It’s important for taxpayers to understand how selling their home may affect their tax return. When filing their taxes, they may qualify to exclude all or part of any gain from the sale from their […]
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IRS to Recalculate Taxes on Unemployment Benefits; Refunds to Start in May
WASHINGTON – To help taxpayers, the Internal Revenue Service announced today that it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before […]
IRS Extends Additional Tax Deadlines for Individuals to May 17
WASHINGTON – The Internal Revenue Service today announced that individuals have until May 17, 2021 to meet certain deadlines that would normally fall on April 15, such as making IRA contributions and filing certain claims […]
Economic Impact Payments on Their Way, Visit IRS.gov instead of Calling
WASHINGTON – The Internal Revenue Service today urged people to visit IRS.gov for the most current information on the second round of Economic Impact Payments rather than calling the agency or their financial institutions or […]
Get Ready to File Taxes: What to Do Before the Tax Year Ends
There are things taxpayers can do before the end of the year to help them get ready for the 2021 tax filing season. Below are a few of them. Donate to charity There is still […]
Income Ranges for Determining IRA Eligibility Change for 2021
WASHINGTON — The Internal Revenue Service announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2021 in Notice 2020-79, posted today on IRS.gov. Highlights of changes for 2021 […]
Helpful Information for Taxpayers on Backup Withholding
Taxpayers who receive certain types of income may have backup withholding deducted from these payments. Backup withholding can apply to most payments reported on certain Forms 1099 and W-2G. Here are some facts to help […]
How Taxpayers can Troubleshoot Common After-Tax-Day Issues
While the deadline to file and pay federal income taxes has passed for most people, there are some taxpayers still facing tax-related issues. Here are some tips for taxpayers handling some of the most common […]
Don’t Forget, Social Security Benefits may be Taxable
Taxpayers receiving Social Security benefits may have to pay federal income tax on a portion of those benefits. Social Security benefits include monthly retirement, survivor and disability benefits. They don’t include supplemental security income payments, […]
159 Million Economic Impact Payments Processed; Low-Income People and Others Who aren’t Required to File Tax Returns can Quickly Register for Payment with IRS Non-Filers Tool
WASHINGTON – With 159 million Economic Impact Payments processed, the Internal Revenue Service reminds many low-income Americans who don’t usually file tax returns to register for a payment by Oct. 15. Millions of low-income people […]