What Every Immigrant Needs to Know
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Finances 33) Filing Taxes
You need to file an income tax return every year on or before April 15th if you meet certain requirements that depend on how much you make. You can ask for an extension if you need extra time. You can file taxes using a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN). You can apply for an ITIN if you do not have a SSN. To get an ITIN you need to complete a one-page W-7 form from the IRS. The ability to show that you file taxes is important for applications, including for green cards or to become a citizen. (37) ITIN Dependents are people who depend on your income, such as children you support. The number of dependents you have, and your income level decide how much you pay or receive. This information is from the W-4 form you complete when you begin working with a company. The Earned Income Tax Credit (EITC) is a tax credit for low-income working individuals and families. Different companies can prepare your taxes for a cost. Internet programs can also help you prepare your taxes for free or a low cost. Some communities have programs that will help you file taxes for free. The VITA program for example offers free tax help to: - People who generally make $57,000 or less - Persons with disabilities; and - Limited English-speaking taxpayers
34) Form W-2 Wage and Tax Statement
W-2 forms report money paid to employees and taxes taken out. The W-2 reports income from January 1st through December 31st. You receive a copy of your W-2 form in the mail or at your work in January. Use the information on your W-2 form to file your taxes.
(34) W-2 Wage and Tax Statement example
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