The Internal Revenue Service today announced the availability of Statistics of Income—2011, Individual Income Tax Returns (Publication 1304), on irs.gov/taxstats. U.S. taxpayers filed 145.4 million individual income tax returns for tax year 2011. This was up 1.7 percent from 2010. Also in tax year 2011, the adjusted gross income less deficit reported on those returns [...]
The Internal Revenue Service today announced it will be open on Friday, Aug. 30, following the postponement of its fifth scheduled agency-wide employee furlough day. "We have made substantial progress in cutting costs. … Our progress is such that we have decided to postpone the furlough day scheduled for Aug. 30. We [...]
If you make a work-related move this summer, you may be able to deduct the costs of the move. This may apply if you move to start a new job or to work at the same job in a new job location. The IRS offers the following tips on moving expenses you may be able [...]
New York to Suspend Driver's Licenses of Tax Delinquents New York Governor Andrew M. Cuomo announced a new initiative Monday to encourage individuals who owe significant back taxes to the state to pay their bills by suspending their New York State driver licenses when their past-due tax liability exceeds $10,000. [/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]
If you itemize deductions on your tax return, you may be able to deduct certain miscellaneous expenses. You may benefit from this because a tax deduction normally reduces your federal income tax. Here are some things you should know about miscellaneous deductions: Deductions Subject to the Two Percent Limit. You can deduct most miscellaneous expenses [...]
While most taxpayers get a refund from the IRS when they file their taxes, some do not. The IRS offers several payment options for those who owe taxes. Here are eight tips for those who owe federal taxes. 1. Tax bill payments. If you get a bill from the IRS this summer, you should pay it [...]
Do you work from home? If so, you may be familiar with the home office deduction, available for taxpayers who use their home for business. Beginning this year, there is a new, simpler option to figure the business use of your home. This simplified option does not change the rules for who may claim a [...]
If you need an actual copy of a filed and processed tax return, it will cost $57 for each tax year. Complete Form 4506, Request for Copy of Tax Return, and mail it to the IRS address listed on the form for your area. Copies are generally available for the current year and past [...]
Whether you roll the dice, play cards or bet on the ponies, all your winnings are taxable. The IRS offers these six tax tips for the casual gambler. 1. Gambling income includes winnings from lotteries, raffles, horse races and casinos. It also includes cash and the fair market value of prizes you receive, such as [...]
A vacation home can be a house, apartment, condominium, mobile home or boat. If you own a vacation home that you rent to others, you generally must report the rental income on your federal income tax return. But you may not have to report that income if the rental period is short. In most cases, [...]