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IRS Tax Tip 2020-18, February 12, 2020 As taxpayers are getting ready to file their taxes, one of the first things they’ll do is gather their records. To avoid refund delays, taxpayers should gather all year-end income documents before filing a 2019 tax return. It’s important for folks to have all the needed documents on …
Gathering records before preparing tax return makes filing go smoother 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 2020-15, February 6, 2020 As taxpayers get ready to file their federal tax returns, most will also be thinking about preparing their state taxes. There’s some good news for filers wanting to save money. Eligible taxpayers can file their federal and state taxes at no cost. Taxpayers whose adjusted gross income was …
Many taxpayers can file both their state and federal tax returns for free Read More »
IRS Tax Tip 2020-14, February 5, 2020 When taxpayers complete their tax returns, some of them will owe money when they file. Here’s the thing…they have the right to pay only the amount of tax that is legally due. This is one of ten Taxpayer Bill of Rights. They are fundamental rights taxpayers have when dealing …
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 …
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 …
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 2020-08, January 27, 2020 Some businesses and other payers take out backup withholding from payments they make to certain people. These entities should remember their upcoming filing deadlines. Description of backup withholding The person or business paying the taxpayer doesn’t generally withhold taxes from certain payments. They don’t do this because it’s …
Due dates for backup withholding forms coming quick Read More »