The IRS has a few important reminders as the May 15 filing deadline for many tax-exempt organizations fast approaches. Make sure you file Form 990 if you are required to file. Filing the form is very important for many groups who are at risk of losing their tax exemption. Do not include Social Security numbers [...]
As of April 18, almost 46 million returns were e-filed from home computers, more than the total from home computers for all of 2013. The IRS has received more than 131 million returns, of which 88 percent were e-filed. The IRS also projects that almost 5 million taxpayers will amend their returns by filing Form [...]
Most people stop thinking about taxes after they file their tax return. But there’s no better time to start tax planning than right now. And it’s never too early to set up a smart recordkeeping system. Here are some tips to help you start to plan for this year’s taxes: Take action when life [...]
If you missed the April 15 tax filing deadline, don’t panic. Here’s some advice from the IRS. File as soon as you can. If you owe taxes, you should file and pay as soon as you can. This will help minimize the interest and penalty charges. There is no penalty for filing a late return [...]
You may be able to reduce your taxes if you made certain energy-efficient home improvements last year. Here are some key facts that you should know about home energy tax credits. Non-Business Energy Property Credit This credit is worth 10 percent of the cost of certain qualified energy-saving items you added to your main home [...]
If you don’t have taxes withheld from your pay, or you don’t have enough tax withheld, then you may need to make estimated tax payments. If you’re self-employed you normally have to pay your taxes this way. Here are six tips you should know about estimated taxes: You should pay estimated taxes in 2014 if [...]
We all make mistakes. But if you make a mistake on your tax return, the IRS may need to contact you to correct it. That will delay your refund. People who do their taxes on paper are about 20 times more likely to make an error than e-filers. IRS e-file is the most accurate way [...]
Did you, your spouse or your dependent take higher education classes last year? If so, you may be able to claim the American Opportunity Credit or the Lifetime Learning Credit to help cover the costs. Here are some facts from the IRS about these important credits. The American Opportunity Credit is: Worth up to $2,500 [...]
Did you live or work abroad or receive income from foreign sources in 2013? If you are a U.S. citizen or resident, you must report income from all sources within and outside of the U.S. The rules for filing income tax returns are generally the same whether you’re living in the U.S. or abroad. Here [...]
The Internal Revenue Service today issued a notice providing answers to frequently asked questions (FAQs) on virtual currency, such as Bitcoin. These FAQs provide basic information on the U.S. federal tax implications of transactions in, or transactions that use, virtual currency. In some environments, virtual currency operates like “real” currency -- i.e., the coin and [...]