Do you plan to travel while doing charity work this summer? Some travel expenses may help lower your taxes if you itemize deductions when you file next year. Here are five tax tips the IRS wants you to know about travel while serving a charity. 1. You must volunteer to work for a qualified organization. Ask [...]
Certain taxpayers who enter into installment agreements on timely filed returns will have the failure to pay penalty reduced from a half to a quarter percent per month for any month in which an installment agreement is in effect as long as the following conditions are met: the installment agreement was entered into on or [...]
The Internal Revenue Service today reminded Boston area taxpayers and others affected by the April 15 Boston Marathon explosions that their individual income tax returns and tax payments are due Monday, July 15. This relief applies to all individual taxpayers who live in Suffolk County, Mass., including the city of Boston. It also includes victims, [...]
Hurricanes, tornadoes, floods and other natural disasters are more common in the summer. The IRS encourages you to take a few simple steps to protect your tax and financial records in case a disaster strikes. Here are five tips from the IRS to help you protect your important records: 1. Backup Records Electronically. Keep an [...]
Summer is often a time when people make major life decisions. Common events include buying a home, getting married or changing jobs. If you’re looking for a new job in your same line of work, you may be able to claim a tax deduction for some of your job hunting expenses. Here are seven [...]
The Internal Revenue Service today reminded taxpayers that due to the current budget situation, including the sequester, the agency will be shut down on Friday, July 5. As was the case on May 24 and June 14, the first two furlough days, all IRS operations will again be closed on July 5. This means that [...]
If you plan to start a new business, or you’ve just opened your doors, it is important for you to know your federal tax responsibilities. Here are five basic tips from the IRS that can help you get started. 1. Type of Business. Early on, you will need to decide the type of business you [...]
Late spring and early summer are popular times for weddings. Whatever the season, a change in your marital status can affect your taxes. Here are several tips from the IRS for newlyweds. It’s important that the names and Social Security numbers that you put on your tax return match your Social Security Administration records. If [...]
If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, the Bank Secrecy Act may require you to report the account yearly to the Internal Revenue Service by filing Form TD F 90-22.1, [...]
National Taxpayer Advocate Nina E. Olson today released her statutorily mandated mid-year report to Congress that identifies the priority issues the Taxpayer Advocate Service (TAS) will address during the upcoming fiscal year. The report expresses particular concern about the impact of budget cuts on the IRS’s ability to meet taxpayer needs, the IRS’s [...]