The Internal Revenue Service today reminded taxpayers the deadline to submit their third quarter estimated tax payment is Sept. 16, 2024. The IRS also reminded taxpayers affected by disasters in 17 states, Puerto Rico and the Virgin Islands that they may...
The Educator Expense Deduction lets eligible teachers and administrators deduct part of the cost of technology, supplies and training from their taxes. They can claim this deduction only for expenses that weren't reimbursed by their employer, a grant or other sources....
While summer is a time for fun, it’s never the wrong time to thinking about taxes – and some of those summer activities could have an impact. Here are a few summertime activities and tips on how taxpayers should consider them for filing season. MarriageWedding season...
Here are some simple things taxpayers can do throughout the year to make filing season less stressful. Organize tax records. Create a system that keeps all important information together. Taxpayers can use a software program for electronic recordkeeping or store paper...
If the IRS rejects an offer in compromise, taxpayers have 30 days from the date on the rejection letter to request an appeal of that decision. To request an appeal, a taxpayer must file Form 13711, Request for Appeal of Offer in Compromise, or send...
It is never too early to begin planning for retirement. Individual retirement accounts provide tax incentives for people to make investments that can provide financial security when they retire. These accounts can be with a bank or other financial institution, a life...
Anyone saying “I do” this summer should review a few tax-related items after the wedding. Big life changes, including a change in marital status, often have tax implications. Here are a few things couples should think about after they tie the knot. Name and address...
When couples separate or divorce, the change in their relationship status affects their tax situation. The IRS considers a couple married for tax filing purposes until they get a final decree of divorce or separate maintenance. Update tax withholdingWhen a taxpayer...
Sometimes the line between having a hobby and running a business can be confusing, but knowing the difference is important because hobbies and businesses are treated differently when it’s time to file a tax return. The biggest difference between the two is that...
Kids are expensive. Whether someone just brought a bundle of joy home from the hospital, adopted a teen from foster care, or is raising their grandchild. There are several tax breaks that can help. Here are some tax tips for new parents Get the child a...
