Going to college, and figuring out how to pay for it, can be stressful for students and parents. In recent years, Congress has provided a variety of tax incentives to help defray the cost of education. Some require long-term planning to become beneficial, while others provide current tax deductions or credits. The benefits may even […]
Check IRS.gov for the latest information: No action needed by most people at this time IR-2020-61, March 30, 2020 WASHINGTON — The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for […]
Some taxpayers think simply creating a nonprofit automatically means an organization is tax exempt. There’s more to it than that. To become a tax-exempt nonprofit, there are few things the group must do up front. An organization must determine whether it’s a trust, corporation or association. They then must apply for tax-exempt status with the IRS and be […]
National Veterans Small Business Week is the perfect time for veterans who are business owners to check out the IRS’s online resources. Here are a few of the webpages that can help small businesses understand their tax responsibilities. Self-Employed Individuals Tax Center This a great resource for sole proprietors and others who are in business […]
Recordkeeping is an important part of running a small business. In fact, keeping good records helps business owners make sure their business stays successful. Here are some things small business owners should remember about recordkeeping: Good records will help business owners: Monitor the progress of their business Prepare financial statements Identify income sources Keep track of […]
The home office deduction can help small business owners save money on their taxes. Taxpayers can take this deduction when they file their taxes if they use a portion of their home exclusively, and on a regular basis, for any of the following: As the taxpayer’s main place of business. As a place of business where the […]
When it comes to taxes, members of the military often have unique circumstances. IRS.gov has info on several topics that affect current and former military personnel, as well as their families. Here are resources where people can go to find more information. Tax Information for Members of the Military is the main page on IRS.gov where […]
Taxpayers who are contacted by a private collection agency on behalf of the IRS might have questions about the program. These taxpayers can visit IRS.gov to find answers to questions they might have. In fact, to better help these taxpayers, the IRS recently updated the private debt collection pages on IRS.gov. These updates added more information for taxpayers whose […]
Taxpayers with individual taxpayer identification numbers should find out if their number expires this year. If it does, they should renew it now to avoid delays with their refund when they file their taxes next year. An ITIN is a tax ID number used by taxpayers who don’t qualify for a Social Security number. Here’s what these taxpayers need […]
There are steps people can take now to make sure their tax filing experience goes smoothly next year. First, they can visit the Get Ready page on IRS.gov to find out more. Here are a few other things people can do now: Check their withholding and make any adjustments soon Since most employees typically only have a few pay […]
