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Topic: Tax Benefits

IRS Website Explains Tax Provisions of the Health Care Law; Provides Guide to Online Resources

 

Internal Revenue Service - IRSWashington, D.C. – The IRS has launched a new Affordable Care Act Tax Provisions website at www.IRS.gov/aca to educate individuals and businesses on how the health care law may affect them.

The new home page has three sections, which explain the tax benefits and responsibilities for individuals and families, employers, and other organizations, with links and information for each group. «Read the rest of this article»

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IRS Offers Special Tax Benefits for Armed Forces Personnel

 

Internal Revenue Service - IRSWashington, D.C. – If you’re a member of the U.S. Armed Forces, the IRS wants you to know about the many tax benefits that may apply to you.

Special tax rules apply to military members on active duty, including those serving in combat zones.

These rules can help lower your federal taxes and make it easier to file your tax return.

http://www.youtube.com/watch?v=Co6cNQqJHx0

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IRS Reminds Parents of Ten Tax Benefits

 

Internal Revenue Service - IRSWashington, D.C. – Your kids can be helpful at tax time. That doesn’t mean they’ll sort your tax receipts or refill your coffee, but those charming children may help you qualify for some valuable tax benefits.

Here are 10 things the IRS wants parents to consider when filing their taxes this year.

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Internal Revenue Service Offers Lower-Income Workers Two Tax Benefits

 

Internal Revenue Service - IRSNashville, TN – The Internal Revenue Service today alerted Tennesseans about two significant tax benefits that are sometimes missed.

“The IRS offers options that can boost your tax refund and let you avoid paying a tax preparation fee,” said IRS spokesman Dan Boone.

First, those who worked some part of 2011 but made less than $49,078 may qualify for the Earned Income Tax Credit (EITC), which can increase tax refunds by as much as $5,751. Workers with qualifying children get the highest amount of EITC. «Read the rest of this article»

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In 2012, Many Tax Benefits Increase Due to Inflation Adjustments

 

Internal Revenue Service - IRSWashington, D.C. – For tax year 2012, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation, the Internal Revenue Service announced.

By law, the dollar amounts for a variety of tax provisions, affecting virtually every taxpayer, must be revised each year to keep pace with inflation. New dollar amounts affecting 2012 returns, filed by most taxpayers in early 2013. «Read the rest of this article»

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IRS Offers Summer Tax Tips

 

Internal Revenue Service - IRSNashville, TN – Before you start a summer job, take a vacation, or send the kids off to camp, the Internal Revenue Service wants you to know that certain summertime activities may help you qualify for tax benefits. However, there are also some tax issues that must be handled correctly now to avoid problems later.

“Remember that some common summertime activities can lead to tax benefits, but they can also lead to tax problems if not handled correctly,” said IRS spokesman Dan Boone. «Read the rest of this article»

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