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Although the IRS often finds and corrects errors during processing, there are certain situations in which a taxpayer may need to file an amended return to make a correction. Here are some quick tips for anyone who discovered they...
Summertime activities often affect the tax returns people file the following year. Here are some things taxpayers do during the summer along with tips they should consider now: Getting married. Newlyweds should report any name change to the Social...
Taxpayers who need to pay more before tax time have a few different options on how they can do so. First, all employees should make sure their employers are withholding the correct amount of tax from their paychecks. The...
Summer is a season when people have fun, yet get things done. From buying a new house to cleaning their old one, taxpayers who itemize their deductions may be doing things this summer that will affect the tax returns...
WASHINGTON — The Internal Revenue Service today launched the new Tax Withholding Estimator, an expanded, mobile-friendly online tool designed to make it easier for everyone to have the right amount of tax withheld during the year. The Tax Withholding...
Taxpayers who use their home for business may be eligible to claim a home office deduction. It allows qualifying taxpayers to deduct certain home expenses on their tax return. This can reduce the amount of the taxpayer’s taxable income....
The IRS won’t be getting any postcards from taxpayers this year. It’s not like the nation’s tax collection agency was expecting pictures of scenic views of mountains and oceans or tourist attractions. But plans to provide taxpayers with a postcard-sized Form 1040 have been officially scrapped. The IRS is...
As taxpayers with filing extensions submit their returns this summer and fall, some of them may have questions about their refunds. These taxpayers can use the Let Us Help You page to find answers to those questions. This page...
Taxpayers who have deducted the business use of their car on past tax returns should review whether or not they can still claim this deduction. Some taxpayers can. Some cannot. Here’s a breakdown of which taxpayers can claim this...
Tax credits and deductions can mean more money in a taxpayer’s pocket. Most people only think about this when they file their tax return. However, thinking about it now can help make filing easier next year. This tip is...
Single or married? Kids or no kids? These are just a couple of questions that will help someone determine their tax filing status. Taxpayers usually only think about their filing status when filing their returns. However, this is something...
With scam artists hard at work all year, taxpayers should be on the lookout for a surge of evolving phishing emails and telephone scams. Taxpayers should watch for new versions of two tax-related scams. One involves Social Security numbers...
Organizations that want to apply for tax-exempt status under Section 501(c)(3) of the tax code use a Form 1023-series application. Here are some things organizations should know to help them understand the process: The application must be complete. It...
Tax planning should happen all year long, not just when someone is filing their tax return. An important part of tax planning is recordkeeping. Well-organized records make it easier for a taxpayer to prepare their tax return. It can...
Taxpayers might need a tax transcript for many reasons, like applying for a mortgage or a student loan. The Let Us Help You page on IRS.gov will help taxpayers understand tax transcripts. This page has links to information that...
Taxpayers with questions about their federal tax accounts can hop over to IRS.gov for answers. Individual taxpayers can login to the View Your Account Information page to view specific details about their federal tax account information. Taxpayers can view:...
Taxpayers should be aware of tax law changes related to alimony and separation payments. These payments are made after a divorce or separation. The Tax Cuts and Jobs Act changed the rules around them, which will affect certain taxpayers...
New versions of well-known tax-related scams appear every year…and 2019 is no different. No matter what time of year, taxpayers should be on the lookout for scams. Here are some things taxpayers should remember to help them spot scams...
Federal law requires a person to report cash transactions of more than $10,000 to the IRS. Here are some facts about reporting these payments. Who’s covered For purposes of cash payments, a “person” is defined as an individual, company,...
Small business owners should keep good records. This applies to all businesses, whether they have a couple dozen employees or just a few. Whether they install software or make soft-serve. Whether they cut hair or cut lawns. Keeping good...
