- Energy Saving Steps – Save Big on Taxes
The Internal Revenue Service today reminded individual and business taxpayers that many energy-saving steps taken this year may result in bigger tax savings next year.
- Seven Facts about the New Sales Tax Deduction for Vehicle Purchases:
Taxpayers who buy a new car or several other types of motor vehicles this year may be entitled to a special tax deduction when they file their 2009 federal tax returns next year. The tax break is part of the American Recovery and Reinvestment Act of 2009.
- IRS Suspends Tax Practitioner for Failing To Provide Service Related to Offers in CompromiseWASHINGTON — An enrolled agent was suspended from practice before the Internal Revenue Service by the Office of Professional Responsibility on April 6 for not performing services related to offers in compromise (OIC) paid for by taxpayers.
- Beware of IRS’ 2009 “Dirty Dozen” Tax Scams
The Internal Revenue Service today issued its 2009 “dirty dozen” list of tax scams, including schemes involving phishing, hiding income offshore and false claims for refunds. “Taxpayers should be wary of scams to avoid paying taxes that seem too good to be true, especially during these challenging economic times,” IRS Commissioner Doug Shulman said.
- Top Ten Facts about Amended Returns
# Taxpayers needing to amend their return use Form 1040X, Amended U.S. Individual Income Tax Return.
# Taxpayers can use Form 1040X to correct previously filed Forms 1040, 1040A or 1040EZ. The 1040X can also be used to correct a return filed electronically.
- Need More Time to File?
If you can’t meet the April filing deadline to file your tax return, you can get an automatic six month extension of time to file from the IRS. Here is what you need to know about filing an extension: An extension will give you extra time to get your paperwork to the IRS, but it does not extend the time you have to pay any tax due.
- Do You Barter?
Bartering is the trading of one product or service for another. Usually there is no exchange of cash. Barter may take place on an informal one-on-one basis between individuals and businesses, or it can take place on a third party basis through a modern barter exchange company.
- Ten Things You May Not Know about Farm Income and Deductions
If you are in the business of farming, here are some things you may want to know before filing your federal tax return.
- Claiming a Deduction for Your Home OfficeTaxpayers who use a portion of their home for business purposes may be able to take a home office deduction if they meet certain requirements.
- How to Correctly Claim the Recovery Rebate Credit on your 2008 ReturnThe IRS sent taxpayers nearly 119 million economic stimulus payments last year. When filing a 2008 federal tax return, taxpayers will need to know the amount of their stimulus payment to properly determine if they are eligible for a recovery rebate credit.
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- Tax Breaks Available for Taxpayers Who Purchase Qualified Plug-In Electric Vehicles
Plug-in electric vehicles using certain types of batteries may qualify for a new tax credit if purchased this year, the Internal Revenue Service said today. The Emergency Economic Stabilization Act of 2008 (EESA)…
- Five Tips to Avoid Tax Time Stress
Are you looking for ways to avoid the last-minute rush for doing your taxes? Here are some stress-relieving tips to help you.
- Get Credit for Retirement Savings Contributions
If you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement, you may be able to take a tax credit. The Savers Credit, formally known as the Retirement Savings Contributions Credit, applies to individuals with a filing status and income of:
- Standard or Itemized Deductions
Whether to itemize deductions on your tax return depends on how much you spent on certain expenses last year. Money paid for medical care, mortgage interest, taxes, charitable contributions, casualty losses and miscellaneous deductions can reduce your taxes. If the total amount spent on those categories is more than the standard deduction, you can usually benefit by itemizing.
- Top Ten Facts About the Child and Dependent Care Credit
If you paid someone to care for a child, spouse, or dependent, you may be able to reduce your tax by claiming the Child and Dependent Care Credit on your federal income tax return. Below are the top ten things you need to know about claiming a credit for child and dependent care expenses.
- The IRS audit process
Webcast features tax professionals and IRS staff talking about what happens before, during and after an IRS audit.
The IRS sent taxpayers nearly 119 million economic stimulus payments last year. When filing a 2008 federal tax return, taxpayers will need to know the amount of their stimulus payment to properly determine if they are eligible for a recovery rebate credit.
- Offset Education Costs
Education tax credits can help offset the costs of higher education for yourself or a dependent. The Hope Credit and the Lifetime Learning Credit are two education credits available which may benefit you. Because they are credits rather than deductions, you may be able to subtract them in full, dollar for dollar, from your federal income tax.
- Form 1065 Frequently Asked Questions
The Form 1065 FAQ page has been updated with Questions and Answers 10 through 22. The page offers an e-mail link to submit additional questions on 2008 changes for consideration as FAQs.
- What to Do If You Are Missing a W-2?
Did you get your W-2? These documents are essential to filling out most individual tax returns. You should receive a Form W-2, Wage and Tax Statement, from each of your employers each year. Employers have until February 2, 2009 to provide or send you a 2008 W-2 earnings statement either electronically or in paper form. If you haven’t received your W-2, follow these steps:
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