The IRS has launched a new online tool  designed to help families determine whether they qualify for the Child Tax Credit and the special monthly advance payments of the credit. To help people understand and receive this benefit, the IRS has developed materials in several languages, and additional multilingual resources will roll out in coming… Read More

The IRS and the Treasury Department announced that millions of American families have started receiving monthly Child Tax Credit payments, as direct deposits begin posting in bank accounts and checks arrive in mailboxes. This first batch of advance monthly payments worth about $15 billion will reach about 35 million families across the country. The payments will… Read More

Here’s what taxpayers need to know about paying taxes on their hobby activities. Many people are engaged in hobby activities that are also a source of income. For example, some people started selling handmade items during the pandemic. These people must report this income on their tax return. A hobby is any activity that a person… Read More

Tax transcripts are used for a variety of things, like applying for a mortgage or a student loan. Taxpayers order a tax transcript on IRS.gov. They can also learn about the different types of transcripts available from the IRS. Order a tax transcript Taxpayers can request a transcript, either online or by mail at Get Transcript on… Read More

IRS announces two new online tools to help families manage Child Tax Credit payments Child Tax Credit Eligibility Assistant helps families determine whether they qualify for Child Tax Credit payments Update Portal helps families monitor and manage Child Tax Credit payments  WASHINGTON — The Internal Revenue Service today launched two new online tools designed to… Read More

Year-round tax planning is for everyone. An important part of that is recordkeeping. Gathering tax documents throughout the year and having an organized recordkeeping system can make it easier when it comes to filing a tax return or understanding a letter from the IRS. Good records help: Identify sources of income. Taxpayers may receive money or property… Read More

t’s important for taxpayers to understand how selling their home may affect their tax return. When filing their taxes, they may qualify to exclude all or part of any gain from the sale from their income. Here are some key things homeowners should consider when selling a home: Ownership and use To claim the exclusion, the taxpayer… Read More

Form 1040-ES, Estimated Tax for Individuals, includes instructions to help taxpayers figure their estimated taxes. The fastest and easiest ways for individuals to make an estimated tax payment is electronically by using IRS Direct Pay from their checking or savings account or pay using a debit or credit card. Taxpayers should note that the payment processor, not the… Read More