What is the Internal Revenue Service

The Internal Revenue Service is a bureau of the Department of the Treasury. In the United States, the Congress passes tax laws and requires U.S. citizens, aka, taxpayers to comply. The role of the taxpayer is to understand and meet his or her tax obligations and the role of the IRS role is to help the Citizens understand the tax law as it pertains to them. The IRS works diligently to ensure that individual citizens and businesses understand and stay informed about U.ncle S.am Tax rules and responsibilities.

Is All Income Taxable

Despite age, citizenship, or permanent residents, most people who work , and or do business in the United States or with Uncle Sam will need to file a tax return. Any citizen who generates income from wages, self-employment side jobs, other independent work, or you had other situations that generated income that may require you to file, like Gambling winnings, or other miscellaneous activities. To avoid what can amount to costly fines for tardiness, Taxable Income must be reported on IRS Form 1040 and submitted via USPS, or Electronically, no later than April 15th, unless the 15th falls on a Weekend, then the Tax Day Deadline is generally extended to the next business day.

Not all income is considered taxable. The IRS determines if the revenue is Taxable or Non-taxable , and at what rate. Depending on the source of the income It may benefit you to file even, if it is not required. For more information on Taxable and Non- Taxable income see IRS Publication 525.

Who Needs to Pay Income Taxes

Generally, most U.S. citizens or permanent resident, regardless of age, who generate income in the U.S. need to file a federal tax return for the taxable year by the 15th day of April the following year, unless the15th falls on a Weekend, then it is extended to the next business day. Pay any taxes due by the filing deadline to avoid penalties and interest. If you need more time, you must request an extension by the filing deadline.