
Missed the tax deadline? Here’s what you should do
If you haven’t filed your taxes yet, don’t panic — but act fast.
Schedules is an IRS term that every taxpayer should know. Bankrate explains it.
Schedules are documents required by the IRS for documentation of financial information. Schedules report income, deductions and business-related details.
The IRS requires individuals to report income on an annual basis. To collect this information, individuals must submit information on specialized documents. These documents are called schedules. They help individuals to submit accurate information and to calculate taxes properly.
Susan owns her own business. She must report her self-employed income to the IRS. To do so, she completes Schedule C to report income and Schedule SE to report the taxes she paid toward Social Security during the year. She finds she would also benefit from itemizing her deductions for the year because they are higher than the standard deduction. Susan fills out Schedule A, as well. She attaches these to her Form 1040 and submits it to the IRS.
To estimate your taxes, use Bankrate’s 1040 tax estimator. Explore a breakdown of all IRS tax forms.
If you haven’t filed your taxes yet, don’t panic — but act fast.
Typically, taxpayers have two options: Take the itemized deductions or take the standard deduction.
Regardless of what may cause a person to miss the tax-filing deadline, there are potential consequences.
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