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Criminals impersonating IRS agents
WASHINGTON — Aggressive and threatening phone calls by criminals impersonating IRS agents remain near the top of the annual “Dirty Dozen” list of tax scams for the 2015 filing season, the Internal Revenue Service announced today. The IRS has seen a surge of these phone scams in recent months as scam artists threaten police arrest, […]
Five Basic Tax Tips about Hobbies
Millions of people enjoy hobbies that are also a source of income. Some examples include stamp and coin collecting, craft making, and horsemanship. You must report on your tax return the income you earn from a hobby. The rules for how you report the income and expenses depend on whether the activity is a hobby […]
Job Hunting Expenses
Many people change their job in the summer. If you look for a new job in the same line of work, you may be able to deduct some of your job hunting costs. Here are some key tax facts you should know about if you search for a new job: Same Occupation. Your expenses must […]
Vacation Home Rentals
If you rent a home to others, you usually must report the rental income on your tax return. But you may not have to report the income if the rental period is short and you also use the property as your home. In most cases, you can deduct the costs of renting your property. However, […]
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 […]