IRS Tax Tips Archives

Tips for Taxpayers Who Owe Taxes

The IRS offers a variety of payment options where taxpayers can pay immediately or arrange to pay in installments. Those who receive a bill from the IRS should not ignore it. A delay may cost more in the end. As more time passes, the more interest and penalties accumulate. Here are some ways to make …read more

Many Tax-Exempt Organizations Must File by May 15; Do Not Include Social Security Numbers or Personal Data

The Internal Revenue Service today reminded tax-exempt organizations that many have a filing deadline for Form 990-Series Information Returns in Mid-May With the May 15 filing deadline fast approaching, the IRS cautions these groups not to include Social Security numbers or other unnecessary personal information on their Form 990. The agency also asks them to …read more

Employee or Independent Contractor? Know the Rules

The IRS encourages all businesses and business owners to know the rules when it comes to classifying a worker as an employee or an independent contractor. An employer must withhold income taxes and pay Social Security, Medicare taxes and unemployment tax on wages paid to an employee. Employers normally do not have to withhold or …read more

IRS Explains How Offer in Compromise Works

Taxpayers who have a tax debt they cannot pay may have heard that they can settle their tax debt for less than the full amount owed. It’s called an Offer in Compromise. Before applying for an Offer in Compromise, here are some things to know: In general, the IRS cannot accept a settlement offer if …read more

IRS Issues Tips on What to do After the Tax-Filing Deadline

IRS Issues Tips on What to do After the Tax-Filing Deadline Tax day has come and gone for most people, but some taxpayers may still be dealing with their taxes. The IRS offers these tips for handling some typical after-tax-day issues: Didn’t File by April 18? There is no penalty for filing a late return …read more

Tax Tips to Help You Determine What Makes a Gift Taxable

Tax Tips to Help You Determine What Makes a Gift Taxable Taxpayers who give money or property to others may wonder about the federal gift tax and if it applies. Most gifts are not subject to the gift tax. Here are seven tax tips about the gift tax and giving: 1. Nontaxable Gifts. The general …read more

IRS Urges Taxpayers Not to Rush; Choose Return Preparers Wisely

As the tax filing season deadline approaches, the Internal Revenue Service is reminding taxpayers to select who will prepare their 2016 federal tax return carefully. With the filing deadline less than two weeks away, appointments with some tax professionals may be limited. A reputable preparer will ask to see a taxpayer’s records and receipts and …read more

Top IRS Tips to Know about the Home Office Deduction

Taxpayers who use their home for business may be able to deduct expenses for the business use of it. Qualified persons can claim the deduction whether they rent or own their home. Use the simplified method or the regular method to claim a deduction. Here are six tips to keep mind about the home office …read more

Get an Automatic Six More Months to File; Free File Now Available for Extensions

The Internal Revenue Service reminded taxpayers today that if they are unable to file their tax returns by this year’s April 18 deadline there is an easy, online option to get more time to complete their return. The advice for those who cannot complete their tax return by April 18: Do not panic. Taxpayers who …read more

Top Ten Adoption Tax Credit Facts to Consider

Taxpayers who have adopted or tried to adopt a child in 2016 may qualify for a tax credit. Here are ten important things about the adoption credit: The Credit. The credit is nonrefundable, which may reduce taxes owed to zero. If the credit exceeds the tax owed, there is no refund of the additional amount. …read more