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Some taxpayers may benefit from the credit for other dependents

Taxpayers with dependents who don’t qualify for the child tax credit may be able to claim the credit for other dependents. The maximum credit amount is $500 for each dependent who meets certain conditions. These, include: Dependents who are...

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  • March 2, 2020

Child Tax Credit and Credit for Other Dependents

Inside This Issue Here is a video tax tip from the IRS:  Child Tax Credit and Credit for Other Dependents English | Spanish Subscribe today: The IRS YouTube channels provide short, informative videos on various tax related topics in...

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  • October 30, 2019

What’s new with the child tax credit after tax reform

Many people claim the child tax credit to help offset the cost of raising children. Tax reform legislation enacted last year made changes to that credit. Here are some important things for taxpayers to know about the changes to...

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  • November 28, 2018

Ten Tax-Time IRS Tips to Consider

The tax filing deadline is Tuesday, April 18 this year. This is because April 15 falls on a weekend and the following Monday is a holiday in the District of Columbia. Even with an extra three days, the IRS...

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  • March 29, 2017

Get Credit for Making a Home Energy Efficient

Taxpayers who made certain energy efficient improvements to their home last year may qualify for a tax credit this year. Here are some key facts to know about home energy tax credits: Non-Business Energy Property Credit • Part of...

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  • February 28, 2017

Capital Gains and Losses – 10 Helpful Facts to Know

When a person sells a capital asset, the sale normally results in a capital gain or loss. A capital asset includes inherited property or property someone owns for personal use or as an investment. Here are 10 facts that...

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  • February 22, 2017

Claim the Earned Income Tax Credit

The Earned Income Tax Credit has helped workers with low and moderate incomes get a tax break for 40 plus years. Yet, one out of every five eligible workers fails to claim it. Here are some things taxpayers should...

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  • January 27, 2017

Employers and Coverage Providers: 11 Facts About Health Care Information Forms

Under the Affordable Care Act, insurance companies, self-insured companies, and large businesses and businesses that provide health insurance to their employees must submit information returns to the IRS and individuals reporting on health coverage. Taxpayers can use the information...

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  • January 7, 2017

Reminder for Parents and Students: Check Out College Tax Credits for 2016 and Years Ahead

WASHINGTON ― With another school year now in full swing, the Internal Revenue Service today reminded parents and students that now is a good time to see if they qualify for either of two college tax credits or other...

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  • September 30, 2016

Keep in Mind the Child and Dependent Care Credit this Summer

Day camps are common during the summer months. Many parents enroll their children in a day camp or pay for day care so they can work or look for work. If this applies to you, your costs may qualify...

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  • June 24, 2016

Five Facts about the Small Business Health Care Tax Credit

If you are a small employer, there is a tax credit that can put money in your pocket. The small business health care tax credit benefits employers that: • offer coverage through the small business health options program, also...

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  • June 2, 2016

Now is a Good Time to Plan for Next Year’s Taxes

You may be tempted to forget about your taxes once you’ve filed but some tax planning done now may benefit you later. Now is a good time to set up a system so you can keep your tax records...

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  • May 11, 2016

What to Do if You Don’t Receive Your Health Care Information Forms

This year, you may receive one or more forms that provide information about your 2015 health coverage; these forms are 1095-A, 1095-B and 1095-C. The IRS does not issue these forms and cannot provide you with a copy of...

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  • March 9, 2016

How to Determine if You Can Claim the Premium Tax Credit

The premium tax credit is a credit for certain people who enroll, or whose family member enrolls, in a qualified health plan offered through a Marketplace. Claiming the premium tax credit may increase your refund or lower the amount...

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  • February 9, 2016

Four Things to Know about Advance Payments of the Premium Tax Credit

When you enroll in coverage through the Marketplace during Open Season, which runs through Jan. 31, 2016, you can choose to have monthly advance credit payments sent directly to your insurer. If you get the benefit of advance credit...

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  • November 20, 2015

No Need to Wait Until Oct. 15 Extension Deadline to File

Oct. 15 is the last day to file 2014 tax returns for most people who requested an automatic six-month extension. However, you can file any time before Oct. 15 if you have all your required tax documents. If you...

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  • July 28, 2015

Cut Taxes and Save on Energy Bills with Home Energy Credits

You can reduce your taxes and save on your energy bills with certain home improvements. Here are some key facts that you should know about home energy tax credits: Non-Business Energy Property Credit • Part of this credit is...

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  • March 13, 2015

Taxable or Not – What You Need to Know about Income

All income is taxable unless the law excludes it. Here are some basic rules you should know to help you file an accurate tax return: • Taxed income. Taxable income includes money you earn, like wages and tips. It...

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  • February 23, 2015

Frivolous Tax Arguments Completes the IRS “Dirty Dozen” List of Tax Scams for the 2015 Filing Season

WASHINGTON – The Internal Revenue Service today wrapped up its 2015 “Dirty Dozen” tax scams list by warning taxpayers against using frivolous tax arguments to avoid paying their taxes. The IRS today also released the 2015 version of “The...

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  • February 12, 2015

IRS Can Help if W-2s Are Missing

In most cases you get your W-2 forms by the end of January. Form W-2, Wage and Tax Statement, shows your income and the taxes withheld from your pay for the year. You need your W-2 form to file...

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  • February 9, 2015