The summer months are a popular time to buy or sell a house. New homeowners should put reviewing the tax deductions, programs and housing allowances they may be eligible for on their move in to-do list. Deductible house-related expenses Most home buyers take out a mortgage loan to buy their home and then make monthly [...]
Kids are expensive. Whether someone just brought a bundle of joy home from the hospital, adopted a teen from foster care, or is raising their grandchild. There are several tax breaks that can help. Here are some tax tips for new parents Get the child a Social Security or Individual Tax Identification number To claim [...]
Many people travel for their job — some for an occasional conference and some travel year-round. Whatever their time on the road, business travelers should know how and when to deduct business travel expenses. What to know about tax deductions for business travel Business travel deductions are available for certain people who travel away from their [...]
People should put together an emergency preparedness plan for their household – and include copies of their vital records and financial information. By creating an emergency preparedness plan and updating it annually, people will be able to start the recovery process faster if they're affected by a disaster or other emergency. Here are some things [...]
Getting a letter from the IRS can make some taxpayers nervous – but there's no need to panic. The IRS sends notices and letters when it needs to ask a question about a taxpayer's tax return, let them know about a change to their account or request a payment. When an IRS letter or notice [...]
It's important for taxpayers to have all their documents and information so they can file an accurate and complete tax return. This may mean waiting to file until they receive all their documentation – and it can also mean following up on missing or incorrect documents. Most taxpayers should have received income documents near the [...]
In recent years, the gig economy has changed how people do business and provide services. Taxpayers must report their gig economy earnings on a tax return – whether they earned that money through a part-time, temporary or side gig. The IRS Gig Economy Tax Center provides information and resources to help this group of entrepreneurs and workers [...]
Most of the common errors taxpayers make on their tax returns are easily avoidable. By carefully reviewing their return, taxpayers can save time and effort by not having to correct it later. Filing electronically also helps prevent mistakes. Tax software does the math, flags common errors and prompts taxpayers for missing information. It can also help taxpayers [...]
Whether they plan to stay up to greet the new year or go to bed early, taxpayers can get ready for 2023 by reviewing these common end-of-year tasks. People can always visit IRS' Get Ready webpage for info on filing their tax return. Here are a few things they should keep on their radar. Check Individual Taxpayer Identification Number [...]
As of November 22, 2022, the Internal Revenue Service encourages taxpayers to take simple steps before the end of the year to make filing their 2022 federal tax return easier. With a little advance preparation, a preview of tax changes and convenient online tools, taxpayers can approach the upcoming tax season with confidence. Filers can [...]
