The Internal Revenue Service today introduced a new, shorter application form to help small charities apply for 501(c)(3) tax-exempt status more easily. “This is a common-sense approach that will help reduce lengthy processing delays for small tax-exempt groups and ultimately larger organizations as well,” said IRS Commissioner John Koskinen. “The change cuts paperwork for these [...]
Individual Taxpayer Identification Numbers (ITINs) will expire if not used on a federal income tax return for five consecutive years, the Internal Revenue Service announced today. To give all interested parties time to adjust and allow the IRS to reprogram its systems, the IRS will not begin deactivating ITINs until 2016. The new, more uniform [...]
Taxpayers can deduct qualified mortgage interest on Schedule A, Itemized Deductions, for interest paid on up to $1 million of acquisition indebtedness plus up to $100,000 of home equity indebtedness. Generally, a Qualified Residence is the taxpayer's primary residence plus one other residence. Acquisition indebtedness is a mortgage taken after October [...]
Many parents pay for childcare or day camps in the summer while they work. If this applies to you, your costs may qualify for a federal tax credit that can lower your taxes. Here are 10 facts that you should know about the Child and Dependent Care Credit: 1. Your expenses must be for the [...]
The Internal Revenue Service today announced the adoption of a "Taxpayer Bill of Rights" that will become a cornerstone document to provide the nation's taxpayers with a better understanding of their rights. The Taxpayer Bill of Rights takes the multiple existing rights embedded in the tax code and groups them into 10 broad categories, making [...]
Some natural disasters are more common in the summer. But major events like hurricanes, tornadoes and fires can strike any time. It’s a good idea to plan for what to do in case of a disaster. You can help make your recovery easier by keeping your tax and financial records safe. Here are some basic [...]
The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning July 1, 2014. The rates will be: three (3) percent for overpayments [two (2) percent in the case of a corporation]; three (3) percent for underpayments; five (5) percent for large corporate underpayments; and one-half (0.5) percent [...]
Taxpayers abroad qualifying for an automatic two-month extension must file their 2013 federal income tax returns by Monday, June 16, according to the Internal Revenue Service. The June 16 deadline applies to U.S. citizens and resident aliens living overseas, or serving in the military outside the U.S. on the regular April 15 due date. Eligible [...]
The IRS today announced the issuance of two electronic publications containing information for individuals and families about the Affordable Care Act (ACA). These one-page publications are available on the IRS website and can be used by individuals, tax professionals, health care professionals and other stakeholders for educational and outreach purposes. Publication 5152, Report changes to [...]
If you are self-employed you may be require to make Estimated Tax Payments. These payments are do on the following dates for 2014: April 15, 2014 June 16, 2014 September 15, 2014, and January 15, 2015. Estimated Tax Payments are critical to ensuring you will not owe taxes when you file your 2014 tax return. [...]