| Tax Tip 2009-54 |
March 19, 2009 |
| 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. |
| Tax Tip 2009-53 |
March 18, 2009 |
| 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. |
| Tax Tip 2009-52 |
March 17, 2009 |
| 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. |
| Tax Tip 2009-51 |
March 16, 2009 |
| 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. |
| Tax Tip 2009-50 |
March 13, 2009 |
| 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. |
| Tax Tip 2009-49 |
March 12, 2009 |
| 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. |
| Tax Tip 2009-48 |
March 11,2009 |
| 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. |
| Tax Tip 2009-47 |
March 10, 2009 |
| 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 |
| Tax Tip 2009-46 |
March 9, 2009 |
| 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. |
| Tax Tip 2009-45 |
March 6, 2009 |
| 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. |
| Tax Tip 2009-44 |
March 5, 2009 |
| Mortgage Debt Forgiveness |
| 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. |
| Tax Tip 2009-43 |
March 4, 2009 |
| Five Important Tax Credits |
| 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. |
| Tax Tip 2009-42 |
March 3, 2009 |
| 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. |
| Tax Tip 2009-41 |
March 2, 2009 |
| How to Find Free Tax Services |
| 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. |
| Tax Tip 2009-40 |
February 27, 2009 |
| 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. |
| Tax Tip 2009-39 |
February 26, 2009 |
| 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. |
| Tax Tip 2009-38 |
February 25, 2009 |
| 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. |
| Tax Tip 2009-37 |
February 24, 2009 |
| 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: |
| Tax Tip 2009-36 |
February 23, 2009 |
| 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: |
| Tax Tip 2009-35 |
February 20, 2009 |
| 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. |
| Tax Tip 2009-34 |
February 19, 2009 |
| 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. |
| Tax Tip 2009-33 |
February 18, 2009 |
| 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. |
| Tax Tip 2009-32 |
February 17, 2009 |
| A Career at the IRS Adds Up |
| 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. |
| Tax Tip 2009-31 |
February 16, 2009 |
| 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. |
| Tax Tip 2009-30 |
February 13, 2009 |
| Offset Education Costs |
| 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. |
| Tax Tip 2009-29 |
February 12, 2009 |
| 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. |
| Tax Tip 2009-28 |
February 11, 2009 |
| 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: |
| Tax Tip 2009-27 |
February 10, 2009 |
| To File or Not To File |
| 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. |
| Tax Tip 2009-26 |
February 9, 2009 |
| 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. |
| Tax Tip 2009-25 |
February 6, 2009 |
| What Income is Taxable? |
| 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. |
| Tax Tip 2009-24 |
February 5, 2009 |
| Five Important Changes for Taxpayers |
| Here are a few tax law changes you may want to note before filing your 2008 federal tax return: |
| Tax Tip 2009-23 |
February 4, 2009 |
| 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. |
| Tax Tip 2009-22 |
February 3, 2009 |
| IRS Answers the "What If" Tax Questions of an Economic Downturn |
| What if I lose my job? Is my unemployment check taxable? Can I afford to take money out of my retirement account? These are just a few of the "What If" questions people are dealing with these days. |
| Tax Tip 2009-21 |
February 2, 2009 |
| Eight Reasons to Try e-file |
| 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. |
| Tax Tip 2009-20 |
January 30, 2009 |
| 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. |
| Tax Tip 2009-19 |
January 29, 2009 |
| 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. |
| Tax Tip 2009-18 |
January 28, 2009 |
| 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. |
| Tax Tip 2009-17 |
January 27, 2009 |
| 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. |
| Tax Tip 2009-16 |
January 26, 2009 |
| Take the Free Way |
| 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. |
| Tax Tip 2009-SE2 |
January 23, 2009 |
| Four Tips to Help Taxpayers Avoid Errors On the Recovery Rebate Credit |
| 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. |
| Tax Tip 2009-15 |
January 23, 2009 |
| 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. |
| Tax Tip 2009-14 |
January 22, 2009 |
| 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: |
| Tax Tip 2009-13 |
January 21, 2009 |
| 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. |
| Tax Tip 2009-12 |
January 20, 2009 |
| Se’ Habla Español? – Tax Information Available in Spanish |
| If you need federal tax information, the IRS provides free Spanish language products and services. Pages on the Internal Revenue Service’s Web site, pre-recorded tax topics, refund information, tax publications and toll-free telephone assistance are all available in the Spanish language. |
| Tax Tip 2009-11 |
January 19, 2009 |
| Ten Things the IRS Wants You to Know About Identity Theft |
| 1. 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. |
| Tax Tip 2009-10 |
January 16, 2009 |
| 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. |
| Tax Tip 2009-09 |
January 15, 2009 |
| Ten Reasons to Visit IRS.gov |
| 1. 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. |
| Tax Tip 2009-08 |
January 14, 2009 |
| What Tax Records to Keep |
| 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. |
| Tax Tip 2009-07 |
January 13, 2009 |
| 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. |
| Tax Tip 2009-06 |
January 12, 2009 |
| 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. |
| Tax Tip 2009-05 |
January 9, 2009 |
| 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. |
| Tax Tip 2009-SE1 |
January 8, 2009 |
| 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: |
| Tax Tip 2009-04 |
January 8, 2009 |
| Top Five Facts about Dependents and Exemptions |
| 1. Dependents may be required to file their own tax return. 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. |
| Tax Tip 2009-03 |
January 7, 2009 |
| The Five 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. |
| Tax Tip 2009-02 |
January 6, 2009 |
| First-Time Homebuyer credit |
| First-time homebuyers should begin planning now to take advantage of a new tax credit. Available for a limited time, the credit: • Applies to home purchases after April 8, 2008, and before July 1, 2009. • Reduces a taxpayer’s tax bill or increases his or her refund, dollar for dollar. • Is fully refundable, meaning that the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax that they owe. |
| Tax Tip 2009-01 |
January 5, 2009 |
| IRS Presents: Top Ten Tax Time Tips |
| 1. Gather your records…now! It’s never too early to start getting together any documents or forms you’ll need when filing your taxes: receipts, canceled checks, and other documents that support an item of income or a deduction you’re taking on your return. Also, be on the lookout for W-2s and 1099s, coming soon from your employer. |
