Owning a home costs money, but there are tax benefits available to help homeowners save on some of common costs of homeownership. Homeowners should review the tax deductions, programs and housing allowances to see if they are eligible. Deductible house-related expenses Most home buyers take out a mortgage to buy their home and make monthly [...]
Hobbies and businesses are treated differently when it comes to filing taxes. The biggest difference between the two is that businesses operate to make a profit while hobbies are for pleasure or recreation. Either way, if they are paid through payment apps for goods and services during the year, they may receive an IRS Form 1099-K for [...]
IRS sends notices and letters when it needs to ask a question about a taxpayer’s federal tax return, let them know about a change to their account or request a payment. Don’t panic if mail comes from the IRS – they’re here to help. When a taxpayer receives mail from the IRS, they should: Read [...]
There are two tax credits designed to help taxpayers reduce education costs: the American Opportunity Tax Credit and the Lifetime Learning Credit. Eligibility requirements For both tax credits, to be eligible: The taxpayer, their spouse or their dependents must have taken post-high school coursework in tax year 2024. The student must have a Form 1098-T, Tuition Statement, from an [...]
Taxpayers can avoid mistakes and receive a timely refund by preparing to file their tax return ahead of time. Here are a few things taxpayers can do to get ready: Gather records: Good recordkeeping makes preparing a tax return easier. Organized tax records can help taxpayers find overlooked deductions and credits. Start with IRS.gov: IRS.gov is available 24/7, and [...]
Taxpayers should be aware of gift card scams and take steps to protect themselves. Scammers may target taxpayers by asking them to pay a fake tax bill with gift cards. People should remember that the IRS never asks for or accepts gift cards as payment for a tax bill. The IRS doesn't initiate contact with taxpayers by email, [...]
Businesses that make structural adaptations or other accommodations for employees or customers with disabilities may be eligible to save money on their taxes. Here are the tax incentives for employers who provide accommodations for people with disabilities. Disabled Access Credit The Disabled Access Credit is a non-refundable credit for small businesses that have expenses for [...]
IRS identity protection PINs, or IP PINs, are a vital tool to protect taxpayers from identity thieves. The IRS encourages taxpayers to get an IP PIN and establish their IRS Online Account. These tools help guard against fraudsters trying to steal personal and financial information. Important things to know about an IP PIN It's a [...]
Individual taxpayers who requested an extension of time to file their federal taxes have until Oct. 15, 2024, to complete and file their federal tax return. Those who already have the forms and information they need should file now – there's no advantage to waiting until the deadline. There are a few things extension filers [...]
Homeowners who make improvements like replacing old doors and windows, installing solar panels or upgrading a hot water heater may qualify for home energy tax credits. Who can claim the credits Taxpayers making improvements to their principal or, in some cases, secondary residence may be eligible for these credits. In some cases, renters may also be [...]
