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2014 Tax Season Delay

October 28, 2013
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2014 Tax Season to Start Later Following Government Closure; IRS Sees Heavy Demand As Operations Resume IR-2013-82, Oct. 22, 2013 WASHINGTON — The Internal Revenue Service today announced a delay of approximately one to two weeks to the start of the 2014 filing season to allow adequate time to program and test tax processing systems…

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Back-to-School Tax Tips for Students and Parents

October 24, 2013
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IRS Summertime Tax Tip 2013-19, August 14, 2013 Going to college can be a stressful time for students and parents. The IRS offers these tips about education tax benefits that can help offset some college costs and maybe relieve some of that stress. American Opportunity Tax Credit.  This credit can be up to $2,500 per eligible…

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Interest Rates Remain the Same for the Fourth Quarter of 2013

October 17, 2013
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IR-2013-74, Sept. 5, 2013 WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Oct. 1, 2013. The rates will be: three (3) percent for overpayments [two (2) percent in the case of a corporation]; three (3) percent for underpayments; five (5) percent for large corporate…

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2013 Statistics of Income Bulletin

October 10, 2013
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IR-2013-73, Sept. 3, 2013 WASHINGTON — The Internal Revenue Service today announced that the summer 2013 issue of the Statistics of Income Bulletin is available at IRS.gov. The summer 2013 issue features data from Form W-2, Wage and Tax Statement, filed with individual income tax returns for tax years 2008 through 2010. The Statistics of…

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Ten Tax Tips for Individuals Selling Their Home

October 3, 2013
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IRS Summertime Tax Tip 2013-24, August 26, 2013 If you’re selling your main home this summer or sometime this year, the IRS has some helpful tips for you. Even if you make a profit from the sale of your home, you may not have to report it as income. Here are 10 tips from the…

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If You Receive an IRS Notice, Here’s What to Do

September 26, 2013
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IRS Summertime Tax Tip 2013-22, August 21, 2013 Each year the IRS sends millions of letters and notices to taxpayers. Although some people may feel anxious when they receive one, many are easy to resolve. Here’s what to do if you receive a letter or notice from the IRS: Don’t panic. Follow the instructions in…

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Three Tax Scams to Beware of

September 19, 2013
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IRS Summertime Tax Tip 2013-26, August 30, 2013 Are you thinking about taxes while you’re enjoying the warm summer months? Not likely! But the IRS wants you to know that scammers ARE thinking about taxes and ways to dupe you out of your money. Tax scams can happen anytime of the year, not just during…

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Give Withholding and Payments a Check-up to Avoid a Tax Surprise

September 12, 2013
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IRS Summertime Tax Tip 2013-25, August 28, 2013 Some people are surprised to learn they’re due a large federal income tax refund when they file their taxes. Others are surprised that they owe more taxes than they expected. When this happens, it’s a good idea to check your federal tax withholding or payments. Doing so…

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IRS Tips on Reporting Natural Resource Income

June 28, 2013
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Taxpayers who own land that contains valuable natural resources should be aware that arranging for the development of the resources by means of a lease creates tax consequences. Landowners may make complex financial agreements to receive royalty, bonus or other income in exchange for access to the resources on their land, such as natural gas…

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Summer Job Tax Information for Students

June 26, 2013
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IRS Special Edition Tax Tip 2013-10 When summer vacation begins, classroom learning ends for most students. Even so, summer doesn’t have to mean a complete break from learning. Students starting summer jobs have the opportunity to learn some important life lessons. Summer jobs offer students the opportunity to learn about the working world – and…

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