Understand how income taxes work.

Americans have a yearly responsibility to submit their tax returns by the standard deadline, which falls on April 15th. However, only some possess a comprehensive understanding of the tax filing process.

Individuals must pay taxes on their purchases, earnings, and property ownership. The amount of taxes owed is determined by factors like income level, occupation, and the method of earning money. These taxes contribute to government services such as schools, road maintenance, parks, etc.

Insufficient tax knowledge can result in unwise financial choices and costly errors when filing tax returns. Familiarizing oneself with the terminology and regulations associated with tax filing can prevent mistakes on tax returns and maximize potential refunds.

When Do I Need to File My Taxes?

The Internal Revenue Service (IRS) begins accepting income tax returns on January 31st for the previous year. Unless the IRS specifies a different date, the usual deadline to file your taxes is April 15th each year.

As a member of FSU Credit Union, you are eligible for a $15 discount when you electronically file your taxes through TurboTax. You can access this discount on our Perks & Rewards page.

How is Your Tax Return Calculated?

Calculating your tax return depends on filing status, income, and eligibility for deductions or credits. Each year, you will either receive a refund or owe taxes. To expedite the collection of your tax refund, filing your taxes online and opting for direct deposit when e-filing is recommended.

For commonly used tax forms necessary for filing your taxes, please visit TurboTax.

What Are Tax Brackets?

Tax brackets are specific income ranges individuals are categorized into when filing their taxes. Your income and filing status determines the bracket you fall into. In the United States, the tax system operates progressively, meaning that higher incomes correspond to higher tax rates.

For the most up-to-date information on tax brackets, please visit the IRS’s tax bracket page. 

Taxes Terms and Definitions

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