Washington, D.C. – Most types of income are taxable, but some are not. Income can include money, property or services that you receive.
All income, such as wages and tips, is taxable unless the law specifically excludes it. This includes non-cash income from bartering – the exchange of property or services. Both parties must include the fair market value of goods or services received as income on their tax return. «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»
Washington, D.C. – The Child and Dependent Care Credit can help offset some of the costs you pay for the care of your child, a dependent or a spouse.
Here are 10 facts the IRS wants you to know about this tax credit. «Read the rest of this article»
Washington, D.C. – Giving to charity can benefit others and can also lower your tax bill.
The IRS offers these nine tips to help ensure your contributions pay off on your tax return. More information on charitable contributions can be found in Publication 526, Charitable Contributions of the www.irs.gov website. «Read the rest of this article»
Washington, D.C. – Every year, people fall prey to tax scams. The IRS wants you to be safe and informed – and not become a victim.
“Some people are victimized by tax scams, while some get involved after being lured in by false promises of big money,” said IRS spokesman Dan Boone.
Taxpayers who get involved in illegal tax scams can lose their money, or face stiff penalties, interest and even criminal prosecution. Remember, if it sounds too good to be true, it probably is. «Read the rest of this article»
Washington, D.C. – If you’ve finished your taxes and find you can’t pay the full amount you owe when you file, the IRS wants you to know your options.
Here are four tips that can help you lower the amount of interest and penalties when you don’t pay all your taxes on time. «Read the rest of this article»
Washington, D.C. – The IRS gets thousands of reports every year from people who get emails that appear to be from the IRS. Scammers often use the IRS name or logo to make the message appear authentic hoping you’ll respond to it.
In reality, it’s a scam known as “phishing,” attempting to trick you into giving out your personal and financial information. The criminals then use this information to commit identity theft or steal your money. «Read the rest of this article»
Washington, D.C. – Not filing a federal tax return can cost you – either by increasing what you owe the IRS or by causing you to miss out on a refund.
So, why didn’t you file? Maybe you thought you didn’t have to. Maybe you just kept putting it off and then forgot. Whatever the reason, it’s best to file your return as soon as possible. «Read the rest of this article»
Washington, D.C. – The Internal Revenue Service has released a YouTube message from Commissioner John Koskinen to the nation’s taxpayers providing tips and help for the 2014 filing season.
In the YouTube video, now available at IRS.gov and the IRS YouTube channel, Koskinen also discusses how the IRS and its employees will approach the 2014 tax season.
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»
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