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IRS Tax Reform Tax Tip 2019-21, March 11, 2019 The Tax Cuts and Jobs Act includes tax law changes that affect businesses and the 2018 tax returns they file this year. One change is to fringe benefit deductions, which can affect both a business’s bottom line and its employees’ deductions. Here is a rundown of …
Tax reform changes to fringe benefit deductions affect business’s bottom line Read More »
IRS Tax Tip 2019-38, April 9, 2019 Volunteers across the country file federal taxes at no charge for qualified individuals and families. With the filing deadline only a few days away, many people will be visiting a volunteer site over the next week and the IRS wants the experience to go as smoothly as possible. …
Here’s how taxpayers can prepare for an appointment at a volunteer tax prep site Read More »
IRS Tax Reform Tax Tip 2019-20, March 7, 2019 As taxpayers are completing their 2018 tax returns this year, they must complete the lines related to health care. For tax year 2018, the IRS will not consider a return complete and accurate if individuals do not do one of the following on their return: Report …
Taxpayers must report health care coverage on 2018 tax return Read More »
IRS Tax Tip 2019-19, March 6, 2019 As taxpayers are filing their 2018 tax returns, they might have questions about their taxes. The IRS reminds taxpayers that they can quickly find most answers to these tax questions on IRS.gov. Here are some of the pages and resources on IRS.gov where people can go to find …
Taxpayers can zip over to IRS.gov for answers to many tax questions Read More »
IRS Tax Tip 2019-18, March 5, 2019 When someone legally changes their name, there are tax consequences they need to know about, especially at tax time. People change their names for several reasons: Taking their spouse’s last name after a marriage Hyphenating their last name with their spouse’s after getting married Going back to their …
IRS Tax Tip 2019-17, March 4, 2019 Taxpayers and tax professionals who call the IRS will be asked to verify their identities. Being prepared before a call or visit can save taxpayers time by avoiding having to make multiple calls. Before calling, taxpayers and tax professionals should instead consider using IRS.gov to access resources like …
Taxpayers should be ready to verify their identity when calling the IRS Read More »
IRS Tax Tip 2019-16, February 28, 2019 Every day, the theft of personal and financial information puts people at risk of additional problems. Thieves often use the stolen data as quickly as possible to: Sell the information to other criminals. Withdraw money from a bank account. Make credit card purchases. File a fraudulent tax return …
Taxpayers can minimize the effects of data theft with these steps Read More »
IRS Tax Reform Tax Tip 2019-15, February 27, 2019 Many people claim the child tax credit to help offset the cost of raising children. Tax reform legislation made changes to that credit for 2018 and later. Here are some important things for taxpayers to know. Credit amount. The new law increases the child tax credit from $1,000 to …
Here’s how tax reform affects taxpayers who claim the child tax credit Read More »
IRS Tax Tip 2019-14, February 26, 2019 The 2018 Form 1040 replaces prior year Forms 1040, 1040A and 1040EZ. The 2018 Form 1040 uses a building-block approach that allows individuals to file only the schedules they need with their federal tax return. Many people will only need to file Form 1040 and no schedules. Electronic …
There are six new schedules some taxpayers will file with the new Form 1040 Read More »
IRS Tax Tip 2019-13, February 25, 2019 There are several changes to the 2018 Form 1040. However, taxpayers who file electronically may not notice the changes as the tax return preparation software guides people through the filing process. The IRS worked closely with its partners in the tax return preparation and tax software industries to prepare …