Bartering is the trading of one product or service for another. Often there is no exchange of cash. Small businesses sometimes barter to get products or services they need. For example, a plumber might trade plumbing work with a dentist for dental services. If you barter, you should know that the value of products or [...]
If you lose your job or your employer lays you off, you may be able to get unemployment benefits. The payments may be a welcomed relief. But you should know that they’re taxable. You must include all unemployment compensation in your income for the year. You should receive a Form 1099-G, Certain Government Payments. [...]
There are a few tax rules that affect everyone who files a federal income tax return. This includes the rules for dependents and exemptions. Here are some facts on these rules to help you file your taxes. 1. Exemptions cut income. There are two types of exemptions: personal exemptions and exemptions for dependents. You can [...]
Some people must pay taxes on part of their Social Security benefits. Others find that their benefits aren’t taxable. If you get Social Security, the IRS can help you determine if some of your benefits are taxable. Here are some tips about how Social Security affects your taxes: 1. If you received these benefits in 2013, [...]
If you have a child under age 17, the Child Tax Credit may save you money at tax time. Here are some key facts the IRS wants you to know about the credit. • Amount. The non-refundable Child Tax Credit may help cut your federal income tax by up to $1,000 for each qualifying child you [...]
Tax scams that use email and phone calls that appear to come from the IRS are common these days. These scams often use the IRS name and logo or fake websites that look real. Scammers often send an email or call to lure victims to give up their personal and financial information. The crooks then [...]
Would you choose direct deposit this year if you knew it’s the most popular way to get a federal tax refund? What if you learned it’s safe and easy, and combined with e-file, the fastest way to get a tax refund? The fact is almost 84 million taxpayers chose direct deposit in 2013. Still not [...]
The IRS today announced that tax filings in 2014 have outpaced filings for the same time last year. As of Feb. 7, the IRS received 27.3 million returns, up 2.5 percent compared to the same time last year. Electronically filed returns account for almost 96 percent of those filed so far this year. Taxpayers, either [...]
The IRS reminded taxpayers the Presidents Day holiday period typically marks one of the busiest weeks of the tax filing season for its phone lines. There are other alternatives to help taxpayers find answers to commonly asked tax questions. The Internal Revenue Service has several easy-to-use, online tools on IRS.gov. Taxpayers can check the status [...]
Using the correct filing status is very important when you file your tax return. You need to use the right status because it affects how much you pay in taxes. It may even affect whether you must file a tax return. When choosing a filing status, keep in mind that your marital status on Dec. [...]