Tax Day 2024 and How to Get an Extension from the IRS
Tax Day is on Monday, Apr 15, 2024. Not ready to file? Submit an electronic request to the IRS for an extension ASAP!
When it comes to residency status, there is often a lot of confusion. This is because the laws relating to residency are not the same from state to state. In fact, each state has its own rules for classifying a place of residence.
When it comes to residency status, there is often a lot of confusion. This is because the laws relating to residency are not the same from state to state. In fact, each state has its own rules for classifying a place of residence. As a result, payroll taxes can be complicated when relating to residency.
In general terms, you are an official resident of a state if you don’t have intentions of staying there temporarily. It might help to think of it as a place you would return to after school, business travel, or vacation.
In the context of taxes, you are a nonresident if you have worked in the given state in the interim, with no intention of making it your home. An example of this would be an internship for a specific duration of time or commuting from one state to another for contract based work.
Below are a few examples to help determine your individual status for residency. Keep in mind these are generalizations and may not relate to your state. Each state has their own rules for determining residency.
With this said, it is crucial you check your state residency laws and taxes before filing any paperwork pertaining to your residency and tax stipulations.
Tax Day is on Monday, Apr 15, 2024. Not ready to file? Submit an electronic request to the IRS for an extension ASAP!
IRS has updated tax brackets for 2024. See how this affects your first paycheck this year!
Check out the updated 2024 Federal benefit limits for 401(k), HSA, and simple IRA, and more. Stay informed and plan your finances with confidence!