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Here’s how the IRS contacts taxpayers
Everyone should know how the IRS contacts taxpayers. This will help people avoid becoming a victim of scammers who pretend to be from the IRS with a goal of stealing personal information. Here are some facts about how the IRS communicates with taxpayers: The IRS doesn’t normally initiate contact with taxpayers by email. The agency […]
Five Tips to Help You Pay Your Tax Bill
If you get a tax bill from the IRS, don’t ignore it. A delay may cost you more in the long run. The longer you wait the more interest and penalties you may have to pay. Here are five tips to help you avoid those extra charges: 1. Pay electronically. Using an IRS electronic payment to […]
Tax Information for Students Who Take a Summer Job
Many students take a job in the summer after school lets out. If it’s your first job it gives you a chance to learn about the working world. That includes taxes we pay to support the place where we live, our state and our nation. Here are eight things that students who take a summer […]
Find out if you qualify for a health insurance coverage exemption
The Affordable Care Act calls for individuals to have qualifying health insurance coverage for each month of the year, have an exemption, or make a shared responsibility payment when filing his or her federal income tax return. You may be exempt from the requirement to maintain qualifying health insurance coverage, called minimum essential coverage, and […]
Tips for Taxpayers Who Missed the Tax Deadline
If you missed the April 15 tax filing deadline, don’t panic. Here’s some advice from the IRS. File as soon as you can. If you owe taxes, you should file and pay as soon as you can. This will help minimize the interest and penalty charges. There is no penalty for filing a late return […]
Request a Transcript or Copy of a Prior Year Tax Return
You may need copies of your filed tax returns for many reasons. For example, they can help you prepare future tax returns. You’ll need them if you have to amend a prior year tax return. You often need them when you apply for a loan to buy a home or to start a business. You […]
Ten Things to Know about IRS Notices and Letters
Each year, the IRS sends millions of notices and letters to taxpayers for a variety of reasons. Here are ten things to know in case one shows up in your mailbox. Don’t panic! You often only need to respond to take care of a notice. There are many reasons why the IRS may send a […]
Options for Taxpayers Who Owe Taxes
If you owe taxes but can’t pay in full, the IRS has options for you. Most importantly, make sure you file your tax return and pay as much as you can. Then let the IRS help you choose your best option to pay. Here are some options to consider, even if you can’t pay the […]
Make Plans Now for Next Year’s Tax Return
Most people stop thinking about taxes after they file their tax return. But there’s no better time to start tax planning than right now. And it’s never too early to set up a smart recordkeeping system. Here are six IRS tips to help you start to plan for this year’s taxes: Take action when life […]
Top Ten Tax Facts if You Sell Your Home
Do you know that if you sell your home and make a profit, the gain may not be taxable? That’s just one key tax rule that you should know. Here are ten facts to keep in mind if you sell your home this year. 1. If you have a capital gain on the sale of your […]