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Homeownership and taxes: Things taxpayers should consider when selling a house

It’s important for taxpayers to understand how selling their home may affect their tax return. When filing their taxes, they may qualify to exclude all or part of any gain from the sale from their income. Here are some...

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  • June 14, 2021

Checking withholding can help taxpayers decide if they need to give their employer a new W-4

All taxpayers should review their federal withholding each year to make sure they’re not having too little or too much tax withheld. Employees, retirees and self-employed individuals can use the IRS Tax Withholding Estimator to help decide if they should...

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  • May 27, 2021

IRS working to help those without a permanent address get benefits including stimulus payments and tax credits

While the third round of Economic Impact Payments continue to be made automatically to most people, the IRS can’t issue a payment to eligible Americans when information about them isn’t available in the tax agency’s systems. Economic Impact Payments,...

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  • May 21, 2021

What someone should do if they missed the May 17 deadline to file and pay taxes

The federal income tax deadline has passed for most individual taxpayers. However, some haven’t filed their 2020 tax returns or paid their tax due.   If an individual taxpayer is owed a refund, there’s no penalty for filing late....

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  • May 18, 2021

IRS, Treasury Announce Families of 88% of Children in the U.S. to Automatically Receive Monthly Payment of Refundable Child Tax Credit

WASHINGTON – The Internal Revenue Service and the U.S. Department of the Treasury announced today that the first monthly payment of the expanded and newly-advanceable Child Tax Credit (CTC) from the American Rescue Plan will be made on July...

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  • May 17, 2021

Release The Kraken, District Court Orders. All Crypto Investors Should Pay Attention.

The Internal Revenue Service is conducting an “ongoing, extensive investigation involving substantial IRS resources” into cryptocurrency holders. As part of that investigation, the IRS is serving “John Doe” summons on various cryptocurrency companies, seeking court orders to require cryptocurrency...

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  • May 13, 2021

Here’s why some people got more than one notice about their Economic Impact Payments

After each of the three Economic Impact Payments is issued, the IRS is required to mail a notice to each recipient’s last known address. The notice provides information about the amount of the payment, how it was made and...

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  • May 3, 2021

Taxpayers shouldn’t believe these myths about federal tax refunds

Now that many taxpayers have filed their federal tax returns, they’re eager for details about their refund. When it comes to refunds, there are several common myths that can mislead taxpayers. Getting a refund this year means there’s no...

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  • May 3, 2021

2 million more Economic Impact Payments disbursed under the American Rescue Plan; total reaches approximately 161 million as payments continue

WASHINGTON — Today, the Internal Revenue Service, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced they are disbursing nearly 2 million payments in the sixth batch of Economic Impact Payments from the American...

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  • April 23, 2021

IRS suspends requirement to repay excess advance payments of the 2020 Premium Tax Credit; those claiming net Premium Tax Credit must file Form 8962

WASHINGTON — The American Rescue Plan Act of 2021 suspends the requirement that taxpayers increase their tax liability by all or a portion of their excess advance payments of the Premium Tax Credit (excess APTC) for tax year 2020....

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  • April 10, 2021

IRS begins delivering third round of Economic Impact Payments to Americans

WASHINGTON – The Internal Revenue Service announced today that the third round of Economic Impact Payments will begin reaching Americans over the next week. Following approval of the American Rescue Plan Act, the first batch of payments will be...

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  • March 13, 2021

Here are reasons taxpayers should file a 2020 federal tax return – and why e-file is best

Most people with gross income of $12,400 or more must file a federal tax return. Some people with a lower income are not required to file. However, these individuals should still consider filing for a refund of federal income...

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  • March 4, 2021

Here’s what taxpayers should do if they have missing or incorrect documents

Taxpayers should double-check to make sure they have all their documents before filing a tax return. Taxpayers who haven’t received a W-2 or Form 1099 should contact the employer, payer or issuing agency and request the missing documents. This...

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  • March 1, 2021

Common and costly errors taxpayers should avoid when preparing a tax return

Electronically filing a tax return reduces errors because the tax software does the math, flags common errors and prompts taxpayers for missing information. It can also help taxpayers claim valuable credits and deductions. Using a reputable tax preparer –...

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  • February 24, 2021

What taxpayers need to know to claim the earned income tax credit

The earned income tax credit can give qualifying workers with low-to-moderate income a substantial financial boost. In 2019, the average amount of this credit was $2,476. It not only reduces the amount of tax someone owes but may give...

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  • February 16, 2021

Tax resources for military members, veterans and their families

The IRS has a variety of resources to help members of the military, veterans and their families navigate the unique and sometimes complex circumstances that come with filing taxes while in the military. Here’s a list of some of...

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  • February 16, 2021

2021 tax filing season set to begin February 12

The IRS will begin accepting and processing 2020 tax year returns on Friday, Feb.12, 2021. People who are ready to file can begin filing their tax returns with tax prep software, including IRS Free File. Software providers are accepting...

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  • January 29, 2021

IRS offers guidance to taxpayers on identity theft involving unemployment benefits

WASHINGTON – The Internal Revenue Service today urged taxpayers who receive Forms 1099-G for unemployment benefits they did not actually get because of identity theft to contact their appropriate state agency for a corrected form. States issue Forms 1099-G...

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  • January 29, 2021

Get a federal tax refund faster with direct deposit

WASHINGTON — The Internal Revenue Service today reminds taxpayers that the fastest way to get their tax refund is by filing electronically and choosing direct deposit. Direct deposit is free, fast, simple, safe and secure. Taxpayers can even split...

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  • January 28, 2021

Taxpayers can start the new tax year off right by checking their withholding

A new year means a fresh start. One way people can get the new tax year off to a good start is by checking their federal income tax withholding. They can do this using the Tax Withholding Estimator on...

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  • January 21, 2021