When you file a tax return, you usually have a choice to make: whether to itemize deductions or take the standard deduction. You should compare both methods and use the one that gives you the greater tax benefit. The IRS offers these six facts to help you choose. 1. Figure your itemized deductions. Add up the [...]
Archive for category 1040EZ
IRS e-file makes it easy for taxpayers to choose which tax form to file. Tax software automatically chooses the best form for your particular situation. Most people e-file these days, but if you prefer taking pen to paper, the IRS has some tips to help you choose the right form. Taxpayers who choose to file [...]
If you received income during 2012, you may need to file a tax return in 2013. The amount of your income, your filing status, your age and the type of income you received will determine whether you’re required to file. Even if you are not required to file a tax return, you may still want [...]
WASHINGTON — Following the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the Internal Revenue Service announced today it plans to open the 2013 filing season and begin processing individual income tax returns on Jan. 30. The IRS will begin accepting tax returns on that date after updating forms [...]
Tips for Year-End Giving
Dec 13
WASHINGTON — Individuals and businesses making contributions to charity should keep in mind some key tax provisions that have taken effect in recent years, especially those affecting donations of clothing and household items and monetary donations. Rules for Clothing and Household Items To be deductible, clothing and household items donated to charity generally must be [...]
If you’ve recently updated your status from single to married, you’re not alone – late spring and summertime is a popular period for weddings. Marriage also brings about some changes with your taxes. Here are several tips for newlyweds from the IRS. Notify the Social Security Administration It’s important that your name and Social Security [...]
Taxpayers should keep copies of their tax returns, but if they cannot be located or have been destroyed during natural disasters or by fire, the IRS can help. Whether you need your prior year’s tax return to apply for a loan or for legal reasons, you can obtain copies or transcripts from the IRS. Here [...]
If you discover an error after you file your tax return, you can correct it by amending your return. Here are 10 tips from about amending your federal tax return: 1. When to amend a return Generally, you should file an amended return if your filing status, number of dependents, total income, tax deductions or [...]
Amended Returns: Eight Facts
Apr 19
If you discover an error on your federal income tax return after you e-filed or mailed it, you may want or need to amend your return. Perhaps you are eligible for a deduction or credit and you missed it the first time? Here are eight key points you need to know about when considering whether [...]
Even though the tax filing deadline is later than usual this year – April 17 – many taxpayers may still need more time to file their tax return. If you need extra time, you can get an automatic six-month extension of time to file from the IRS. Here are seven important things you need to [...]
You may be an injured spouse if you file a joint tax return and all or part of your portion of a refund was, or is expected to be, applied to your spouse’s legally enforceable past due financial obligations. Here are seven facts about claiming injured spouse relief: 1. To be considered an injured spouse; [...]
Past due financial obligations can affect your current federal tax refund. The Department of Treasury’s Financial Management Service, which issues IRS tax refunds, can use part or all of your federal tax refund to satisfy certain unpaid debts. Here are eight important facts you need to know about tax refund offsets: 1. If you owe [...]
Mark Your Calendar…
Mar 9
MARCH 15 – Deadline for calendar-year corporations to elect S corporation status for 2012. 15 – Deadline for filing 2011 tax returns for calendar-year corporations. APRIL 2 – Deadline for payers who file electronically to file 2011 information returns (such as 1099s) with the IRS. 2 – Deadline for employers who file electronically to send [...]
