Washington, D.C. – Many students take a job in the summer after school lets out. If it’s your first job it gives you a chance to learn about the working world.
That includes taxes we pay to support the place where we live, our state and our nation.
Here are eight things that students who take a summer job should know about taxes.
Washington, D.C. – When you file your tax return, you usually have a choice whether to itemize deductions or take the standard deduction. Before you choose, it’s a good idea to figure your deduction using both methods.
Then choose the one that allows you to pay the lower amount of tax.
The IRS offers these five tips to help you choose. «Read the rest of this article»
Washington, D.C. – You don’t have to be a tax expert to prepare your federal tax return. Really!
Using IRS Free File, you can prepare and e-file your federal taxes on brand-name software for free. The program is a partnership between the IRS and the Free File Alliance, a group of about 14 tax software companies.
All Free File software companies use the latest encryption software. Nearly 40 million tax filers have used Free File safely and securely. «Read the rest of this article»
IRS Opened 2014 Tax Season Saturday, February 1st; Tennessee Workers Reminded to Claim Earned Income Tax Credit
Nashville, TN – The Internal Revenue Service today opened the 2014 tax filing season by highlighting a growing number of online services at IRS.gov and encouraging Tennesseans to check out a variety of tax benefits, such as the often-overlooked Earned Income Tax Credit.
“As Tennesseans start filing their returns now, we hope those who worked any part of last year won’t forget to see if they qualify for the Earned Income Tax Credit,” said IRS spokesman Dan Boone. «Read the rest of this article»
Washington, D.C. – The IRS has some advice for taxpayers who missed the tax filing deadline.
File as soon as possible. If you owe federal income tax, you should file and pay as soon as you can to minimize any penalty and interest charges. There is no penalty for filing a late return if you are due a refund.
Penalties and interest may be due. If you missed the April 15th deadline, you may have to pay penalties and interest. The IRS may charge penalties for late filing and for late payment. The law generally does not allow a waiver of interest charges. However, the IRS will consider a reduction of these penalties if you can show a reasonable cause for being late. «Read the rest of this article»
Nashville, TN – With just days to go before the tax filing deadline, the IRS reminded Tennessee taxpayers to file either a tax return or an extension request by April 15th.
“Missing the tax deadline can be costly,” said IRS spokesman Dan Boone. “But taxpayers can easily avoid or reduce the penalties by taking action no later than April 15th,” . «Read the rest of this article»
Nashville, TN – Spring is here and that means the April 15th tax filing deadline can’t be far away. Some people will wait until the last minute to file.
IRS spokesman Dan Boone offers these five tips for the estimated 605,000 Tennesseans who will wait until April to file. «Read the rest of this article»
Washington, D.C. – The Internal Revenue Service announced today that it has finished updating its tax-processing systems allowing all remaining individual and business taxpayers to file their 2012 federal income tax returns.
Over the weekend, the IRS completed reprogramming and testing of its systems for tax-year 2012 including all remaining updates required by the American Taxpayer Relief Act (ATRA) enacted by Congress in January.
Washington, D.C. – Everyone can prepare and e-file a federal tax return for free through the IRS Free File Program. That’s right – everyone.
Free File is offered through a public-private partnership between the Internal Revenue Service and brand-name tax software companies. Free File offers two options: easy-to-use software or online fillable forms. «Read the rest of this article»
Washington, D.C. – The Internal Revenue Service announced today that taxpayers will be able to start filing two major tax forms next week covering education credits and depreciation.
Starting Sunday, February 10th, the IRS will start processing tax returns that contain Form 4562, Depreciation and Amortization. And on Thursday, February 14th, the IRS plans to start processing Form 8863, Education Credits. «Read the rest of this article»
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