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Last updated on Thursday, March 16, 2017
WASHINGTON — The Internal Revenue Service reminded taxpayers today that while more than 90 percent of federal tax refunds are issued in 21 days or less, some refunds may take longer. Many factors can affect the timing of a refund after the IRS receives the return. Also, taxpayers should take into consideration the time it […]
Last updated on Friday, March 3, 2017
If a lender cancels part or all of a debt, a taxpayer must generally consider this as income. However, the law allows an exclusion that may apply to homeowners who had their mortgage debt canceled in 2016. Here are 10 tips about debt cancellation: Main Home. If the canceled debt was a loan on a […]
Last updated on Wednesday, March 1, 2017
WASHINGTON — The Internal Revenue Service announced today that unclaimed federal income tax refunds totaling more than $1 billion may be waiting for an estimated 1 million taxpayers who did not file a 2013 federal income tax return. To collect the money, taxpayers must file a 2013 tax return with the IRS no later than […]
Last updated on Friday, February 24, 2017
Self-employed taxpayers normally earn income by carrying on a trade or business. Here are six important tips from the IRS for the self-employed: Self-Employed Taxpayers. Sole proprietors and independent contractors are two types of self-employment. Taxes can be complex for the self-employed. Check out the IRS Self Employed Individuals Tax Center. Estimated Tax. Self-employed taxpayers […]
Last updated on Friday, February 24, 2017
Taxpayers with children may qualify for certain tax benefits. Parents should consider child-related tax benefits when filing their federal tax return: Dependent. Most of the time, taxpayers can claim their child as a dependent. Use the Interactive Tax Assistant to help determine who can be claimed as a dependent. Taxpayers can generally deduct $4,050 for […]
Last updated on Thursday, February 23, 2017
Most taxpayers claim the standard deduction when they file their federal tax return. However, some filers may be able to lower their tax bill by itemizing. Find out which way saves the most money by figuring taxes both ways. The IRS offers the following six tips to help taxpayers decide: Use IRS Free File. Most […]
Last updated on Wednesday, February 22, 2017
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 taxpayers should know about capital gains and losses: Capital Assets. Capital assets include property such as […]
Last updated on Wednesday, February 8, 2017
The Child Tax Credit is a tax credit that may save taxpayers up to $1,000 for each eligible qualifying child. Taxpayers should make sure they qualify before they claim it. Here are five facts from the IRS on the Child Tax Credit: Qualifications. For the Child Tax Credit, a qualifying child must pass several tests: […]
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