Tax season is just around the corner, and whether you’re a high school student with a part-time job or a college student navigating your way through finances, it’s essential to understand the basics of filing your taxes. You’re in luck in Tennessee because it’s one of the ten states that don’t impose a personal income tax. However, there’s still a lot to consider when it comes to federal taxes.
The 2024 tax season begins on January 29, as announced by the IRS, so early birds can start preparing. Tax Day, when 2023 taxes are due for 2024, typically falls on April 15 unless it lands on a weekend or holiday. But remember, there’s always the option to file for an extension.
The absence of a state personal income tax can be advantageous for those living in Tennessee. Still, it’s crucial to know what is taxed in the state, as those taxes fund essential services like roads and schools. Additionally, the IRS offers programs like Free File and Direct File for eligible taxpayers, making it possible to file your federal taxes for free………[read more]
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How do tax policies, such as the absence of state income taxes in certain states, impact the economy and consumers’ financial decisions?
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