Taxpayers needing more time to file their taxes can get an automatic six-month extension from the IRS. Below are five things to know about filing an extension: Use IRS Free File to file an extension. IRS Free File allows taxpayers to prepare and e-file their taxes for free. It can also be used to e-file a … Read more
Employees, if you itemize on your federal tax return, remember to deduct your work-related expenses. Generally, employee business expenses are deductible if they are more than two percent of adjusted gross income. In most cases, they go on IRS Schedule A, Itemized Deductions. Other key points about employee business expenses: 1. They must be Ordinary and … Read more
Taxpayers who use their home for business may be able to deduct expenses for the business use of it. Qualified persons can claim the deduction whether they rent or own their home. One can use the “simplified method” or the “regular method” to calculate the amount of the deduction. Here are six tips to keep … Read more
The Internal Revenue Service announced today the launch of an online application that will assist taxpayers with straightforward balance inquiries in a safe, easy and convenient way. This new and secure tool, available on IRS.gov allows taxpayers to view their IRS account balance, which will include the amount they owe for tax, penalties and interest. Taxpayers may … Read more
The Internal Revenue Service has announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2017. Technical guidance detailing these items are contained in Notice 2016-62. Highlights of changes for 2017 Include:The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to … Read more
The Internal Revenue Service announced it plans to begin private collection of certain overdue federal tax debts next spring and has selected four contractors to implement the new program. The new program was authorized by Congress last December. As a condition of receiving a contract, these agencies must respect taxpayer rights including, among other things, … Read more
If you are looking for a job in the same line of work, you may be able to deduct some of your job search costs. Here are some key tax facts you should know about when searching for a new job: For more on job hunting refer to Publication 529, Miscellaneous Deductions. You can get IRS … Read more