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Six Tips for Students with a Summer Job

School’s out and many students now have a summer job. Some students may not realize they have to pay taxes on their summer income. Here are the six things the IRS wants everyone to know about income earned while...

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  • July 9, 2010

Closing Deadline Extended to Sept. 30 for Eligible Homebuyer Credit Purchases

WASHINGTON — Eligible taxpayers who contracted to buy a home, qualifying for the first-time homebuyer credit, before the end of April now have until Sept. 30, 2010 to close the deal, according to the Internal Revenue Service. The Homebuyer...

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  • July 7, 2010

Summertime Child Care Expenses May Qualify for a Tax Credit

Did you know that your summer day care expenses may qualify for an income tax credit? Many parents who work or are looking for work must arrange for care of their children under 13 years of age during the...

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  • July 7, 2010

Recent Legislation Offers Special Tax Incentives for Small Businesses to Provide Health Care, Hire New Workers

WASHINGTON — In recognition of National Small Business Week, the Internal Revenue Service encourages small businesses to take advantage of tax-saving opportunities included in recently enacted federal legislation. A variety of business tax deductions and credits were created, extended...

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  • June 3, 2010

Ten Facts about Amended Returns

You can make a change or an adjustment to a tax return you’ve already filed by filing an amended return. Here are the top 10 things the IRS wants you to know about amending your federal tax return. If...

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  • April 14, 2010

Ten Last Minute Filing Tips

With the tax filing deadline close at hand, the IRS offers 10 tips for those still working on their tax returns: File Electronically Consider filing electronically instead of using paper tax forms. If you file electronically and choose to...

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  • April 10, 2010

Ten Things You Need to Know About Tax Refunds

Are you expecting a refund from the IRS this year? Here are the top 10 things you should know about your refund. Refund Options You have three options for receiving your individual federal income tax refund: a paper check,...

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  • April 1, 2010

Ten Tips for Taxpayers Contributing to an Individual Retirement Plan

If you haven’t made all the contributions to your traditional Individual Retirement Arrangement that you want to make – don’t worry, you may still have time. Here are the top 10 things the Internal Revenue Service wants you to...

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  • March 31, 2010

Top Ten Tips for Last Minute Filers

With the tax filing deadline close at hand, here are the top 10 tips the IRS wants you to know if you are still working on your federal tax return. E-file your return Don’t miss out on the benefits...

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  • March 30, 2010

Five Important Tax Credits

Five Important Tax Credits You might be eligible for a valuable tax credit. A tax credit is a dollar-for-dollar reduction of taxes owed. Some credits are even refundable, which means you might receive a refund rather than owe any...

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  • March 20, 2010

Ten Facts about Claiming the Child Tax Credit

The Child Tax Credit is a valuable credit that can significantly reduce your tax liability. Here are 10 important facts from the IRS about this credit and how it may benefit your family. Amount – With the Child Tax...

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  • March 20, 2010

Standard or Itemized Deductions

Most taxpayers have a choice of either taking a standard deduction or itemizing their deductions. If you have a choice, you can use the method that gives you the lowest tax. Whether to itemize deductions on your tax return...

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  • March 20, 2010

Eight Important Facts about the Health Coverage Tax Credit

The Health Coverage Tax Credit pays 80 percent of health insurance premiums for eligible taxpayers and their qualified family members. However, many people who could be receiving this valuable credit don’t know about it, and are missing out on...

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  • March 20, 2010

Six Things You Need to Know About Your Economic Recovery Payment

Did you receive a $250 Economic Recovery Payment in 2009? You’ll need to know if you are claiming the Making Work Pay Tax Credit on your 2009 tax return. Only individuals who received income from the Social Security Administration,...

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  • March 18, 2010

Nine Things You Should Know about Penalties

The tax filing deadline is approaching. If you don’t file your return and pay your tax by the due date you may have to pay a penalty. Here are nine things the IRS wants you to know about the...

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  • March 15, 2010

Top Ten Facts About the Child and Dependent Care Credit

Did you pay someone to care for a child, spouse, or dependent last year? If so, you may be able to claim the Child and Dependent Care Credit on your federal income tax return. Below are the top 10...

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  • March 9, 2010

Five Ways to Offset Education Costs

College can be very expensive. To help students and their parents, the IRS offers the following five ways to offset education costs. The American Opportunity Credit This credit can help parents and students pay part of the cost of...

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  • February 20, 2010

Seven Facts About Social Security Benefits

If you received Social Security benefits in 2009, you need to know whether or not these benefits are taxable. Here are seven facts the Internal Revenue Service wants you to know about Social Security benefits so you can determine...

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  • February 20, 2010

Top Ten Facts about Taking Early Distributions from Retirement Plans

Some taxpayers may have needed to take an early distribution from their retirement plan last year. The IRS wants individuals who took an early distribution to know that there can be a tax impact to tapping your retirement fund....

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  • February 20, 2010

Tax on Early Distributions

Most distributions (both periodic and nonperiodic) from qualified retirement plans and nonqualified annuity contracts made to you before you reach age 59½ are subject to an additional tax of 10%. This tax applies to the part of the distribution...

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  • February 20, 2010