Are you looking for a hard and fast rule about what income is taxable and what income is not taxable? The fact is that all income is taxable unless the law specifically excludes it. Taxable income includes money you receive, such as wages and tips. It can also include noncash income from property or services. [...]
Your children may help you qualify for valuable tax benefits. Here are eight tax benefits parents should look out for when filing their federal tax returns this year. 1. Dependents. In most cases, you can claim your child as a dependent. This applies even if your child was born anytime in 2013. For more details, see [...]
Have you ever wondered if the Alternative Minimum Tax applies to you? You may have to pay this tax if your income is above a certain amount. The AMT attempts to ensure that some individuals who claim certain tax benefits pay a minimum amount of tax. Here are some things from the IRS that you [...]
More than one million people who did not file a 2012 state income tax return are receiving letters seeking those returns or to verify that they do not have a tax filing requirement, according to the Franchise Tax Board (FTB). Since the 1950s, FTB has contacted people who have California income, but did not file [...]
National Taxpayer Advocate Delivers Annual Report to Congress; Focuses on Taxpayer Bill of Rights and IRS Funding WASHINGTON — National Taxpayer Advocate Nina E. Olson today released her 2013 annual report to Congress, urging the Internal Revenue Service to adopt a comprehensive Taxpayer Bill of Rights – a step she said would increase [...]
Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years. Some of these changes include the following: Special Tax-Free Charitable Distributions for Certain IRA Owners This provision, currently scheduled to expire at the end of 2013, offers older owners of individual retirement [...]
The Internal Revenue Service today announced plans to open the 2014 filing season on Jan. 31 and encouraged taxpayers to use e-file or Free File as the fastest way to receive refunds. The new opening date for individuals to file their 2013 tax returns will allow the IRS adequate time to program and test [...]
The Internal Revenue Service today announced a milestone for IRS e-file – more than 122 million returns were e-filed during 2013. The statistics provided today contain complete e-file totals for 2013. This year, the IRS received more than 45.2 million returns from those who prepared and e-filed their own returns on home computers, up from [...]
The IRS has issued final regulations, TD 9647, that provide user fees charged for processing installment agreements and offers in compromise (OIC). These final regulations increase the fees to recover more of the costs associated with such agreements, yet are still less than the full cost. The fee for entering into an installment agreement is now [...]
Low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2013 and the years ahead, according to the Internal Revenue Service. The saver’s credit helps offset part of the first $2,000 workers voluntarily contribute to IRAs and to 401(k) plans and similar workplace retirement programs. Also [...]