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Tips for Employers Who Outsource Payroll Duties

Many employers outsource their payroll and related tax duties to third-party payers such as payroll service providers and reporting agents. Reputable third-party payers can help employers streamline their business operations by collecting and timely depositing payroll taxes on the employer’s behalf and filing required payroll tax returns with state and federal authorities. Though most of […]

Renting Your Vacation Home

A vacation home can be a house, apartment, condominium, mobile home or boat. If you own a vacation home that you rent to others, you generally must report the rental income on your federal income tax return. But you may not have to report that income if the rental period is short. In most cases, […]

Reminder: IRS to be Closed July 5 Due to Budget and Sequester; Filing and Payment Deadlines Unchanged

WASHINGTON — The Internal Revenue Service today reminded taxpayers that due to the current budget situation, including the sequester, the agency will be shut down on Friday, July 5. As was the case on May 24 and June 14, the first two furlough days, all IRS operations will again be closed on July 5. This […]

Tax Tips if You’re Starting a Business

If you plan to start a new business, or you’ve just opened your doors, it is important for you to know your federal tax responsibilities. Here are five basic tips from the IRS that can help you get started. 1. Type of Business.  Early on, you will need to decide the type of business you are […]

Tax Tips for Newlyweds

Late spring and early summer are popular times for weddings. Whatever the season, a change in your marital status can affect your taxes. Here are several tips from the IRS for newlyweds. It’s important that the names and Social Security numbers that you put on your tax return match your Social Security Administration records. If […]

Keep the Child Care Credit in Mind for Summer

If you are a working parent or look for work this summer, you may need to pay for the care of your child or children. These expenses may qualify for a tax credit that can reduce your federal income taxes. The Child and Dependent Care Tax Credit is available not only while school’s out for […]

Reminder: IRS To Be Closed June 14 Due to Budget and Sequester; Filing and Payment Deadlines Unchanged

WASHINGTON — The Internal Revenue Service today reminded taxpayers that, due to the current budget situation including the sequester, the agency will be shut down on Friday, June 14. As was the case on May 24, the first furlough day, all IRS operations will again be closed on June 14. This means that all IRS […]

Prepare for Hurricanes, Natural Disasters by Safeguarding Tax Records

WASHINGTON — With the start of this year’s hurricane season, the Internal Revenue Service encourages individuals and businesses to safeguard themselves against natural disasters by taking a few simple steps. Create a Backup Set of Records Electronically Taxpayers should keep a set of backup records in a safe place. The backup should be stored away […]

Managing your tax records after you have filed

There are many reasons to keep household records, including keeping track of your expenses,maintaining records for insurance purposes or getting a loan. You should have the same approach to managing your tax records. You should keep all documents that may have an impact on your federal tax return. Records you should keep include bills, credit […]

Seven Tips for Taxpayers with Foreign Income

The IRS reminds U.S. citizens and residents who lived or worked abroad in 2012 that they may need to file a federal income tax return. If you are living or working outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes […]