As some of you may know, while others may have the April 15th date written in Sharpie in your mind, tomorrow, April 17th, is the day personal tax returns are due for most Americans. If you have not filed and need to file an extension ...
The IRS wants taxpayers to know it stands ready to help in the event of a disaster. If a taxpayer suffers damage to their home or personal property, they may be able to deduct the loss they incur on their federal income tax return. If their area receives a federal disaster designation, they may be able to claim the loss sooner.
Ordinarily, a deduction is available only if the loss is major and not covered by insurance or other reimbursement.
Here are 10 tips taxpayers should know about deducting casualty losses:
Yes that's right - September 17th (15th is on a Saturday) is the final day to get your 2017 return for these entity types timely submitted to the IRS (assuming you filed an extension for extra time back in March / April). Penalties for late filing these returns start to accrue the following day at $195/month/shareholder.
The IRS reminds taxpayers to watch out for scams and schemes that put them and their personal information at risk. Check these out:
To help taxpayers, the IRS updated the special Withholding Calculator tool on IRS.gov to reflect changes in the Tax Cuts and Jobs Act passed in December.
Effective with 2016 filings (last year) taxpayers classified as S-Corporations, Limited Liability Companies with more than 1 member, and Partnerships are all required to file their tax return (or an extension) by 3/15. If this is you read on ...
The IRS has an application on its website to check the status of your refund ...
Many taxpayers (especially those who are self-employed) make estimated tax payments either by mailing in vouchers with their payments or through the IRS' e-payment system at www.irs.gov. This video explains a little about these estimated payments ...
I posted last week about the "great news" that the IRS had extended legislation allowing Taxpayers to deduct items that were scheduled to expire the end of 2016. Namely the keys ones are mortgage insurance premiums, certain energy efficiency improvements, and tuition and fees deduction.
Identity Theft and Protecting Taxpayer information is hot topic right now …
WASHINGTON ─ The Internal Revenue Service today strongly encouraged taxpayers who are seriously behind on their taxes to pay what they owe or enter into a payment agreement with the IRS to avoid putting their passports in jeopardy.
This month, the IRS will begin implementation of new procedures affecting individuals with “seriously delinquent tax debts.”
The IRS publishes many videos on its YouTube channel with helpful information offering assistance to taxpayer across various topics. Here is one that explains the reason why you'll want to ask quickly to see if you have a refund to claim for tax year 2014 ...
The IRS puts out many videos aimed at providing useful information to taxpayers who have questions about their tax situation. Here is one about getting married ...
The IRS publishes many videos providing information and assistance to taxpayers on their YouTube channel. Here is one explaining what the "CP2000" notice is and what you should do if you received one ...
Since the end of 2016 we have been waiting to find out if these "tax extenders" due to expire the end of 2016 were going to be ... extended. When the "Bipartisan Budget Act of 2018" was passed our questions were answered. Many of these could apply to your 2017 tax return ...
Grandparents who work and are also raising grandchildren might benefit from the earned income tax credit. The IRS encourages these grandparents to find out, not guess, if they qualify for this credit. This is important because grandparents who care for children are often not aware that they could claim these children for the EITC.
Read the rest of this blog to find out more ....
The IRS urges Native American taxpayers to check if they qualify for the earned income tax credit since many workers in Tribal communities often overlook this credit.
EITC benefits Native Americans who meet basic rules. Taxpayers must have income from a job, be self-employed, or run their own business. This includes home-based businesses and work in the service industry, construction and farming.
Read More ....
Medical and Dental Expenses May Impact Your Taxes
Medical expenses can trim taxes. Keeping good records and knowing what to deduct make all the difference. Here are some tips to help taxpayers know what qualifies as medical and dental expenses:
Taxpayers who have not yet received their income tax refunds can use “Where’s My Refund?” app to check the status. Find it on IRS.gov or the free IRS mobile app IRS2Go.
Taxpayers with children may qualify for certain tax benefits. Parents should consider child-related tax benefits when filing their federal tax return:
In the past mortgage insurance premiums paid have been deductible on Schedule A - Itemized Deductions. Some recent legislation have extended this tax benefit ...
All taxpayers should file on time, even if they can’t pay what they owe. This saves them from potentially paying a failure to file penalty. Taxes are due by the original due date of the return.
Here are four tips for those who can’t pay their taxes in full by the April 18 due date:
Effective with 2016 filings (last year) taxpayers classified as S-Corporations, Limited Liability Companies with more than 1 member, and Partnerships are all required to file their tax return (or an extension) by 3/15. If this is you read on ...