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 »
Nine Common Filing Errors to Avoid The IRS encourages taxpayers to file an accurate tax return. If a taxpayer makes an error on their return, it will likely take longer for the IRS to process it. This could delay a refund. Avoid many common errors by filing electronically. IRS e-file is the most accurate way… Read More »
Debt Cancellation May be Taxable If a lender cancels part or all of a debt, a taxpayer must generally consider this as income. However, the law allows an exclusion that may apply to homeowners who had their mortgage debt canceled in 2016. Here are 10 tips about debt cancellation: Main Home. If the canceled debt… Read More »
U.S. Master Tax Guide (2017) 100th Edition by CCH Tax Law Editors The U.S. Master Tax Guide provides helpful and practical guidance on today’s federal tax law. This 100th Edition reflects all pertinent federal taxation changes that affect 2016 returns and provides fast and reliable answers to tax questions affecting individuals and business income tax. The… Read More »
How to Pay Zero Taxes, 2017: Your Guide to Every Tax Break the IRS Allows by Jeff A. Schnepper Tax time can be a serious drain on your resources―emotionally and financially. For over three decades How to Pay Zero Taxes has helped people just like you save money on their taxes. Engagingly written to make even… Read More »
IRS Has Refunds Totaling $1 Billion for People Who Have Not Filed a 2013 Federal Income Tax Return IRS YouTube Videos: Refund: Claim It or Lose It – English | Spanish | ASL WASHINGTON — The Internal Revenue Service announced today that unclaimed federal income tax refunds totaling more than $1 billion may be waiting… Read More »
Free Help Preparing Tax Returns Available Nationwide IRS YouTube Videos: Free Help Preparing Your Tax Return: English | Spanish | ASL WASHINGTON –– The Internal Revenue Service reminded taxpayers today that they may be eligible to receive free tax help at nearly 12,000 preparation sites nationwide. The sites, generally located at community and neighborhood centers,… Read More »
Get Prior Year Tax Information from the IRS There are many reasons to keep a copy of a tax return from a prior year. The IRS urges all taxpayers to keep copies of their tax returns for at least three years. Taxpayers should keep a copy of their tax return. Beginning in 2017, taxpayers using… Read More »