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IRS

Itemizing vs. Standard Deduction: Six Tips to Help You Choose

April 1, 2014
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When you file your tax return, you usually have a choice whether to itemize deductions or take the standard deduction. Before you choose, it’s a good idea to figure your deductions using both methods. Then choose the one that allows you to pay the lower amount of tax. The one that results in the higher…

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Four Tax Facts about the Health Care Law for Individuals

March 31, 2014
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There are a few basic tips to keep in mind about the new health care law. Health insurance choices you make now may affect the income tax return you file in 2015. 1. Most people already have qualified health insurance coverage and will not need to do anything more than maintain qualified coverage throughout 2014. 2. If…

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Special Exclusion for Cancelled Home Mortgage Debt

March 28, 2014
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If a lender cancels or forgives money you owe, you usually have to pay tax on that amount. But when it comes to your home, an important exception to this rule may apply in 2013. Here are several key facts from the IRS about the special exclusion for cancelled home mortgage debt: • If the cancelled…

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What You Need to Know about the Amount of Health Insurance Reported on Form W-2

March 27, 2014
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You may be wondering if you have to report the value of your employer-sponsored health insurance coverage, which may appear on your W-2, Wage and Tax Statement when you file your 2013 federal income tax return. Here is what you need to know about the value shown on your W-2. The health care law requires…

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Free Tax Help for Military Families

March 26, 2014
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The IRS provides free tax help to military members and their families through its Volunteer Income Tax Assistance program. VITA offers free tax preparation and e-filing at sites both on and off base. It also has sites to help our military overseas. Here are five things to know about free tax help for the military:…

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2014 Refunds Ahead of Last Year

March 25, 2014
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WASHINGTON — By the end of February, more than 48 million tax refunds had been issued the IRS today announced – an increase of 5.6 percent compared to the same time last year. As of Feb. 28, the average refund this year is $3,034, up 3 percent compared to the average refund amount for the…

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Three Timely Tips about Taxes and the Health Care Law

March 24, 2014
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The health care law has provisions that may affect your personal income taxes. How the law may affect you may depend on your employment status, whether you participate in a tax favored health plan and your age. Here are three tips about how the law may affect you: 1. Employment Status If you are employed your…

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New IRS Video Helps Same-Sex Couples; Joins Extensive IRS Library Of Online Tax Tips

March 20, 2014
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WASHINGTON — The Internal Revenue Service released a new YouTube video designed to provide useful tax tips to married same-sex couples. The video is the latest addition to an online  library featuring short IRS instructional videos covering  more than 100 topics ranging from tips for victims of identity theft to taking advantage of the new…

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Ten Facts about Capital Gains and Losses

March 19, 2014
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When you sell a ’capital asset,’ the sale usually results in a capital gain or loss. A ‘capital asset’ includes most property you own and use for personal or investment purposes. Here are 10 facts from the IRS on capital gains and losses: 1. Capital assets include property such as your home or car. They also…

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Ten Things to Know about the Taxpayer Advocate Service

March 12, 2014
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1. The Taxpayer Advocate Service (TAS) is an independent organization within the IRS and is your voice at the IRS. 2. We help taxpayers whose problems are causing financial difficulty. This includes businesses as well as individuals. 3. You may be eligible for our help if you’ve tried to resolve your tax problem through normal IRS channels and…

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