Revenue Ruling 2017-08 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, the adjusted federal long-term tax-exempt rate. These rates are determined as prescribed by § 1274. The rates are published monthly for purposes of sections 42, 382,… Read More »
Check Out Tax Benefits for Higher Education Higher education costs paid in 2016 can mean tax savings when taxpayers file their tax returns. If taxpayers, their spouses or their dependents took post-high school coursework last year, they may be eligible for a tax credit or deduction. Here are some facts from the IRS about tax… Read More »
Tax Time Guide: Still Time to Contribute to an IRA for 2016 WASHINGTON — The Internal Revenue Service today reminded taxpayers that they still have time to contribute to an IRA for 2016 and, in many cases, qualify for a deduction or even a tax credit. This is the eighth in a series of 10… Read More »
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 »