Saturday, January 26, 2013
The Internal Revenue Service has some important information for those who have sold or are about to sell their home.
- NEWS
-
Saturday, January 26
Here are 10 tips from the IRS to keep in mind when selling your home. 1. In general, you are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale. 2. If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases). 3. You are not eligible for the full exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home. 4. If you can exclude all of the gain, you do not need to report the sale of your home on your tax return. 5. If you have a gain that cannot be excluded, it is …
Friday, January 18, 2013
The IRS has announced a delayed start to the 2012 tax filing season
You'll have to wait a bit if you are used to filing your annual tax return at the earliest possible date. The Internal Revenue Service has revised its opening date for tax season -- pushing it eight days to January 30, 2013. The tax filing deadline is Monday, April 15 The IRS will begin accepting tax returns on January 30, 2013. Most taxpayers should be able to file on that date though some revised forms may not be immediately available. You can blame the delay on the federal "fiscal cliff" crisis and the new tax bill Congress passed just after Dec. 31. You can find more information in this Forbes article. Electronic filing season was originally set to start on Jan. 22 this year. As a result of the delay, nobody will get a refund in …
Thursday, February 23, 2012
IRS forms and publications are available on the Internet, by mail, at local libraries and post offices and elsewhere.
- GOVERNMENT
-
Thursday, February 23, 2012
The Internal Revenue Service has free tax forms and publications on a wide variety of topics. Because of continued growth in electronic filing, the availability of free options to taxpayers and to reduce costs, the IRS discontinued the automatic mailing of paper tax packages last tax season. If you need IRS forms and publications, here are four easy methods for getting them. 1. On the Internet: You can access forms and publications on the IRS website 24 hours a day, seven days a week, at www.irs.gov. 2. IRS Taxpayer Assistance Centers: There are 401 TACs across the country where IRS offers face-to-face assistance to taxpayers, and where taxpayers can pick up many IRS forms and publications. Visit www.irs.gov and go to Contact My Local …
Thursday, February 16, 2012
Make sure to read these tips before filing your 2011 federal income tax return.
- GOVERNMENT
-
Thursday, February 16, 2012
Before you file your 2011 federal income tax return in 2012, you should be aware of a few important tax changes that took effect in 2011. Check www.IRS.gov before you file for updates on any new legislation that may affect your tax return. Due date of return. File your federal tax return by April 17, 2012. The due date is April 17, instead of April 15, because April 15 is a Sunday and April 16 is the Emancipation Day holiday in the District of Columbia. New forms. In most cases, you must report your capital gains and losses on the new Form 8949,Sales and Other Dispositions of Capital Assets. Then, you report certain totals from that form on Schedule D (Form 1040). If you had foreign financial assets in 2011, you may have to file the new …
Wednesday, February 8, 2012
Children may help you qualify for valuable tax benefits.
- GOVERNMENT
-
Wednesday, February 8, 2012
Your kids can be helpful at tax time. That doesn't mean they'll sort your tax receipts or refill your coffee, but those charming children may help you qualify for some valuable tax benefits. Here are 10 things the IRS wants parents to consider when filing their taxes this year. 1. Dependents In most cases, a child can be claimed as a dependent in the year they were born. For more information see IRS Publication 501, Exemptions, Standard Deduction, and Filing Information. 2. Child Tax Credit You may be able to take this credit for each of your children under age 17. If you do not benefit from the full amount of the Child Tax Credit, you may be eligible for the Additional Child Tax Credit. For more information see IRS Publication 972, Child…
Wednesday, January 18, 2012
Online tax filing system can process returns in as little as 10 days.
- GOVERNMENT
-
Wednesday, January 18, 2012
The Internal Revenue Service opened the 2012 electronic tax return filing season Tuesday with a reminder to taxpayers that e-file remains the best way to get fast refunds and ensure accurate tax returns. IRS e-file has surpassed the milestone of 1 billion returns processed. The electronic transmission system revolutionized the way the IRS processes tax returns and made speedy refunds possible. More than 112 million income tax returns were e-filed last year, or 77 percent of all individual returns filed. "E-file is the best option for taxpayers. E-file enables taxpayers to file more accurate returns and receive their refunds quickly and safely," said IRS Commissioner Doug Shulman. In general, for people concerned about security, e-file has …
Saturday, January 7, 2012
IRS encourages taxpayers to e-file.
- GOVERNMENT
-
Saturday, January 7, 2012
The Internal Revenue Service opened the 2012 tax filing season by announcing that taxpayers have until April 17 to file their tax returns. The IRS encourages taxpayers to e-file as it is the best way to ensure accurate tax returns and get faster refunds. The IRS also announced a number of improvements to help make this tax season easy for taxpayers. This includes new navigation features and helpful information on IRS.gov and a new pilot to allow taxpayers to use interactive video to get help with tax issues. “At the IRS, we’re working hard to make the process of filing your taxes as quick and easy as possible,” said IRS Commissioner Doug Shulman. “Providing quality service is one of our top priorities. It not only reduces the burden on …
