| Tax Tip 2008-26 |
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| Guidelines for Roth IRA Contributions |
| Although Roth IRAs are popular retirement arrangements, some taxpayers may be confused about whether they can contribute to a Roth IRA. Here are some helpful guidelines: |
| Tax Tip 2008-25 |
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| Missing a Form 1099? |
| If you receive certain types of income, you may get a Form 1099 for use with your federal tax return. Form 1099 is an information return provided by the payer of the income. The payer should send or provide your Form 1099-series information returns by January 31, 2007. |
| Tax Tip 2008-24 |
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| Missing Your Form 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 January 31, 2008 to provide or send you a 2007 W-2 earnings statement either electronically or in paper form. You should allow two weeks to receive your W-2 from employers who send them by mail. |
| Tax Tip 2008-23 |
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| Use EFTPS to Pay Your Taxes Electronically |
| If you are going to owe taxes when you file your federal tax return, consider paying through the Electronic Federal Tax Payment System (EFTPS). EFTPS is a fast, easy, convenient and secure service provided free by the U.S. Department of the Treasury. |
| Tax Tip 2008-22 |
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| The Earned Income Tax Credit |
| The EITC is for people who work, but have lower incomes. If you qualify, it could be worth up to $4,700 this year. So you could pay less federal tax or even get a refund. That’s money you can use to make a difference in your life. |
| Tax Tip 2008-21 |
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| Check Out Free File |
| If you have access to a computer and the Internet you may be eligible to prepare and file your 2007 federal tax return electronically—for free. Free File is an easy way to file your taxes and get your refund in half the time. |
| Tax Tip 2008-20 |
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| Receive Your Refund Faster with Direct Deposit |
| Want your refund faster? Have it deposited directly into your bank account. More taxpayers are choosing direct deposit as the way to receive their federal tax refunds. More than 61 million people had their tax refunds deposited directly into their bank accounts in 2007. It’s a secure and convenient way to get your money in your pocket faster. |
| Tax Tip 2008-19 |
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| e-file - A Smart Way to do Your Taxes |
| Every year, more taxpayers discover the benefits of filing their tax return electronically. Whether you use a professional tax preparer authorized by the IRS or do it yourself from a home computer, there are many reasons to consider e-filing your tax return this year. |
| Tax Tip 2008-18 |
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| What to do if You Haven't Filed Your 2006 Return |
| The failure to file a federal tax return can be costly — whether you end up owing more or missing out on a refund. There are several reasons taxpayers don’t file their taxes. Perhaps you didn’t know you were required to file. Maybe, you just kept putting it off and simply forgot. Whatever the reason, it’s best to file your return as soon as possible. If you need help, even with a late return, the IRS is ready to assist you. |
| Tax Tip 2008-17 |
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| Tips for Recently Married or Divorced Taxpayers |
| Newlyweds and the recently divorced should ensure the name on their tax return matches the name registered with the Social Security Administration (SSA). A mismatch could unexpectedly delay a tax refund. |
| Tax Tip 2008-16 |
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| Moving Soon? Let the IRS Know |
| If you changed your home or business address, notify the IRS to ensure that you receive any refunds or correspondence. While the IRS uses the Postal Service’s change of address files to update taxpayer addresses, notifying the IRS directly is still a good idea. |
| Tax Tip 2008-15 |
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| Gift Taxes |
| If you gave any one person gifts in 2007 that are valued at more than $12,000, you must report the total gifts to the Internal Revenue Service and may have to pay tax on the gifts. The person who receives your gift does not have to report the gift to the IRS or pay gift or income tax on its value. |
| Tax Tip 2008-14 |
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| Quick and Easy Access to IRS Forms and Publications |
| The Internal Revenue Service has many forms and free publications on a wide variety of topics to help you understand and meet tax filing requirements. If you need IRS materials try one of these easy options: |
| Tax Tip 2008-13 |
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| How to Get a Copy of Your Tax Return Information |
| There are two easy and convenient options for obtaining copies of your federal tax return information — tax return transcripts and tax account transcripts — by phone or by mail. |
| Tax Tip 2008-12 |
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| Tax Information Available in Spanish - Información Tributaria en Español |
| 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 2008-11 |
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| IRS Publication 17 — Now Easier to Navigate Online |
| 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 updated publication, available on the IRS Web site, IRS.gov, contains a vast array of helpful information for individual taxpayers. |
| Tax Tip 2008-10 |
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| IRS Has Free Publications on Every Topic You Need |
| The IRS has free publications to answer just about any tax question you have. Publications on a variety of tax-related topics are available by phone or the Internet at IRS.gov. From students to seniors, first-time home buyers to landlords…everyone can find useful information in IRS forms and publications. |
| Tax Tip 2008-09 |
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| 1040 Central — One Click Away |
| Don’t wait in line, go on-line. The IRS Web site is a great resource for answers to tax questions that arise during the filing season. Access 1040 Central at IRS.gov under the “Individuals” tab and discover user-friendly tools that will make completing your 2007 tax return quick and easy. |
| Tax Tip 2008-08 |
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| Keeping Good Records |
| You can avoid headaches at tax time by keeping track of your receipts and other records throughout the year. 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 2008-07 |
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| Advice for Choosing a Tax Return Preparer |
| Taxpayers who pay someone to do their taxes should choose a preparer wisely. If you choose to use a paid tax preparer, it is important that you find a qualified tax professional. Taxpayers are ultimately responsible for everything on their return even when it’s prepared by someone else |
| Tax Tip 2008-06 |
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| Should You Itemize? |
| 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 2008-05 |
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| Choose the Simplest Federal Tax Form for Your Needs |
| The three forms used for filing individual federal income tax returns are Form 1040EZ, Form 1040A and Form 1040. If you are filing a federal income tax return on paper, use the simplest form you can. Using the simplest allowable form will reduce the chance of an error that may cost you money or delay the processing of your return. |
| Tax Tip 2008-04 |
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| Will the AMT delay your refund? |
| This year, some early filers may have to wait a few extra weeks for their refunds. The delay is due to the Alternative Minimum Tax (AMT) legislation enacted in December. |
| Tax Tip 2008-03 |
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| Choose Your Correct Filing Status |
| Your federal tax filing status is based on your marital and family situation. It is an important factor in determining whether you must file a return, your standard deduction and your correct amount of tax. |
| Tax Tip 2008-02 |
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| Should You File a Tax Return? |
| 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 2008-01 |
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| Seven Ways to Get a Jump Start on Your Taxes |
| Earlier is better when it comes to working on your taxes. Taxpayers are encouraged to get a head start on tax preparation, especially since early filers avoid the last minute rush and get their refunds sooner. |
