Aside from regular wages, many taxpayers have jobs where they get tips from their clients or customers. Generally, income received as a tip is taxable. Here’s some information to help taxpayers correctly report the income they receive as a tip: Use the Interactive Tax Assistant. This tool on IRS.gov asks taxpayers a series of questions.…
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Small business owners may qualify for a home office deduction that will help them save money on their taxes, and benefit their bottom line. Taxpayers can take this deduction 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.…
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The 2018 IRS Data Book describes activities conducted by the IRS from Oct. 1, 2017, to Sept. 30, 2018, and includes information about tax returns, refunds, examinations and appeals. The annual publication is illustrated with charts showing changes in IRS enforcement activities, taxpayer assistance levels, tax-exempt activities, legal support workload and IRS budget and workforce…
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We Find Money Others Missed, can’t hurt to look. What We Look For You’re wondering where might those dollars be hiding? Common mistakes we catch during a tax return review include: MISSED EDUCATION CREDITS If you are a student or are a student’s parent, are you sure you are taking full advantage of the American…
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Now that the April tax-filing deadline has come and gone, many taxpayers are eager to get details about their tax refunds. When it comes to refunds, there are several common myths going around social media. Here are five of these common myths: Myth 1: Getting a refund this year means there’s no need to adjust…
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File on: April 15th* Fiscal Year Filers File on: The 4th month after your fiscal year ends, day 15.* *If your due date falls on a Saturday, Sunday, or legal holiday, the due date is delayed until the next business day. Your return is considered filed on time if the envelope is properly addressed, postmarked, and deposited…
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Don’t panic. If you cannot pay the full amount of taxes you owe, you should still file your return by the deadline and pay as much as you can to avoid penalties and interest. You also should contact the IRS to discuss your payment options at 1-800-829-1040. The agency may be able to provide some…
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All individual taxpayers and families should claim tax credits for which they are eligible. Tax credits can not only reduce the amount of taxes owed, but some can result in a tax refund. The earned income tax credit is such a credit. It benefits millions of taxpayers by putting more money in their pockets. The…
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The Internal Revenue Service wants business owners and the self-employed to know that a publication on IRS.gov has information they can use to learn which recent tax-law changes impact their bottom line. This news release is part of a series called the Tax Time Guide, a resource to help taxpayers file an accurate tax return. Additional…
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Taxpayers should protect their personal and financial data from criminals who continue to steal large amounts of information. Thieves use the data to file bogus tax returns and commit crimes while impersonating the victim. All taxpayers should follow these steps to protect themselves and their data. Keep a secure computer. Taxpayers should: Use security software…
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