The Internal Revenue Service has some important information for those who have sold or are about to sell their home. If you have a gain from the sale of your main home, you may be able to exclude all or part of that gain from your income. Here are 10 [...]
Most taxpayers get a refund from the Internal Revenue Service when they file their tax returns. For those who don’t get a refund, the IRS offers several options to pay their tax bill. Here are eleven tips for taxpayers who owe money to the IRS. 1. Tax bill payments If you [...]
Source: IRS.gov FL-2012-07, Jul. 5, 2012 PLANTATION — Victims of tropical storm Debby that began on June 23, 2012 in parts of Florida may qualify for tax relief from the Internal Revenue Service. The President has declared Baker, Bradford, Clay, Columbia, Duval, Franklin, Hernando, Highlands, Nassau, Pasco, Pinellas Suwannee, Union [...]
Source: IRS.gov Keep the Child and Dependent Care Tax Credit in Mind for Summer Planning During the summer many parents may be planning the time between school years for their children while they work or look for work. The IRS wants to remind taxpayers that are considering their summer agenda [...]
Source: IRS.gov IRS Tax Tip 2012-54 -- Employee Business Expenses Some employees may be able to deduct certain work-related expenses. The following facts from the IRS can help you determine which expenses are deductible as an employee business expense. You must be itemizing deductions on IRS Schedule A to qualify. [...]
source: IRS.gov Topic 556 - Alternative Minimum Tax The tax law provides exclusions for certain kinds of income and deductions and credits for certain expenses. The alternative minimum tax (AMT) attempts to ensure that an individual who benefits from certain exclusions, deductions, or credits pays at least a minimum amount [...]
Source: irs.gov IRS Tax Tip 2012-64 If you owe tax with your federal tax return, but can't afford to pay it all when you file, the IRS wants you to know your options and help you keep interest and penalties to a minimum. Here are five tips: 1. File your return [...]
source: IRS.gov If you're self-employed and paying for medical, dental or long-term care insurance, the IRS wants to remind you about a special tax deduction for some insurance premiums paid for you, your spouse, and your dependents. Starting in tax year 2011, this deduction is no longer allowed on Schedule [...]
Source: www.irs.gov A tax credit is a dollar-for-dollar reduction of taxes owed. Some tax credits are refundable meaning if you are eligible and claim one, you can get the rest of it in the form of a tax refund even after your tax liability has been reduced to zero. Here [...]
Source: IRS.gov WASHINGTON — The IRS today issued guidance that now allows partnerships to provide Schedule K-1, Partner’s Share of Current Year Income, Deductions, Credits, and Other Items electronically to recipients. Certain entities, such as partnerships, are required annually to file K-1s with the IRS and provide a copy to [...]
