Virtual currency: IRS issues additional guidance on tax treatment and reminds taxpayers of reporting obligations
As part of a wider effort to assist taxpayers and to enforce the tax laws in a rapidly changing area, the Internal Revenue Service today issued two new pieces of guidance for taxpayers who engage [...]
IRS extends Oct. 15 and other upcoming deadlines, provides other tax relief for victims of Tropical Storm Imelda
WASHINGTON – Victims of Tropical Storm Imelda in parts of Texas, including the Houston area, have until Jan. 31, 2020, to file various individual and business tax returns and make tax payments, the Internal Revenue [...]
The earned income tax credit can put money in taxpayers’ pockets
The earned income tax credit benefits working people with low-to-moderate income. Last year, the average credit was $2,445. EITC not only reduces the amount of tax someone owes, but may also give them a refund, even [...]
Here’s how the credit for other dependents can benefit taxpayers
Taxpayers with dependents may qualify to claim a few different tax credits. One of these is the child tax credit. The child tax credit benefits people whose dependent meets a series of tests. If the [...]
What teachers should know about deducting out-of-pocket classroom expenses
Now that fall is here and school has started, many teachers are dipping into their own pockets to buy classroom supplies. Doing this throughout the year can add up fast. Fortunately, eligible educators may be [...]