Tax liability is the total tax debt owed to the government by an individual, corporation or other legal entity.
Income tax, sales tax and capital gains tax are forms of tax liabilities.
Taxes are collected by various tax authorities, including federal, state and local governments. Taxes generate funds to pay for services such as road repairs and the upkeep of the military.
You can reduce your tax liability by claiming deductions, exemptions and tax credits.
The Electronic Federal Tax Payment System (EFTPS) is a 24/7 service provided by the US Department of the Treasury that allows taxpayers to make tax payments over the phone or the Internet.
Form 1095-B: Health insurance contains health insurance information for taxpayers, their spouses, and dependents if they are enrolled through an insurance company.
Form 1099-R is used to report distributions of annuities, income distribution plans, retirement plans, retirement accounts, insurance contracts, or pensions.
Form 2439 is an IRS form that regulated investment companies (RICs)—mutual funds and exchange-traded funds—and real estate investment trusts (REITs) are required to circulate to shareholders to report unallocated long-term capital gains.