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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

10 Facts About Capital Gains and Losses

Have you heard of capital gains and losses? If not, you may want to read up on them because they might have an impact on your tax return. The IRS wants you to know these ten facts about gains...

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  • February 20, 2010

Feb. 28 is Last Day for Special Tax Option for Haiti Relief Donations

Video Haiti Earthquake Donations: English | Spanish | ASL For this and other videos: YouTube/IRSVideos WASHINGTON — Taxpayers wishing to claim their Haiti relief donations on the tax return they are filling out this season must make those donations...

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  • February 20, 2010

Gambling Winnings Are Always Taxable Income

Gambling winnings are fully taxable and must be reported on your tax return. Here are the top seven facts the Internal Revenue Service wants you to know about gambling winnings. Gambling income includes – but is not limited to...

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  • February 18, 2010

IRS Announces 2010 Standard Mileage Rates

WASHINGTON — The Internal Revenue Service today issued the 2010 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2010, the standard mileage...

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  • February 18, 2010

Five Filing Facts for Recently Married or Divorced Taxpayers

If you were married or divorced recently, there are a couple of things you’ll want to do to ensure the name on your tax return matches the name registered with the Social Security Administration. Here are five facts from...

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  • January 25, 2010

Eight Facts About Filing Status

Everyone who files a federal tax return must determine which filing status applies to them. It’s important you choose your correct filing status as it determines your standard deduction, the amount of tax you owe and ultimately, any refund...

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  • January 25, 2010

Ten Things You Should Know about the Making Work Pay Tax Credit

Many working taxpayers are eligible for the Making Work Pay Tax Credit, a provision created by the American Recovery and Reinvestment Act in early 2009. Here are 10 things the IRS wants you to know about this tax credit...

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  • January 23, 2010

Ten Tax Topics for Taxpayers with Tots and Teens

Ten Tax Topics for Taxpayers with Tots and Teens Got Kids? They may have an impact on your tax situation. Listed below are the top 10 things the IRS wants you to consider if you have children. Dependents In...

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  • January 15, 2010