Eight Facts on Late Filing and Late Payment Penalties

April 15 is the annual deadline for most people to file their federal income tax return and pay any taxes they owe. By law, the IRS may assess penalties to taxpayers for both failing to file a tax return and for failing to pay taxes they owe by the deadline. Here are eight important points […]

Ten Helpful Tips for Paying Your Taxes

Are you making a payment with your federal tax return this year? If so, here are 10 important things the IRS wants you to know about correctly paying your federal income taxes. 1. Never send cash. 2. If you file electronically, you can file and pay in a single step with an electronic funds withdrawal. If you […]

IRS Offers Tips for Taxpayers Who Missed the Tax Deadline

The IRS has some advice for taxpayers who missed the tax filing deadline. File as soon as possible.  If you owe federal income tax, you should file and pay as soon as you can to minimize any penalty and interest charges. There is no penalty for filing a late return if you are due a […]

IRS Fresh Start Program Helps Taxpayers Who Owe the IRS

The IRS Fresh Start program makes it easier for taxpayers to pay back taxes and avoid tax liens. Even small business taxpayers may benefit from Fresh Start. Here are three important features of the Fresh Start program: • Tax Liens.  The Fresh Start program increased the amount that taxpayers can owe before the IRS generally will […]

Tips for Taxpayers Who Can’t Pay Their Taxes on Time

If you find you owe tax after completing your federal tax return but can’t pay it all when you file, the IRS wants you to know your options. Here are four tips that can help you lower the amount of interest and penalties when you don’t pay the full amount on time. 1. File on time […]

Ten Things to Know about Farm Income and Deductions

If you earn money managing or working on a farm, you are in the farming business. Farms include plantations, ranches, ranges and orchards. Farmers may raise livestock, poultry or fish, or grow fruits or vegetables. Here are 10 things about farm income and expenses that the IRS wants you to know. 1. Crop insurance proceeds.  Insurance […]

IRS Releases the Dirty Dozen Tax Scams for 2013

IRS YouTube Videos: Dirty Dozen: English | Spanish | ASL WASHINGTON — The Internal Revenue Service issued its annual “Dirty Dozen” list of tax scams, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud. The Dirty Dozen listing, compiled […]

Five Tax Credits that Can Reduce Your Taxes

A tax credit reduces the amount of tax you must pay. A refundable tax credit not only reduces the federal tax you owe, but also could result in a refund. Here are five credits the IRS wants you to consider before filing your 2012 federal income tax return: 1. The Earned Income Tax Credit is a […]

Claiming the Child and Dependent Care Tax Credit

The Child and Dependent Care Credit can help offset some of the costs you pay for the care of your child, a dependent or a spouse. Here are 10 facts the IRS wants you to know about the tax credit for child and dependent care expenses. 1. If you paid someone to care for your child, […]

Home Office Deduction: a Tax Break for Those Who Work from Home

If you use part of your home for your business, you may qualify to deduct expenses for the business use of your home. Here are six facts from the IRS to help you determine if you qualify for the home office deduction. 1. Generally, in order to claim a deduction for a home office, you must […]