Irs Tax Returns Credits Deductions

What Documents You Will Need To File Your Tax Return
This is the time of the year when US tax payers are preparing to get their tax return process with hopes of getting back some money or to reduce the amount of money owed to
Interest Rates Remain the Same for the First Quarter of 2010
The Internal Revenue Service today announced that interest rates for the calendar quarter beginning January 1, 2010, will remain the same as they were in the prior quarter.
Taxpayers Filing Earlier and Banking Larger Refunds in 2009
Taxpayers are filing earlier and receiving larger refunds so far this year, according to early filing season statistics released today by the Internal Revenue Service. As
IRS Offers Tips to Avoid Recovery Rebate Credit Confusion
In response to errors showing up on early tax filings, the Internal Revenue Service today urged taxpayers and tax preparers to make sure they properly determine eligibility
Preventing an IRS audit
Keep Neat One of the easiest ways to get audited is by simply not providing all the correct documentation. When doing your taxes, it can be easy to miss a step
Can I File Taxes Using My Pay stub LES
Authorized IRS e-file Providers must not submit electronic returns to the IRS prior to the receipt of all Forms W-2, W-2G, and 1099-R from
E-File Opens for 2009 With New Features to Expand Taxpayer Access, Help Speed Refunds
The Internal Revenue Service today announced the Jan. 16 opening of an expanded IRS e-file program
Daily IRS Tax Tips Available For 2009 Filing Season
The Internal Revenue Service is offering a daily series of Tax Tips for the 2009 federal tax filing season that began this month. Tax Tips offer concise, useful information
Getting a Tax Professional to Help with IRS Problems
There are only three (3) professionals that are permitted to represent taxpayers without restriction before the internal revenue service: attorneys, certified public accountants
Tax Installment Pay Plan
So you can't pay taxes owed to the IRS? Don't worry the IRS deals with thousands of individuals like yourself every year and they are very understanding of your financial situation. The
Filing Extensions Changing for Some Business Taxpayers Later this Year
Internal Revenue Service officials today announced a change in the extended due date on certain business returns to help individuals better meet their filing obligations.
IRS Accepting Applications for Low Income Taxpayer Clinic Grants
National Taxpayer Advocate Nina E. Olson announced today that the 2009 Low Income Taxpayer Clinic (LITC) grant application process is now open. The
IRS Increases Mileage Rates through Dec. 31, 2008
The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2008. Taxpayers may use the optional standard rates
Tax Returns from Seven States Go to Different Centers
As some taxpayers begin to prepare their paper tax returns, the Internal Revenue Service notes that some may be sending their returns to a different service center than last
Early IRS Tax Return Tips
The Internal Revenue Service wants to alert taxpayers that now is a great time to get a head start on their tax return. "With less than a month to go before the end
IRS Offers Relief for Late S Corporation Elections
Businesses that are eligible to elect S corporation tax treatment now have a simpler process for requesting relief for late elections under a change announced by the Internal
How to report losses to the IRS
QUESTION: I have a question regarding winnings from a slot tournament. The casino reported my tournament winnings on a 1099-Misc. Can an equal amount
Strike a Deal With the IRS
Suppose you owe the Internal Revenue Service more than you can ever possibly hope to repay. What can you do? One possible solution: Ask the IRS to compromise and accept less
IRS to Improve Taxpayer Services
Washington, D.C. (July 20, 2007) - IRS National Taxpayer Advocate Nina E. Olson delivered a report to Congress on her main priorities for the coming fiscal year, and at the top
DEDUCTING COSTS OF REFINANCING YOUR HOME
Taxpayers who refinanced their homes may be eligible to deduct some costs associated with their loans. The term "points" is used to describe certain charges paid
TAX CREDIT FOR HYBRID VEHICLES
If you bought a hybrid vehicle in 2006, you may be entitled to a tax credit on your 2006 return. The credit is worth as much as $3,150 for the most fuel-efficient models. The
AVOID COMMON ERRORS
The IRS recommends reviewing your entire tax return to be sure it is accurate and complete. Even a simple mistake can cause problems which might lead to delays in processing
OFFSET EDUCATION COSTS
Education tax credits can help offset the costs of higher education for yourself or a dependent. The Hope Credit and the Lifetime Learning Credit are two education credits available
CLAIMING THE CHILD AND DEPENDENT CARE CREDIT
If you paid someone to care for a child under age 13 or a qualifying spouse or dependent so you could work or look for work, you may be able to reduce your tax by claiming the
CLAIMING THE CHILD TAX CREDIT
With the Child Tax Credit, you may be able to reduce the federal income tax you owe by up to $1,000 for each qualifying child under the age of 17. A qualifying child for this credit
FREE TAX HELP FOR THE MILITARY
If you, or your spouse, are a member of the military, you may be eligible to receive free assistance with the preparation and filing of your federal tax return. The U.S. Armed
TAX RATES FOR A CHILD
Part or all of a child's investment income may be taxed at the parent's rate rather than the child's rate. Because a parent's taxable income is usually higher than a child's income,
WHAT INCOME IS TAXABLE? NONTAXABLE?
Generally, most income you receive is taxable. But there are some situations when certain types of income are partially taxed or not taxed at all. A complete list is available
IRS TAX TIPS: TAX FACTS ABOUT CAPITAL GAINS AND LOSSES
Almost everything you own and use for personal purposes, pleasure or investment is a capital asset. When you sell a capital asset, the difference between the amounts you sell
IRS TAX TIPS: PAYING OR RECEIVING ALIMONY?
If you were recently divorced and are paying or receiving alimony under a divorce decree or agreement, you need to consider the tax implication for your 2006 federal income tax return. Here
GAMBLING INCOME AND LOSSES
Gambling winnings are fully taxable and must be reported on your tax return. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse and dog
IRS to Waive Tax Penalty for U.S. Citizens Working Abroad
The Internal Revenue Service and U.S. Treasury have released guidance on the estimated tax penalty for citizens or residents of the United States living and working abroad. The Tax
WHAT INCOME IS TAXABLE? NONTAXABLE?
Generally, most income you receive is taxable. But there are some situations when certain types of income are partially taxed or not taxed at all. A complete list is available
IRS has help for new deductions
The IRS recently issued guidance to help tax filers claim the extended deductions and other tax benefits contained in the Tax Relief and Health Care Act of 2006 on their 2006
IRS TAX TIP: GUIDELINES FOR ROTH IRA CONTRIBUTIONS
Taxpayers confused about whether they can contribute to a Roth IRA should consider guidelines based on the following categories: Income Limits To contribute to a Roth IRA,
CHOOSE THE SIMPLEST FEDERAL TAX FORM FOR YOUR NEEDS
The three forms used for filing individual federal income tax returns are Form 1040EZ, Form 1040A, and Form 1040. If you are filing a federal income tax return on paper, use
IRS TAX TIP - CHOOSE YOUR CORRECT FILING STATUS
Your federal tax filing status is based on your marital and family situation. It is an important factor in determining whether you must file a return, your standard deduction
RS Free File tax program opens
The Internal Revenue Service hopes its improved Free File program will make it easier for taxpayers to file electronic returns. The IRS opened this year's Free File program Tuesday.
IRS Data shows the growth of the Tax Code
According to IRS data, tax code progressed more in 2004 than it did in 2000. There was a continuous outpouring of revenue into the summer and fall of 2006. When high-income
To File or not to File: That is the question
This year (2007) it is expected that approximately 135 million taxpayers will file a tax return: some early, some late and some, due to procrastination or other reasons, will
Unclaimed IRS Tax Refund
Many people across the country have failed to claim their IRS tax refund. To check on the status of the refund, a person can log on to the IRS Web site at www.irs.gov. Then,
IRS Is Focusing on Schedule C Filers
In the last few tax years IRS has been paying more attention to taxpayers who file a schedule C. These taxpayers are basically those who operate small, incorporated businesses. According
Pay-stub Loans Prove to be Risky Business for You
Consumer advocates are not pleased about a new loan that financial institutions have tied to tax refund and which hit the market long before tax season arrived. Called 'pay-stub'
IHOP settles with IRS for $11M
IHOP Corp. settled a dispute with the Internal Revenue Service over its federal income taxes between 2000 and 2003 and agreed to pay $11 million in taxes and interest, the company
IRS Owes $1.3 Million to About 1,500 Tennesseans
Just in time for the holidays, the Internal Revenue Service has announced its undelivered refund list. In Middle Tennessee, IRS has 563 checks totaling $489,035, said Dan
Refund Loans Can Affect Tax Refunds
To most taxpayers who can't wait for a check to arrive from the federal government, refund anticipation loans may seem appealing, until they realize that the fees and high interest
The Romance of an IRS Audit
In the new movie Stranger Than Fiction, Will Ferrell plays Harold Crick, an Internal Revenue Service auditor who becomes attracted to a bakery owner he's auditing. I haven't
IRS Attempting to Reduce Form 1040 Red Tape
The Federal Government document that tens of millions of American love to hate is scheduled to get a face lift. The IRS plans changes to Form 1040, which most taxpayers use