Tips for Taxpayers Who Can’t Pay Their Taxes on Time IRS Tax Tip 2012-64

If you owe tax with your federal tax return, but can’t afford to pay it all when you file, the IRS wants you to know your options and help you keep interest and penalties to a minimum. Here are five tips: 1. File your return on time and pay as much as you can with the […]

Eight Tips to Determine if Your Gift is Taxable IRS Tax Tip 2012-62

If you gave money or property to someone as a gift, you may owe federal gift tax. Many gifts are not subject to the gift tax, but the IRS offers the following eight tips about gifts and the gift tax. 1. Most gifts are not subject to the gift tax. For example, there is usually no […]

Taxpayers Get More Time to Contribute to IRAs in 2012

You have two extra days this year to make contributions to your Individual Retirement Arrangements. That’s because April 15 falls on a weekend and Emancipation Day, a legal holiday in the District of Columbia, will be observed on Monday, April 16. That means the due date for filing your tax return and making contributions to […]

Injured or Innocent Spouse Tax Relief

You may be an injured spouse if you file a joint tax return and all or part of your portion of a refund was, or is expected to be, applied to your spouse’s legally enforceable past due financial obligations. Here are seven facts about claiming injured spouse relief: 1. To be considered an injured spouse; […]

IRS Provides Penalty Relief to Farmers Affected by MF Global Bankruptcy

WASHINGTON — The Internal Revenue Service announced that it will provide penalty relief to farmers who incur estimated tax penalties because they did not timely receive Forms 1099 from MF Global or its court appointed trustee, and were unable to file their 2011 calendar year tax return by March 1, 2012. The IRS also today […]

Tax Refunds May Be Applied to Offset Certain Debts

Past due financial obligations can affect your current federal tax refund. The Department of Treasury’s Financial Management Service, which issues IRS tax refunds, can use part or all of your federal tax refund to satisfy certain unpaid debts. Here are eight important facts the IRS wants you to know about tax refund offsets: 1. If […]

Eight Tax-Time Errors To Avoid IRS Tax Tip 2012-58

If you make a mistake on your tax return, it can take longer to process, which in turn, may delay your refund. Here are eight common errors to avoid . 1. Incorrect or missing Social Security numbers When entering SSNs for anyone listed on your tax return, be sure to enter them exactly as they appear […]

Deducting Charitable Contributions: Eight Essentials IRS Tax Tip 2012-57

Donations made to qualified organizations may help reduce the amount of tax you pay. The IRS has eight essential tips to help ensure your contributions pay off on your tax return. 1. If your goal is a legitimate tax deduction, then you must be giving to a qualified organization. Also, you cannot deduct contributions made to […]

Farm Income and Deductions: 10 Key Points IRS Tax Tip 2012-56

You are in the business of farming if you cultivate, operate or manage a farm for profit, either as an owner or a tenant. A farm includes livestock, dairy, poultry, fish, fruit and truck farms. It also includes plantations, ranches, ranges and orchards. The IRS has 10 key points for farmers regarding federal income taxes. […]

IRS Social Media Tools Help At Tax Deadline IRS Tax Tip 2012-55

With the April 17 tax deadline approaching, procrastinators may be in a rush to find the tax information they need. Businesses, media, web masters and others may also be looking for creative ways to help their own website’s visitors find official IRS tax information and tools. Let these social media tools from IRS help you […]