by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
Concise Takeaway A taxpayer has a balance due when total tax exceeds total payments, and an overpayment when payments exceed tax. The IRS offers multiple payment options, payment plans, hardship extensions, and refund methods. Balance Due A balance due occurs when...
by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
Concise Takeaway Federal income tax follows a pay‑as‑you‑go system. Taxpayers meet their obligations through withholding and estimated tax payments. Failure to pay enough throughout the year may result in penalties and interest. Tax Withholding Employers withhold...
by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
Concise Takeaway Most individual tax returns are due April 15, with automatic extensions available. Special deadline rules apply to combat zone service members and taxpayers living abroad. Standard Filing Deadlines The income tax return is due on the 15th day of the...
by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
Concise Takeaway Paid tax return preparers must follow strict due diligence rules when preparing returns involving EIC, CTC/ACTC/ODC, AOTC, and Head of Household. Failure to comply results in a $635 penalty per failure, with no maximum limit. Taxpayers who improperly...
by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
Concise Takeaway When a taxpayer has too much Social Security or Tier 1 RRTA tax withheld, the excess is refundable. The refund process depends on whether the taxpayer had multiple employers or one employer who withheld too much. When Excess Withholding Occurs Most...
