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...
An educational assistance program is an employer’s written plan to provide employees with undergraduate or graduate-level educational assistance. These programs allow employers to pay student loan debt and other education expenses tax-free. Eligible...
There are two education tax credits designed to help offset education costs: the American Opportunity Tax Credit and the Lifetime Learning Credit. Eligibility requirementsFor both tax credits, to be eligible: The taxpayer, their spouse or...
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....
Many working parents arrange for care of their younger children under age 13 during the summer. A popular solution is a day camp program, which can sometimes also lead to a tax benefit. Taxpayers who pay for the care of a child, or other qualifying person, so they...
Protecting taxpayer privacy is priority at the IRS. The right to privacy is one of 10 rights the Taxpayer Bill of Rights gives all taxpayers. Taxpayers have the right to expect that any IRS inquiry, examination or enforcement action will comply with the...
Every taxpayer has fundamental rights when working with the IRS. Collectively their rights are known as the Taxpayer Bill of Rights. One of these is the right to challenge the IRS's position and be heard. Here’s what this right means for taxpayers. Taxpayers have...
Tax credits and deductions change the amount of a person’s tax bill or refund. People should understand which credits and deductions they can claim and the records they need to show their eligibility. Tax creditsA tax credit reduces the income tax bill...
When disaster strikes, Americans can always be counted on to help. That help comes in countless ways, but often the easiest way to help is by donating money to charities. Sadly, criminals are just as likely to answer the call after a disaster or emergency as the...
Taxpayers who buy a qualifying new or used clean vehicle may be able to transfer their tax credits to the dealer in exchange for a financial benefit – such as a lower cost – starting Jan. 1, 2024. Benefits of transferring the creditTaxpayers can now claim tax credits...
