Summertime is a popular time for people with children to move since school is out. Moving can be expensive, but the IRS offers 10 tax tips on deducting some of those expenses if your move is related to starting a new job or a new job location. Move must be closely related to start of …
The IRS has some advice for taxpayers who missed the tax deadline on April 15th. File as soon as possible. If you owe federal income tax, you should file and pay as soon as you can to minimize any penalty and interest charges. There is no penalty for filing a late return if you are …
Happy Tax Day! Hopefully, you have sorted all of your 2012 tax matters. If you are expecting a refund – what will you do with it? We’ve put together a few tips on how you might like to spend your tax refund.. Make a Plan – It’s amazing how quickly an extra thousand or two …
The April 15 tax-filing deadline is fast approaching. Some taxpayers may find that they need more time to file their tax returns. If you need extra time, you can get an automatic six-month extension from the IRS. Here are five important things you need to know about filing an extension: Extra time to file is …
If you made your home more energy efficient last year, you may qualify for a tax credit on your 2012 federal income tax return. Here is some basic information about home energy credits that you should know. Non-Business Energy Property Credit You may claim a credit of 10 percent of the cost of certain energy …
The American Opportunity Credit and the Lifetime Learning Credit may help you pay for higher education costs. If you pay tuition and fees for yourself, your spouse or your dependent you may qualify for these credits. Here are some facts the IRS wants you to know about these important credits: The American Opportunity Credit The …
When you file a tax return, you usually have a choice to make: whether to itemize deductions or take the standard deduction. You should compare both methods and use the one that gives you the greater tax benefit. The IRS offers these six facts to help you choose between itemizing vs. standard deduction. Figure your …
A tax credit reduces the amount of tax you must pay. A refundable tax credit not only reduces the federal tax you owe, but also could result in a refund. Here are five credits the IRS wants you to consider before filing your 2012 federal income tax return: The Earned Income Tax Credit is a …
If you make a mistake on your tax return, it can take longer to process, which in turn, may delay your refund. Here are eight common errors to avoid: Incorrect or missing Social Security numbers When entering SSNs for anyone listed on your tax return, be sure to enter them exactly as they appear on …
The IRS has a tool to help people who could experience a First-Time Homebuyer Credit repayment. Reminder letters will no longer be mailed to taxpayers who have to repay the credit but you can now use an online lookup tool on the IRS website to check your repayment obligation. The following four tips will help …
