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4/30/2015GuidetoIRSCollections KristyMaitre Specialist CenterforAgriculturalLawandTaxation May4,2015TaxPaymentOptionsandSolutions WhentosubmitanOfferinCompromise ReleasingaFederalTaxLien InstallmentAgreements
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What is income?
Income is money earned or received from various sources such as wages, salaries, investments, and business activities.
Who is required to file income?
Individuals, businesses, and other entities who earn income above a certain threshold are required to file income tax returns.
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Income can be filled out either manually by using paper forms provided by tax authorities or electronically through online tax filing platforms.
What is the purpose of income?
The purpose of filing income tax returns is to report income, calculate tax liabilities, and claim any deductions or credits eligible to the taxpayer.
What information must be reported on income?
Income tax returns typically require information on sources of income, deductions, credits, and any taxes already paid.
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