Individual

IRS Tax Tip 2020-21, February 19, 2020 Failing to file Form 8962, Premium Tax Credit, to reconcile 2019 advance payments of the premium tax credit may affect return processing, and delay the taxpayer’s refund. It may also affect their ability to get advance payments of the premium tax credit or cost-sharing reductions. Taxpayers who don’t file and reconcile …

Taxpayers must reconcile marketplace advance payments and file Form 8962 Read More »

IRS Tax Tip 2020-19, February 13, 2020 Presidents Day weekend marks the busiest time of the year for calls to the IRS, but taxpayers can easily avoid the rush by using IRS.gov. Here are some tips taxpayers can follow to avoid the rush: Go online IRS.gov has several online tools to help taxpayers get fast …

Here’s what taxpayers can do to avoid the Presidents Day rush Read More »

IRS Tax Tip 2020-17, February 11, 2020 It’s a good idea for people to find out if they should file using the standard deduction or itemize their deductions. 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. Individuals …

Taxpayers should know the difference between standard and itemized deductions Read More »

IRS Tax Tip 2020-16, February 10, 2020 For taxpayers on a fixed income, every penny saved matters. Many of these are seniors and retirees who can file their taxes for free. IRS Free File provides free online tax preparation for taxpayers with income less than $69,000 a year. Free File is one of several ways …

Here’s how seniors and retirees can file their taxes for free Read More »

IRS Tax Tip 2020-13, February 4, 2020 Even the IRS knows that tax season can be stress season for some people. The IRS wants to help taxpayers as much as possible. With the 2020 tax season here, taxpayers can keep in mind these tips. Following them will help get this year’s taxes done accurately and …

Tax season stress busters straight from the IRS Read More »

IRS Tax Tip 2020-12, February 3, 2020 The earned income tax credit benefits millions of taxpayers who qualify by putting more money in their pockets. This money can help with things like food, gas, clothing and even saving for a rainy day. Here’s some information for people who often miss out on claiming the credit: Native Americans As with …

Many taxpayers don’t realize they could benefit from the earned income tax credit Read More »

IRS Tax Tip 2020-10, January 29, 2020 The IRS wants taxpayers to know their rights in case they need to work with the agency on a tax matter. The Taxpayer Bill of Rights, lists and defines 10 fundamental rights of every taxpayer. Included on that list is the Right to Quality Service: Taxpayers have the right …

All taxpayers have the right to quality service Read More »

Tax Tip 2020-09, January 28, 2020 Many people will be filing federal taxes for the first time this year. For these taxpayers, IRS Free File may be the perfect match, especially if they are looking to save money on tax preparation. Most Free File users are under the age of 30 with modest incomes. The Free File …

Taxpayers filing for the first time should look into Free File Read More »

IRS Tax Tip 2020-07, January 23, 2020 When something happens to a taxpayer’s account, that person has the right to be informed about the activity. In fact, this right is one of ten in the Taxpayer Bill of Rights. The Taxpayer Bill of Rights takes the multiple existing rights in the nation’s tax code and groups …

Taxpayer Bill of Rights begins with the right to be informed Read More »