file taxes is of course via the internet. Self guided programs make the process less confusing and provide more accurate returns. Once all the necessary information is filled out, the tax return can be sent electronically. In return filers receive an instant confirmation of receipt. This provides a feeling of security and finality that the task is completed. Those who file taxes online often receive their refund much quicker than those who file through the mail. Although there are certain restrictions, the IRS now offers its own free online tax filing to taxpayers in certain income brackets.
For those with complex tax returns or corporate tax returns, it is always a best bet to rely on the expertise of a certified and experienced professional when filing taxes. It is all too easy for the layperson to misinterpret tax codes and instructions. This is especially true when there is a good amount of data and financial information that must be examined. When and where necessary, a professional can also help file extensions should situations arise that will not have the tax return filed by the required due date. Those who fail to file taxes in a timely manner without asking for the appropriate extension can be subject to penalties and fines.
Sales Taxes Tamilnadu News
As GST looms, Tamil Nadu looks at ways to keep kitty intact - Times of India
As GST looms, Tamil Nadu looks at ways to keep kitty intact
Times of India
"Tamil Nadu will be at a loss when GST is rolled out as it is a manufacturing (product) state and also due to the loss of central sales tax (CST). Though there is no clear picture on the revenue neutral rate of GST, if the rate is going to be higher ...
Closed Nokia plant looks for buyers but problems remain - Business Standard
Closed Nokia plant looks for buyers but problems remain
As speculation swirls that Micromax, HTC and Chinese mobile handset manufacturer Xiaomi are eyeing the idle Nokia plant at Sriperumbudur near Chennai, experts say buyers will have to negotiate legal disputes, the lack of a smartphone supply chain and ...
Noida-based Lava may buy Nokia's Chennai plant
Alarm in Karnataka, Tamil Nadu as Andhra's Naidu 2.0 goes on business hunt - Times of India
Alarm in Karnataka, Tamil Nadu as Andhra's Naidu 2.0 goes on business hunt
Times of India
Siddaramaiah had then said, "We offered maximum concessions to the company (tax holidays, excise duty exemption, concessions in entry tax, and interest-free loan of central sales tax). But, AP offered them free land. We cannot do that because other ...
CPCL to maximise petro products sales within Tamil Nadu - The Hindu
CPCL to maximise petro products sales within Tamil Nadu
Chennai Petroleum Corporation Ltd (CPCL) will try to maximise petro products sales within Tamil Nadu to offset revenue losses on account of payment of two per cent Central Sales Tax (CST). At present, it sells about 1,300-1,400 tonnes of fuel per annum ...
CPCL working on saving costs to improve margins
Nokia management cautions former workers - Business Standard
Nokia management cautions former workers
... and service business globally, but it was left out from the deal, since the IT Department, which slapped a Rs 21,000 crore tax notice against the company, has freezed the factory. Later, Tamil Nadu Government also slapped a Rs 2,400 crore sales tax ...