Most taxpayers know that income is taxed at different rates, depending on how much the taxpayer has earned in the year. For instance, in 2013 a single taxpayer paid 25 percent on the income he or she earned above about $36,000, and 28 percent on income above about $88,000. The top rate on income earned through work that year was 39.6 percent, which applied to any income after $400,000.
What if I won't be able to file my income taxes on time?
Everyone knows that the due date for filing your federal income taxes usually is April 15. But for one reason or another, sometimes taxpayers are unable to file by that date. Sometimes an emergency has arisen that kept you from taking care of it. Or key documents have gotten lost or proved hard to track down.
Unclaimed Funds
What are Unclaimed Funds?
Staring in 2016, IRS will be able to seize passports
The IRS has the power to put liens on your property and even seize it outright, garnish your wages and do other things to those it accuses of owing back income taxes. Soon, it will also be able to limit your ability to travel.
