The IRS reminds taxpayers there are things they should do before the current tax year ends on Dec.31. Donate to charity Taxpayers may be able to deduct donations to tax-exempt organizations on their tax return. As people are deciding where to make their donations, the IRS has a tool that may help. Tax Exempt Organization [...]
The credit for other dependents is a tax credit available to taxpayers for each of their qualifying dependents who can’t be claimed for the child tax credit. The maximum credit amount is $500 for each dependent who meets certain conditions. These include: Dependents who are age 17 or older. Dependents who have individual taxpayer identification [...]
The Internal Revenue Service and the Treasury Department announced today that millions of American families are now receiving their advance Child Tax Credit (CTC) payment for the month of September. This third batch of advance monthly payments, totaling about $15 billion, is reaching about 35 million families today across the country. The majority of payments [...]
Small business owners have a variety of tax responsibilities. The IRS knows that understanding and meeting tax obligations is vital to the success of all businesses, especially a new one. IRS.gov has the resources and information to help people through the process of starting a new business. Here are some tips for new entrepreneurs: Choose [...]
Natural disasters can – and do – happen at any time. Preparing in advance of a disaster can give people peace of mind after a disaster hits as they begin the recovery process. IRS.gov has information and resources that can help taxpayers before and after a disaster. Tax relief in disaster situationsThis page features links [...]
With the height of hurricane season fast approaching and the ongoing threat of wildfires in some parts of the country, the Internal Revenue Service reminds everyone to develop an emergency preparedness plan. All taxpayers, from individuals to organizations and businesses, should take time now to create or update their emergency plans. Taxpayers can begin getting [...]
All taxpayers should use the IRS Tax Withholding Estimator to check their withholding. This tool helps people make sure their employers are taking out the right amount of tax from the employee’s paychecks. It can be used by workers, as well as retirees, self-employed individuals and other taxpayers. The money withheld from an employee’s paycheck [...]
It’s important for all taxpayers to know their rights in case they need to work with the agency on a tax matter. The Taxpayer Bill of Rights, lists and defines 10 fundamental rights of every taxpayer. Included on that list is the Right to Quality Service:Taxpayers have the right to: Receive prompt, courteous, and professional [...]
Many people are engaged in hobby activities that are also a source of income. For example, some people started selling handmade items during the pandemic. These people must report this income on their tax return.A hobby is any activity that a person pursues because they enjoy it and with no intention of making a profit. This [...]
It’s important for taxpayers to understand how selling their home may affect their tax return. When filing their taxes, they may qualify to exclude all or part of any gain from the sale from their income. Here are some key things homeowners should consider when selling a home: Ownership and useTo claim the exclusion, the [...]