2020

IRS Tax Tip 2020-93, July 28, 2020 Members of the military may qualify for special tax benefits. For instance, they don’t have to pay taxes on some types of income. Special rules could lower the tax they owe or allow them more time to file and pay their federal taxes. Here are some of these special …

Special tax benefits for members of the military and their families Read More »

IRS Tax Tip 2020-92, July 27, 2020 School may look a little different this year, but eligible teachers and other educators can still deduct certain unreimbursed expenses on their tax return next year. Who is considered an eligible educator: The taxpayer must be a kindergarten through grade 12 teacher, instructor, counselor, principal or aide. They …

Attention teachers: Those school expenses might be tax deductible Read More »

IRS Tax Tip 2020-90, July 22, 2020 Every year scammers add new twists to well-known tax-related scams and 2020 is no exception. Taxpayers should remember that the IRS generally first mails a bill to a taxpayer who owes taxes. There are special circumstances when the IRS will call or come to a home or business. Here are some …

All taxpayers should know the telltale signs of common tax scams Read More »

IRS Tax Tip 2020-89, July 21, 2020 The deadline for taxpayers who requested an extension to file is going to be here before they know it. The deadline for these filers to submit their 2019 federal tax returns is Thursday, October 15, 2020. Taxpayers who have not yet filed can find many helpful resources on …

Extension filers: Tax help is always available on IRS.gov Read More »

IRS Tax Tip 2020-87, July 16, 2020 Taxpayers can use the Where’s My Refund? tool to start checking on the status of refund 24 hours after the IRS acknowledges receipt of the taxpayer’s e-filed tax return. Currently, the IRS is experiencing delays in processing paper tax returns due to limited staffing as a result of COVID-19. The …

How taxpayers can quickly and easily check their refund status Read More »

COVID Tax Tip 2020-86, July 15, 2020 Today, 2019 tax returns are due. Taxpayers should remember to file or request an extension of time to file and pay any taxes they owe by the July 15 deadline to avoid penalties and interest. Here are some tips for taxpayers who owe tax, but who can’t immediately …

Tax returns are due today; taxpayers who can’t pay should still file today Read More »

COVID Tax Tip 2020-85, July 14, 2020 Qualified individuals affected by COVID-19 may be able to withdraw up to $100,000 from their eligible retirement plans, including IRAs, between January 1 and December 30, 2020. These coronavirus-related distributions aren’t subject to the 10% additional tax that generally applies to distributions made before reaching age 59 and …

Major changes to retirement plans due to COVID-19 Read More »