Taxpayer Bill of Rights outlines rights for all taxpayers

IRS Tax Tips March 27, 2019 Issue Number:    Tax Tip 2019-31 This is the first tip in a two-part summary of the rights granted to all taxpayers. Every taxpayer has rights when dealing with the IRS. The Taxpayer Bill of Rights takes these rights from the tax code and groups them into 10 categories. To help […]

Spread the word about a tax credit that helps millions of Americans

IRS Tax Tips March 26, 2019 Issue Number:    Tax Tip 2019-30 All individual taxpayers and families should claim tax credits for which they are eligible. Tax credits can not only reduce the amount of taxes owed, but some can result in a tax refund. The earned income tax credit is such a credit. It benefits millions […]

Tax reform brought significant changes to itemized deductions

Tax Reform Tax Tip 2019-28 Tax reform brought significant changes to itemized deductions Tax law changes in the Tax Cuts and Jobs Act affect almost everyone who itemized deductions on tax returns they filed in previous years..  One of these changes is that TCJA nearly doubled the standard deduction for most taxpayers. This means that […]

Tax Time Guide: Protect personal, financial and tax information

IRS Newswire Issue Number: IR-2019 -41 WASHINGTON — The Internal Revenue Service today urged taxpayers to protect the security of their personal, financial and tax information. Con artists use scams and schemes to steal personal information and money from unsuspecting victims, particularly during tax time. This news release is part of a series called the […]

Tax Time Guide: Contribute to an IRA by April 15 to claim it on 2018 tax returns

IRS Newswire March 19, 2019 Issue Number:    IR-2019-46 WASHINGTON —The Internal Revenue Service reminded taxpayers today that it’s not too late to contribute to an Individual Retirement Arrangement (IRA) and still claim it on a 2018 tax return. Anyone with a traditional IRA may be eligible for a tax credit or deduction on their 2018 […]

Phony IRS calls increase during filing season

IRS Tax Tips Issue Number: Tax Tip 2019-24 The tax filing season is a busy time for taxpayers, but scammers also stay busy. Taxpayers should be aware of several types of tax scams, but phone scams start to increase during the beginning of tax season and then remain active throughout the remainder of the year. Here’s […]

Business taxpayers should take another look at their estimated tax payments

IRS Tax Tips March 13, 2019 Issue Number: Tax Reform Tax Tip 2019-23 Taxpayers who pay quarterly estimated tax payments may want to revisit the amount they pay. The Tax Cuts and Jobs Act changed the way most taxpayers calculate their tax. These taxpayers include those with substantial income not subject to withholding, such as small […]

Tax Credits vs. Tax Deductions

Nerdwallet March 5, 2019 Tax credits and tax deductions may be the most satisfying part of preparing your tax return. Both reduce your tax bill, but in very different ways. Tax credits directly reduce the amount of tax you owe, giving you a dollar-for-dollar reduction of your tax liability. A tax credit valued at $1,000, for […]

Time Expiring to Claim $760 Million in Refunds for 2010 Tax Returns

If you did not file a tax return for 2010, you may be one of over 900,000 taxpayers who may be due a refund from that year. If you are, you must claim your share of almost $760 million by the April 15 tax deadline. To claim your refund, you must file a 2010 federal […]

Simplified Option for Claiming Home Office Deduction Now Available

IRS YouTube Video: Simplified Home Office Deduction WASHINGTON — The Internal Revenue Service today reminded people with home-based businesses that this year for the first time they can choose a new simplified option for claiming the deduction for business use of a home. In tax year 2011, the most recent year for which figures are […]