Individual

IRS Tax Tip 2020-129, September 30, 2020 Many taxpayers may have heard of Individual Retirement Arrangements, or IRAs, but some don’t know how IRAs help them save for retirement. People can set up an IRA with a bank or other financial institution, a life insurance company, mutual fund or stockbroker. Here’s a list of basic terms …

Terms to help taxpayers better understand Individual Retirement Arrangements Read More »

IRS Tax Tip 2020-98, August 6, 2020 The home office deduction allows qualifying taxpayers to deduct certain home expenses on their tax return. With more people working from home than ever before, some taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return next year. Here are some things to …

Here’s what taxpayers need to know about the home office deduction Read More »

COVID Tax Tip 2020-97, August 5, 2020 This is the second of two tips exploring the IRS Dirty Dozen tax scam list. Tax scams tend to rise during tax season or during times of crisis. Scam artists are using the COVID-19 pandemic to try to steal money and information from taxpayers. Taxpayers should watch out for these …

Dirty Dozen part 2: Thieves are constantly coming up with ways to scam taxpayers Read More »

COVID Tax Tip 2020-96, August 4, 2020 All tax scams put taxpayers at risk. This is the first of two tips taking a closer look at the IRS Dirty Dozen tax scam list. This year, taxpayers should be especially, watchful for aggressive schemes related to COVID-19 relief, including Economic Impact Payments. Here is a recap of the …

Dirty Dozen part 1: Taxpayers should be on the lookout for these scams Read More »

IRS Tax Tip 2020-91, July 23, 2020 While the deadline to file and pay federal income taxes has passed for most people, there are some taxpayers still facing tax-related issues. Here are some tips for taxpayers handling some of the most common after-tax-day issues. Check the status of a refund Taxpayers can check on their …

How taxpayers can troubleshoot common after-tax-day issues Read More »

IRS Tax Tip 2020-88, July 20, 2020 While the federal income tax-filing deadline has passed for most people, some taxpayers haven’t filed their 2019 tax returns yet. If a taxpayer is entitled to a refund, there’s no penalty for filing late. Penalties and interest began to accrue on any remaining unpaid tax due as of …

What someone should do if they missed the July 15 deadline to file and pay Read More »

COVID Tax Tip 2020-84, July 13, 2020 The IRS reminds taxpayers who received tax relief as part of the People First Initiative and didn’t make previously owed tax payments between March 25, 2020 and July 15, 2020 they will need to restart those payments to avoid penalties. Here’s what people need to do to restart their IRS …

Have an installment agreement or payment plan? Payments should resume starting July 15 Read More »

IRS Tax Tip 2020-83, July 9, 2020 Taxpayers should file their tax return by the deadline even if they cannot pay the full amount due. Otherwise, they may end up owing even more because penalties and interest can cause a taxpayer’s debt to grow. If a taxpayer owes taxes, but can’t pay by the July 15, 2020 …

Taxpayers should file on time even if they can’t pay their full tax bill Read More »

IRS Tax Tip 2020-82, July 8, 2020 Generally, income received from any source, including tips, is taxable. Here’s some information to help taxpayers report tip income. All tips that taxpayers receive are income and subject to federal income tax. Taxpayers must include all tips they receive in their gross income. This includes: Tips directly from …

Taxpayers should report tip income on their tax return Read More »

COVID Tax Tip 2020-81, July 7, 2020 Taxpayers who live and work abroad have until Wednesday, July 15, 2020 to file and pay their 2019 federal income taxes. U.S. citizens and resident aliens generally have the same filing and payment requirements regardless of where they live. The July 15 postponed deadline also applies to nonresident …

The postponed federal tax deadline applies to taxpayers living overseas Read More »