Category: IRS Tips

IRS Tips
Winter 2017 Statistics of Income Bulletin Now Available

WASHINGTON — The Internal Revenue Service today announced that the Winter 2017 issue of the Statistics of Income Bulletin is available on IRS.gov. The Statistics of Income (SOI) Division produces the online Bulletin quarterly, providing the most recent data available from various tax and information returns filed by U.S. taxpayers. This issue includes articles on […]

IRS Tips
Get Prior Year Tax Information from the IRS

There are many reasons to keep a copy of a tax return from a prior year. The IRS urges all taxpayers to keep copies of their tax returns for at least three years. Taxpayers should keep a copy of their tax return. Beginning in 2017, taxpayers using a software product for the first time may […]

IRS Tips
Free Help Preparing Tax Returns Available Nationwide

WASHINGTON –– The Internal Revenue Service reminded taxpayers today that they may be eligible to receive free tax help at nearly 12,000 preparation sites nationwide. The sites, generally located at community and neighborhood centers, provide tax assistance to taxpayers with low- and moderate-incomes and the elderly. The IRS Volunteer Income Tax Assistance (VITA) program offers […]

IRS Tips
Tax Time Guide: IRS Publication 17 Helps with 2016 Taxes

WASHINGTON — Taxpayers can get the most out of various tax benefits and get useful tips on preparing their 2016 federal income tax returns by consulting a free, comprehensive tax guide available on IRS.gov. Publication 17, Your Federal Income Tax, features details on taking advantage of a wide range of tax-saving opportunities. This includes tax […]

IRS Tips
Debt Cancellation May be Taxable

If a lender cancels part or all of a debt, a taxpayer must generally consider this as income. However, the law allows an exclusion that may apply to homeowners who had their mortgage debt canceled in 2016. Here are 10 tips about debt cancellation: Main Home. If the canceled debt was a loan on a […]

IRS Tips
Name Change? How It Impacts Taxes

A name change can have an impact on taxes. All the names on a taxpayer’s tax return must match Social Security Administration records. A name mismatch can delay a tax refund. Here’s what taxpayers should know if they changed their name: Reporting Name Changes. Got married and now using a new spouse’s last name or […]

IRS Tips
IRS Reminds International Taxpayers of Tax Obligations; Clarifies Rules for Tax Withholding Agents

WASHINGTON – The Internal Revenue Service today reminded non-U.S. citizens who may have taxable income, such as international students and scholars who may be working or receiving scholarship funds, that they may have special requirements to file a U.S. tax return. The IRS also reminded withholding agents — such as payroll professionals or universities — […]

IRS Tips
March 1 Tax Deadline Nears for Many Farmers and Fishermen; IRS Direct Pay Offers an Easy Way to Pay Taxes

WASHINGTON ― The Internal Revenue Service is reminding farmers and fishermen about Wednesday’s deadline to take advantage of special rules that can allow them to forgo making quarterly estimated tax payments. Taxpayers with income from farming or fishing have until Wednesday, March 1 to file their 2016 Form 1040 and pay the tax due to […]

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