Winter Storm Extension: Many Businesses Have Extra Time to Request A Six-Month Extension WASHINGTON — The Internal Revenue Service today granted many businesses affected by this week’s severe winter storm additional time to request a six-month extension to file their 2016 federal income tax returns. The IRS is providing this relief to victims and tax… Read More »
IRS Offers IRA Tax Tips for the 2016 Tax Year Taxpayers often have questions about Individual Retirement Arrangements, or IRAs. Common questions include: When can a person contribute, how does an IRA impact taxes, and what are other common rules. The IRS offers the following tax tips on IRAs: Age Rules. Taxpayers must be under… Read More »
Understanding the Child and Dependent Care Tax Credit The IRS urges people not to overlook the Child and Dependent Care Tax Credit. Eligible taxpayers may be able claim it if they paid for someone to care for a child, dependent or spouse last year. Taxpayers can use the IRS Interactive Tax Assistant tool, Am I… Read More »
Program Report and 2017 Publication 4134, Low Income Taxpayer Clinic List LITC Program Report The Internal Revenue Service’s Low Income Taxpayer Clinic (LITC) Program Office has issued its annual program report, which details how LITCs have provided representation, education, and advocacy for taxpayers who are low income or speak English as a second language (ESL).… Read More »
Tax Time Guide: Protect Personal, Financial, Tax Information and Computers WASHINGTON — The Internal Revenue Service today reminded taxpayers to be cautious and protect personal, financial and tax information, particularly at tax time. This is the sixth in a series of 10 IRS tips called the Tax Time Guide, designed to help taxpayers navigate common… Read More »
What is the Additional Medicare Tax? Some taxpayers may be required to pay an Additional Medicare Tax if their income is over a certain limit. The IRS would like people to know more about this tax. Tax Rate. The Additional Medicare Tax rate is 0.9 percent. Income Subject to Tax. The tax applies to the… Read More »
Tax Time Guide : Save Time, Make an Appointment before Visiting an IRS Taxpayer Assistance Center WASHINGTON – The Internal Revenue Service today reminded taxpayers that service at all of its Taxpayer Assistance Centers is now by appointment. Appointment service saves taxpayers time by ensuring they get the help they need without having to wait… Read More »
Medical and Dental Expenses May Impact Your Taxes Medical expenses can trim taxes. Keeping good records and knowing what to deduct make all the difference. Here are some tips to help taxpayers know what qualifies as medical and dental expenses: Itemize. Taxpayers can only claim medical expenses that they paid for in 2016 if they… Read More »
Interest Rates Remain the Same for the Second Quarter of 2017 WASHINGTON ― The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning April 1, 2017. The rates will be: four (4) percent for overpayments [three (3) percent in the case of a corporation]; 1 and one-half… Read More »
Five Tax Tips on Unemployment Benefits Taxpayers who received unemployment benefits need to remember that it may be taxable. Here are five key facts about unemployment: Unemployment is Taxable. Include all unemployment compensation as income for the year. Taxpayers should receive a Form 1099-G, Certain Government Payments, by Jan. 31. This form shows the amount… Read More »