Tax Tips 2008 (filing season 2009)
IRS Answers the "What If" Tax Questions of an Economic Downturn
The IRS recognizes that many people are going through difficult times financially. Often, there is a tax impact to events such as job loss, debt forgiveness or dipping into a retirement account. If your income has decreased, you may even be eligible for certain tax credits, such as the Earned Income Tax Credit, which can mean money in your pocket. To read this Article Click here
To Five Facts about Dependents and Exemptions
Even though you are a dependent on someone else’s tax return, you may still have to file your own tax return. Whether or not you must file a return depends on several factors, including: the amount of your unearned, earned or gross income, your marital status, any special taxes you owe and any advance Earned Income Credit payments you received. To read this Article Click here
If you’ve never filed your tax return electronically, you should definitely consider trying it in 2009. Join the millions of taxpayers who are saving time and money to file their tax returns without the many headaches often associated with filing a paper return. Here are the top eight reasons close to 90 million people filed their tax returns electronically in 2008. To read this Article Click here
IRS Presents: Top Ten Tax Time Tips
The top ten tax time tips. To read this Article Click here
Be Aware of Suspicious E-Mails
Be aware of e-mail scams that fraudulently use the IRS name or Logo as a lure. The goal of the scam is to trick people into revealing personal and financial information, such as Social Security, bank account or credit card numbers, which the scammers can use to commit identity theft and steal your money. To read this Article Click here
Choose the Tax Form that Best Fits Your Needs
When you file your 2008 individual tax return, you will use one of three IRS tax forms. Be sure to use the simplest form you can, which will help you avoid costly errors or processing delays so you won’t have to wait to receive your refund. Each of these forms can be filed electronically, which speeds up the processing of your return. To read this Article Click here
IRS Help for Financially Distressed Taxpayers
If you are facing financial difficulties and struggling to meet your tax obligations the IRS can help. As the 2009 tax filing season begins, in addition to new credits, deductions and exclusions, the IRS is taking steps to help people who owe back taxes. Here are some areas where IRS can help. To read this Article Click here
The 5 Filing Status Possibilities
Everyone who files a federal tax return must determine which filing status applies to them. It’s important you choose your correct filing status as it determines your standard deduction, the amount of tax you owe and ultimately, any refund owed to you. To read this Article Click here
First-time homebuyers should begin planning now to take advantage of a new tax credit. To read this Article Click here
Read This Before Choosing a Tax Preparer
If you will be paying someone to do your tax return, choose a tax preparer wisely. You are legally responsible for what’s on your tax returns even if they are prepared by someone else. So, it’s important to find a qualified tax professional. To read this Article Click here
You probably already keep records in your daily routine. This includes keeping receipts for purchases and recording information in your checkbook. Keeping these and other records will help you avoid headaches at tax time. Good recordkeeping will help you remember the various transactions you made during the year, which in turn may make filing your return a less taxing experience. To read this Article Click here
Get answers 24 hours a day 7 days a week. Whether you need a form or have tax questions, IRS.gov has a wealth of information. IRS.gov is accessible all day, every day for individuals, businesses and tax-exempt organizations ... and more! To read this Article Click here
Owe the IRS a Prior Year Return?
Don’t delay; file your prior year return now! The failure to file a federal tax return can be costly — whether you end up owing more or missing out on a refund. If you owe taxes, a delay in filing may result in a failure-to-file penalty and interest charges. The longer you delay, the larger these charges grow. To read this Article Click here
Ten Things the IRS Wants You to Know About Identity Theft
If you receive a letter or notice from the IRS which leads you to believe someone may have fraudulently used your Social Security Number, respond immediately to the name and address or phone number printed on the IRS notice. To read this Article Click here
Getting a Free Transcript of My Tax Return Information - Actual Copies $57 Each
There are two easy and convenient options for obtaining free copies of your federal tax return information — tax return transcripts and tax account transcripts — by phone or by mail. To read this Article Click here
IRS Forms and Publications: Get 'em when you need 'em
The IRS has free tax forms and publications on a wide variety of topics. If you need IRS forms or information, try one of these easy options. To read this Article Click here
Tips for Taxpayers Making a Move
If you changed your home or business address, you’ll want to remember these six tips to ensure you receive any refunds or correspondence from the IRS. To read this Article Click here
Four Tips to Help Taxpayers Avoid Errors on the Recovery Rebate
Most of the nearly 119 million taxpayers who received the economic stimulus payment last year will not be able to claim the recovery rebate credit on their 2008 federal income tax returns. A small number of taxpayers who did not receive the full economic stimulus payment last year may be eligible to claim the Recovery Rebate Credit on their 2008 federal income tax return. Figuring the Recovery Rebate Credit incorrectly or entering inaccurate information will delay the processing of your tax return and any refund due. To read this Article Click here
If you have access to a computer and the Internet you may be eligible to prepare and file your 2008 federal tax return electronically — for free. Free File is an easy way to file your taxes and get your refund in half the time. Filing electronically is fast, accurate and secure. To read this Article Click here
Tips for Recently Married or Divorced Taxpayers
If you were married or divorced recently, there are a couple of things you’ll want to do to ensure the name on your tax return matches the name registered with the Social Security Administration. To read this Article Click here
IRS Publication 17 - The IRS Instruction Manual
Are you facing a lot of different tax questions this year? IRS experts have pulled together an overview of common tax issues in one convenient place — Publication 17, Your Federal Income Tax. This publication, available on the IRS.gov, contains helpful information for individual taxpayers. To read this Article Click here
Direct Deposit Puts Your Money in Your Pocket ... Faster
Don’t wait around for a paper check. Have your federal tax refund deposited directly into your bank account. Choosing Direct Deposit is a secure and convenient way to get your money in your pocket faster. To read this Article Click here
Ten Things You May Not Know About the Earned Income Tax Credit
The Earned Income Tax Credit is for people who work, but have lower incomes. Here are some things you may not know about the EITC. To read this Article Click here
Special Charitable Contributions for Certain IRA Owners
As an alternative method for donating to a charity, certain taxpayers may transfer funds from their IRA to an eligible charitable organization. Here are ten things taxpayers who are thinking about making such a donation will need to know. To read this Article Click here
Five Important Changes for Taxpayers
Here are a few tax law changes you may want to note before filing your 2008 federal tax return. To read this Article Click here
While most income you receive is generally considered taxable, there are some situations when certain types of income are partially taxed or not taxed at all. To read this Article Click here
Tax Benefits for Disabled Taxpayers
There are several tax credits and benefits available to qualifying taxpayers with disabilities as well as to the parents of disabled children. Listed below are several tax credits and other benefits available if you or someone else listed on your federal tax return is disabled. To read this Article Click here
You must file a tax return if your income is above a certain level. The amount varies depending on filing status, age and the type of income you receive. For example, a married couple both under age 65 generally is not required to file until their joint income reaches $17,900. However, self-employed individuals generally must file a tax return if their net income from self employment was at least $400. To read this Article Click here
What to Do if You Are Missing a W-2
Did you get your W-2? These documents are essential to filling out most individual tax returns. You should receive a Form W-2, Wage and Tax Statement, from each of your employers each year. Employers have until February 2, 2009 to provide or send you a 2008 W-2 earnings statement either electronically or in paper form. If you haven’t received your W-2, follow these steps. To read this Article Click here
How to Correctly Claim the Recovery Rebate Credit on your 2008 Return
The IRS sent taxpayers nearly 119 million economic stimulus payments last year. When filing a 2008 federal tax return, taxpayers will need to know the amount of their stimulus payment to properly determine if they are eligible for a recovery rebate credit. To read this Article Click here
Education tax credits can help offset the costs of higher education for yourself or a dependent. The Hope Credit and the Lifetime Learning Credit are two education credits available which may benefit you. Because they are credits rather than deductions, you may be able to subtract them in full, dollar for dollar, from your federal income tax. To read this Article Click here
Are Your Social Security Benefits Taxable?
How much, if any, of your social security benefits are taxable depends on your total income and marital status. Generally, if social security benefits were your only income for 2008, your benefits are not taxable and you probably do not need to file a federal income tax return. To read this Article Click here
If you are looking for a new job or a career change, consider the IRS. No matter what your professional specialty, the IRS offers a variety of full-time careers or seasonal job opportunities in many U.S. cities. Add it up. At the IRS you can excel with one of the world's largest financial institutions and be part of one of the most well trained professional workforces anywhere. A career at the IRS has its advantages: flexibility, job security, advancement opportunities and great benefits. It all adds up. To read this Article Click here
Seven Facts to Help You Understand the Alternative Minimum Tax
Tax laws provide tax benefits for certain kinds of income and allow special deductions and credits for certain expenses. These benefits can drastically reduce some taxpayers’ tax obligations. The Alternative Minimum Tax attempts to ensure that anyone who benefits from these tax advantages pays at least a minimum amount of tax. To read this Article Click here
Gambling Winnings Are Always Taxable Income
Gambling winnings are fully taxable and must be reported on your tax return. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse and dog races and casinos, as well as the fair market value of prizes such as cars, houses, trips or other noncash prizes. To read this Article Click here
Tax Facts About Capital Gains and Losses
Do you have questions about reporting gains and losses on your tax return? Here are some facts from the IRS. To read this Article Click here
Top Ten Facts About Taking Early Distributions from Retirement Plans
If you took an early distribution from your retirement plan, here are some things you need to know. To read this Article Click here
Five Facts About the Foreign Earned Income Exclusion
If you are living and working abroad you may be entitled to the Foreign Earned Income Exclusion. Here are some important facts about the exclusion. To read this Article Click here
What Every Parent Should Know About Child's Investment Income
Children with investment income may have part or all of this income taxed at their parent’s tax rate rather than at the child’s rate. Investment income includes interest, dividends, capital gains and other unearned income. To read this Article Click here
Checking the Status of Your Federal Tax Refund is Easy
If you already filed your federal tax return and are due a refund, you can check the status of your refund online, in English or Spanish. If you e-file, you can get refund information 72 hours after IRS acknowledges receipt of your return. If you file a paper return, refund information will be available within three to four weeks. When checking the status of your refund, have your federal tax return handy. To read this Article Click here
Free Tax Assistance for Members of the Military
If you or your spouse are a member of the military, you may be eligible to receive free tax return preparation assistance. The U.S. Armed Forces participates in the Volunteer Income Tax Assistance program and provides free tax advice, tax preparation, return filing and other tax assistance to military members and their families. To read this Article Click here
The IRS provides free publications, forms and other tax material and information to help taxpayers meet their tax obligations. Free help is available on the IRS Web site, by phone, at local IRS offices and at many community locations. To read this Article Click here
Free Volunteer Income Tax Assistance
Need help filing your tax return? If so, then you should look into the free, IRS-sponsored, volunteer tax return preparation programs. Trained community volunteers can help eligible taxpayers with all special credits, such as the Child Tax Credit or the Credit for the Elderly. Also, many sites have language specialists to assist people with limited English skills. To read this Article Click here
Check it out! You might be eligible for a tax credit. A tax credit is a dollar-for-dollar reduction of taxes owed. Some credits are even refundable. That means you might receive a refund rather than owe any taxes. Here are five popular credits you should consider before filing your 2008 Federal Income Tax Return. To read this Article Click here
If your mortgage debt is partly or entirely forgiven during tax years 2007 – 2012, you may be able to claim special tax relief and exclude the debt forgiveness income. Normally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your principal residence. The limit is $1 million for a married person filing a separate return. To read this Article Click here
Can You Claim the Child Tax Credit?
With the Child Tax Credit, you may be able to reduce the federal income tax you owe by up to $1,000 for each qualifying child under the age of 17. A qualifying child for this credit is someone who meets the following criteria. To read this Article Click here
Top Ten Facts About the Child and Dependent Care Credit
If you paid someone to care for a child, spouse, or dependent, you may be able to reduce your tax by claiming the Child and Dependent Care Credit on your federal income tax return. Below are the top ten things you need to know about claiming a credit for child and dependent care expenses. To read this Article Click here
Additional Standard Deduction for Real Estate Taxes
There is an additional standard deduction for those who don’t qualify to itemize their tax deductions, but who do pay state or local real estate taxes. This deduction is available for the 2008 and 2009 tax years. Here are six things you need to know about the additional standard deduction for real estate taxes. To read this Article Click here
Standard or Itemized Deductions
Whether to itemize deductions on your tax return depends on how much you spent on certain expenses last year. Money paid for medical care, mortgage interest, taxes, charitable contributions, casualty losses and miscellaneous deductions can reduce your taxes. If the total amount spent on those categories is more than the standard deduction, you can usually benefit by itemizing. To read this Article Click here
Get Credit for Retirement Savings Contributions
If you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement, you may be able to take a tax credit. The Savers Credit, formally known as the Retirement Savings Contributions Credit. To read this Article Click here
Five Tips to Avoid Tax Time Stress
Are you looking for ways to avoid the last-minute rush for doing your taxes? Here are some stress-relieving tips to help you. To read this Article Click here
Seven Important Points about Penalties
Taxpayers who do not file their return and pay their tax by the due date may have to pay a penalty. Here are seven things you should know about failure-to-file and failure-to-pay penalties. To read this Article Click here
Top Ten Facts about the Tuition and Fees Deduction
The Tuition and Fees deduction of up to $4,000 is available to help parents and students pay for post-secondary education. Below are ten important facts about this deduction every student and parent should know. To read this Article Click here
Claiming a Deduction for Your Home Office
Taxpayers who use a portion of their home for business purposes may be able to take a home office deduction if they meet certain requirements. To read this Article Click here
Seven Things you Should Know When Selling Your Home
People who sell their home may be able to exclude the gain from their income. Here are seven things every homeowner should know if they sold, or plan to sell their house. To read this Article Click here
Nine Reasons to Visit an IRS Taxpayer Assistance Center
IRS Taxpayer Assistance Centers are your source for personal tax help when you believe your tax issue cannot be handled online or by phone, and you want face-to-face tax assistance. To read this Article Click here
Ten Things You May Not Know about Farm Income and Deductions
If you are in the business of farming, here are some things you may want to know before filing your federal tax return. To read this Article Click here
Ten Tips for Deducting Charitable Contributions
When preparing to file your federal tax return, don’t forget your contributions to charitable organizations. Your donations could add up to a sizeable tax deduction if you itemize on IRS Form 1040, Schedule A. To read this Article Click here
Bartering is the trading of one product or service for another. Usually there is no exchange of cash. Barter may take place on an informal one-on-one basis between individuals and businesses, or it can take place on a third party basis through a modern barter exchange company. To read this Article Click here
IRS Tips on Preparing for a Disaster
Planning what to do in case of a disaster is an important part of being prepared. The Internal Revenue Service encourages taxpayers to safeguard their records. Some simple steps can help taxpayers and businesses protect financial and tax records in case of disasters. To read this Article Click here
Six Important Facts about Tax-Exempt Organizations
Every year, millions of taxpayers donate money to charitable organizations. Here are six things you should know about the tax treatment of tax-exempt organizations. To read this Article Click here
Top Ten Tips about IRA Contributions
There is still time to make contributions to your traditional Individual Retirement Arrangement, better known as an IRA. Below are the top ten things you should know about money you put aside for retirement in an IRA. To read this Article Click here
Top Ten Tips for Last Minute Filers
With the tax filing deadline close at hand, here are the top 10 tips for taxpayers still working on their tax return. To read this Article Click here
Nine Common Errors Made on Tax Returns
Errors made on tax returns may delay the processing of your return and the arrival of your refund. Avoiding the common errors below will help ensure your refund arrives on time. To read this Article Click here
Seven Things to Know About the Taxpayer Advocate Service
If you’re experiencing problems with the Internal Revenue Service, you may be able to get help from the Taxpayer Advocate Service. Here’s what every taxpayer should know about this independent organization within the IRS. To read this Article Click here
Six Important Facts about Your Appeal Rights
The IRS has an appeals system for people who do not agree with the results of an examination of their tax returns or with other adjustments to their tax liability. Here are the top six things to know when it comes to your appeal rights. To read this Article Click here
File Electronically - Consider filing electronically instead of using paper tax forms. If you file electronically and choose direct deposit, you can receive your refund in as few as 10 days. To read this Article Click here
Top Ten Things You Need to Know About Making Federal Tax Payments
Will you be making a payment with your federal tax return this year? If so, here is what you need to know about making tax payments correctly. To read this Article Click here
If you cannot pay the full amount of taxes you owe by the April deadline, you should still file your return by the deadline and pay as much as you can to avoid penalties and interest. There are also alternative payment options to consider. To read this Article Click here
Read This if You Need More Time to File Your Federal Tax Return
If you can't meet the April filing deadline to file your tax return, you can get an automatic six month extension of time to file from the IRS. To read this Article Click here
Things You Need to Know About Tax Refunds
Are you expecting a refund from the IRS this year? Here are the top ten things you should know about your refund. To read this Article Click here
Top Ten Facts About Amended Returns
Taxpayers who need to make a change or adjustment on a return they already filed can do so by filing an amended return. Here are the top 10 things every taxpayer should know about amending your federal tax return. To read this Article Click here
What to do if You Receive an IRS Notice
It’s a moment many taxpayers dread. A letter arrives from the IRS — and it’s not a refund check. Don’t panic; many of these letters can be dealt with simply and painlessly. Each year, the IRS sends millions of letters and notices to taxpayers to request payment of taxes, notify them of a change to their account or request additional information. The notice you receive normally covers a very specific issue about your account or tax return. Each letter and notice offers specific instructions on what you are asked to do to satisfy the inquiry. To read this Article Click here
Most taxpayers have already filed their federal tax returns but may still have questions. Here’s what you need to know about refund status, recordkeeping, mistakes and what to do if you move. To read this Article Click here
Seven Facts about the New Sales Tax Deduction for Vehicle Purchases
Taxpayers who buy a new car or several other types of motor vehicles this year may be entitled to a special tax deduction when they file their 2009 federal tax returns next year. The tax break is part of the American Recovery and Reinvestment Act of 2009. To read this Article Click here
