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COVID Tax Tip 2020-77, June 30, 2020 While many people are required to file a tax return, it’s a good idea for everyone to determine if they should file. Some people with low income are not required to file but will need to do so to get a tax refund. The Interactive Tax Assistant – Do …
IRS Tax Tip 2020-75, June 24, 2020 The gig economy, also called sharing or access economy, is activity where taxpayers earn income providing on-demand work, services or goods. Often, it’s through a digital platform like an app or website. While there are many types of sharing economy businesses, ride-sharing and home rentals are two of …
COVID Tax Tip 2020-73, June 18, 2020 Millions of eligible individuals have already received their Economic Impact Payments. Some people, including those who received a payment for a deceased individual, may be unsure whether they should return a payment. Here is additional information about returning an Economic Impact Payment. How should an individual return an Economic …
IRS Tax Tip 2020-72, June 17, 2020 Now that many taxpayers have filed their federal tax returns electronically and the IRS is back to processing paper tax returns sent by mail, they’re eager for details about their refund. When it comes to refunds, there are several common myths. Getting a refund this year means there’s …
Taxpayers should be aware of myths about tax refunds Read More »
COVID Tax Tip 2020-70, June 12, 2020 Some people may get their Economic Impact Payment in the mail on a prepaid debit card, instead of a paper check. People may receive a debit card even if Get My Payment shows they are receiving a check. There’s a special section about prepaid debit cards on IRS.gov. Here are a few …
An Economic Impact Payment can come on a prepaid debit card Read More »
IRS Tax Tip 2020-69, June 11, 2020 Later this summer, for the first time taxpayers will be able to file their Form 1040-X, Amended U.S Individual Income Tax Return electronically. Making this form electronically fileable has been a long-time goal for the IRS. It will greatly benefit the tax professional community and taxpayers. The new electronic option …
Taxpayers will soon be able to file amended tax returns electronically Read More »
IRS Tax Tip 2020-68, June 10, 2020 Childcare or adult dependent care can be a major expense. Fortunately, the child and dependent care credit can provide some relief. Taxpayers who pay for daycare expenses may be eligibleto claim up to 35% of what they spend; limits apply. For the purposes of this credit, the IRS …
Here’s who qualifies a taxpayer for the child and dependent care credit Read More »
COVID Tax Tip 2020-66, June 4, 2020 To reach as many people as possible, the IRS translates tax information into multiple languages. To get information in one of these languages, taxpayers can click on the language dropdown tab at the top of every IRS.gov page. The dropdown displays the current language selection and lists the …
Many multilingual resources are available on IRS.gov Read More »
COVID Tax Tip 2020-60, May 21, 2020 As people receive their Economic Impact Payments, they might have questions about their payment, the amount, and how they get it. The IRS updates the Economic Impact Payment and the Get My Payment tool frequently asked questions pages on IRS.gov as more information becomes available. Here are answers to a few common questions. …
Here are answers to a few common questions about Economic Impact Payments Read More »
COVID Tax Tip 2020-59, May 20, 2020 As people across the country receive their Economic Impact Payments, some might receive a different amount than they expected. Eligible individuals receive a payment for $1,200. Two eligible individuals filing a joint return receive $2,400. And, eligible individuals receive up to an additional $500 for each qualifying child …
Here’s why some people’s Economic Impact Payment is different than expected Read More »