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IRS Tax Tip 2019-152, October 30, 2019 Businesses providing goods and services that are subject to excise tax must file a Form 720 quarterly to report the tax to the IRS. What is excise tax? Excise taxes are charged on a wide variety of goods, services and activities. The tax may be imposed at the time of: Import …
Here’s basic info for businesses filing excise taxes Read More »
IRS Tax Tip 2019-151, October 29, 2019 Drought can be devastating to farmers and ranchers. Those who were forced to sell livestock due to drought may get extra time to replace the livestock. They may also have more time to defer tax on any gains from the forced sales. Here are some facts to help …
Farmers and ranchers affected by drought have extra time to sell livestock Read More »
IRS Tax Tip 2019-150, October 28, 2019 Taxpayers may discover an error after filing their tax return. They shouldn’t panic, they just need to correct it by filing an amended tax return. Here are some common reasons to file an amended return: Using the wrong filing status Entering income incorrectly Not claiming credits for which they’re eligible Claiming …
Some taxpayers might need to amend a tax return…here’s what they should know Read More »
IRS Tax Tip 2019-148, October 23, 2019 Tax preparers who cannot attend the IRS Nationwide Tax Forums in person can do so online. They can visit IRS Nationwide Tax Forums Online anytime to earn continuing education credits. The website offers courses based on recorded seminars from previous forums. The courses can be watched for free or purchased for continuing …
Tax preparers can take classes online to earn CPE credits Read More »
IRS Tax Tip 2019-147, October 22, 2019 After a natural disaster, taxpayers may need records to help them prove their disaster-related losses. This may be for tax purposes, getting federal assistance or insurance reimbursement. In many cases, these records may have been destroyed in the disaster. However, not all hope is lost as people can …
Taxpayers can follow these steps after a disaster to reconstruct records Read More »
IRS Tax Tip 2019-146, October 21, 2019 When a taxpayer files their tax return, they need to know their filing status. What folks should remember is that a taxpayer’s status could change during the year. So, any time is a good a time for a taxpayer to learn about the different filing statuses and which one …
Why it’s important for taxpayers to know their filing status Read More »
IRS Tax Tip 2019-145, October 17, 2019 There are two education credits that can help taxpayers with higher education costs: the American opportunity tax credit and the lifetime learning credit. There are several differences and some similarities between them. Taxpayers can claim both benefits on the same return, but not for the same student or same qualified expenses. Here’s a …
Taxpayers can compare eligibility and benefits of two education credits Read More »
IRS Tax Tip 2019-144, October 16, 2019 It might not seem like the obvious choice, but one way for people to help others in their community is by volunteering with the IRS. The agency is looking for people to prepare tax returns at free tax preparation sites across the country. People can sign up through …
People can help improve communities and learn new skills as IRS-certified volunteer Read More »
IRS Tax Tip 2019-143, October 15, 2019 Most taxpayers who requested an extension of time to file their 2018 tax return must file today. Those filing today who also owe should pay as much as possible to reduce interest and penalties. Here are a few resources on IRS.gov to help last-minute filers: Filing for IndividualsThis …
IRS Tax Tip 2019-142, October 10, 2019 Taxpayers who donate to a charity may be able to claim a deduction on their tax return. These deductions basically reduce the amount of their taxable income. Taxpayers can only deduct charitable contributions if they itemize deductions. Here are some resources for people making donations: Tax Exempt Organization …
Taxpayers who donate to charity should check out these resources Read More »