Now that many taxpayers have filed their federal tax returns, they’re eager for details about their refund. When it comes to refunds, there are several common myths that can mislead taxpayers. Getting a refund this year means there’s no need […]
IRS Free File can help people who aren’t required to file find tax credits and get a refund
The IRS urges low- and moderate-income individuals and families, especially those who don’t normally file a tax return because they are not required to by law, to use IRS Free File. Filing a tax return is the only way for […]
Tax Time Guide: IRS reminds taxpayers of recent changes to retirement plans
WASHINGTON — The Internal Revenue Service today reminded taxpayers about the rules for required minimum distributions (RMDs) from retirement accounts. A retirement plan account owner must normally begin taking an RMD annually starting the year he or she reaches 70 […]
What employers need to know about repayment of deferred payroll taxes
To give people a needed temporary financial boost, the Coronavirus, Aid, Relief and Economic Security Act allowed employers to defer payment of the employer’s share of Social Security tax. IRS Notice 2020-65 allowed employers to defer withholding and payment of […]
Here’s what taxpayers should do if they have missing or incorrect documents
Taxpayers should double-check to make sure they have all their documents before filing a tax return. Taxpayers who haven’t received a W-2 or Form 1099 should contact the employer, payer or issuing agency and request the missing documents. This also […]
Tips to help people choose a reputable tax preparer
Whether taxpayers regularly use a tax professional to help them file a tax return or they have decided to work with one for the first time, it is important to choose a tax return preparer wisely. Taxpayers are responsible for […]
People can get their federal tax refund faster with direct deposit
As taxpayers prepare for the start of the 2021 filing season, the best way to get a refund is to combine electronic filing with direct deposit. It’s fast, secure and easy. IRS Direct Deposit: Is fast. The quickest way for people […]
EITC Awareness Day: Critical tax credit provides a significant refund boost to millions
IRS YouTube Videos:Earned Income Tax Credit – Get it Right – English | Spanish | ASL WASHINGTON – The Internal Revenue Service and partners across the nation remind taxpayers about the Earned Income Tax Credit today on “EITC Awareness Day” […]
What taxpayers need to know to claim the earned income tax credit
The earned income tax credit can give qualifying workers with low-to-moderate income a substantial financial boost. In 2019, the average amount of this credit was $2,476. It not only reduces the amount of tax someone owes but may give them […]
Tax time is seasonal, but the Taxpayer Bill of Rights applies all year
All taxpayers have fundamental rights when they’re interacting with the IRS. These rights apply all year long, not just during tax season. The Taxpayer Bill of Rights presents these rights in 10 categories. Here’s an overview of these rights and […]