Summer wedding season has arrived, and newlyweds can make their tax filing easier by doing a few things now. A taxpayer’s marital status as of December 31 determines their tax filing options for the entire year, but that’s not all newlyweds need to know. Report a name change Report any name changes to the Social…… Read More

The maximum credit amount is 30% of the cost of an energy efficient qualifying home improvements, up to certain annual limits for each type of improvement. Further details on the limits for specific improvements and categories of improvements can be found in the column to the right. The total annual credit that can be claimed…… Read More

Here are some simple things taxpayers can do throughout the year to make filing season less stressful. Organize tax records. Create a system that keeps all important information together. Taxpayers can use a software program for electronic recordkeeping or store paper documents in clearly labeled folders. They should add tax records to their files as…… Read More

Every taxpayer has fundamental rights when working with the IRS. Collectively their rights are known as the Taxpayer Bill of Rights. One of these is the right to challenge the IRS’s position and be heard. Here’s what this right means for taxpayers. Taxpayers have the right to: Raise objections. Provide additional documentation in response to formal…… Read More

El IRS envía avisos y cartas cuando necesita hacer una pregunta acerca de la declaración de impuestos federales de un contribuyente, informarle acerca de un cambio a su cuenta, o solicitar un pago. No entre en pánico si recibe algo por correo del IRS: están aquí para ayudarle. Cuando un contribuyente recibe correo del IRS,…… Read More

E Taxpayers have the right to pay only the amount of tax legally due, including interest and penalties, and to have the IRS apply all tax payments properly. This is one of 10 basic rights known collectively as the Taxpayer Bill of Rights. The right to pay no more than the correct amount of tax means…… Read More

Taxpayers who can’t pay their tax bill by the April 15, 2024, deadline shouldn’t panic – the IRS is here to help. There are several options to help taxpayers meet their obligations. It’s important for taxpayers to file their tax return or request an extension of time to file at IRS.gov/extension by the April 15, 2024, deadline…… Read More

A tax credit is an amount taxpayers claim on their tax return generally to reduce their income tax. Eligible taxpayers can use them to potentially reduce their tax bill and increase their refund. Refundable vs. nonrefundable tax credits Some tax credits are refundable. If a taxpayer’s tax bill is less than the amount of a…… Read More

If a taxpayer sold goods or services in 2023 and received payments through certain payment apps or online marketplaces or accepted payment cards, they could have received a third party reporting document Form 1099-K, Payment Card and Third Party Network Transactions. Following feedback from taxpayers, tax professionals and payment processors, and to reduce taxpayer confusion, the…… Read More

When a small business decides to bring in a tax professional, they should know what to expect and how to select a reputable practitioner. The IRS has information and resources to make choosing a tax professional easier. What a small business can expect from a tax professionalTax professionals are often able to advise a small…… Read More