you can file your 2007 income tax return as early as January 11, 2008. If you try to send your 2007 income tax return to the IRS electronically, you will find that your 2007 income tax return will not be accepted by the IRS.
When you file the tax form 4868, Application for Automatic Extension of Time to File US Individual Income Tax Return, you are given an automatic 4 months of extension to file your tax return.
Because of the statute of limitations, the IRS can audit your tax return filed in the previous years. Therefore, you have to keep IRS records for years even after you have filed tax returns for those years.
How long to keep tax records for is a very frequently asked question. Taxpayers don't want to get into trouble with the IRS and be unprepared in an IRS audit.
How many people are actually audited by the IRS is a common question that people want to know. Most people are afraid of being audited by the IRS.
People are always afraid that the IRS may audit them and they will not have records of the year in which the IRS wants to audit. In general, the IRS has three years from the tax filing deadline to audit a taxpayer.
There are many reasons why the IRS may assess interests and penalties on a tax return. In addition to interest, the tax laws provides various penalties for lack of tax law compliance.
For most taxpayers, the table below shows how much they have to earn before they need to pay tax.
Most people want to avoid an audit by the IRS. Fortunately, because of a limited budget, the IRS can only afford to audit a small number of tax returns.
Nowadays, consultants such as Mary Kay consultants make quite a bit of income to need to file their tax returns with the IRS. However, many Mary Kay consultants do not know how to file taxes for Mary Kay consultants and many do not want to hire a CPA or tax preparer to help them.