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IRS Tax Tip 2021-26, March 1, 2021 Taxpayers should double-check to make sure they have all their documents before filing a tax return. Taxpayers who haven’t received a W-2 or Form 1099 should contact the employer, payer or issuing agency and request the missing documents. This also applies for those who received an incorrect W-2 or Form …

Here’s what taxpayers should do if they have missing or incorrect documents Read More »

COVID Tax Tip 2021-25, February 25, 2021 Active duty military personnel have multiple options for free federal tax preparation. One is IRS Free File. This program offers online tax preparation, electronic filing and direct deposit of refunds, at no cost. Members of military and their families who have income below $72,000 may choose from any of the …

Free electronic filing options for military members and their families Read More »

COVID Tax Tip 2021-24, February 24, 2021 The IRS urges taxpayers whose identities may have been used by thieves to steal unemployment benefits to file a tax return claiming only the income they actually received. In 2020, millions of taxpayers were affected by the COVID-19 pandemic through job loss or reduced work hours. Some taxpayers applied for …

People should be on the lookout for identity theft involving unemployment benefits Read More »

IRS Tax Tip 2021-23, February 23, 2021 When taxpayers complete their tax returns, they may discover they will owe taxes. By law, they have the right to pay no more than the correct amount of tax. This is one of ten Taxpayer Bill of Rights. These are fundamental rights taxpayers have when dealing with the IRS. …

All taxpayers have the right to pay no more than the correct amount of tax Read More »

COVID Tax Tip 2021-22, February 22, 2021 Deductions reduce the amount of taxable income when filing a federal income tax return. In other words, they can reduce the amount of tax someone owes. Most taxpayers have a choice of either taking the standard deduction or itemizing their deductions. The standard deduction may be quicker and …

Things taxpayers should know when choosing between standard and itemized deductions Read More »

COVID Tax Tip 2021-21, February 18, 2021 In 2020, many people joined the gig economy to help make ends meet during the pandemic. Whether it’s a side business or a primary source of income, all taxpayers need to understand how their gig work affects their taxes. The bottom line is taxpayers must report gig economy …

Taxpayers must report gig economy income on their tax return Read More »

IRS Tax Tip 2021-20, February 17, 2021 As people begin to file their 2020 tax returns, taxpayers are reminded to avoid unethical ghost tax return preparers. A ghost preparer is someone who doesn’t sign tax returns they prepare. Unscrupulous ghost preparers often print the return and have the taxpayer to sign and mail it to …

Taxpayers should beware of ghost preparers Read More »

COVID Tax Tip 2021-19, February 16, 2021 In times like these, every penny counts. This is especially true for taxpayers on a fixed income. Many of these are seniors and retirees who can file their taxes for free. Free File offers online tax preparation, direct deposit of refunds and electronic filing. Here are some facts about Free File programs …

Free File can make taxes easier for seniors and retirees Read More »

Tax Tip 2021-18, February 11, 2021 Taxpayers with dependents who don’t qualify for the child tax credit may be able to claim the credit for other dependents. The maximum credit amount is $500 for each dependent who meets certain conditions. These include: Dependents who are age 17 or older. Dependents who have individual taxpayer identification …

What taxpayers need to know about claiming the credit for other dependents Read More »

COVID Tax Tip 2020-17, February 10, 2021 Electronically filing a tax return reduces errors because the tax software does the math, flags common errors and prompts taxpayers for missing information. It can also help taxpayers claim valuable credits and deductions. Using a reputable tax preparer – including certified public accountants, enrolled agents or other knowledgeable tax professionals – can …

Common and costly errors taxpayers should avoid when preparing a tax return Read More »