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Six Tips on a Tax Credit for Retirement Savings

If you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement, you may be eligible for a tax credit, depending on your age and income. Here are six things the IRS wants you to know about the Savers Credit: 1. Income limits The Savers Credit, formally known as the Retirement […]

IRS Creates Online Search Tool for Easier Check On Information About Exempt Organizations

WASHINGTON — The Internal Revenue Service has launched a new online search tool, Exempt Organizations Select Check, to help users more easily find key information about tax-exempt organizations, such as federal tax status and filings. Users can now go to one location on IRS.gov, select a tax-exempt organization, and check if the organization: o Is eligible […]

IRS Encourages Small Employers to Check Out Small Business Health Care Tax Credit

IRS YouTube Video Small Business Health Care Tax Credit: English | Spanish WASHINGTON — With business tax-filing deadlines fast approaching, the Internal Revenue Service today encouraged small employers that provide health insurance coverage to their employees to check out the small business health care tax credit and then claim it if they qualify. The recently-revamped […]

IRS Offers New Penalty Relief and Expanded Installment Agreements to Taxpayers under Expanded Fresh Start Initiative

WASHINGTON — The Internal Revenue Service today announced a major expansion of its “Fresh Start” initiative to help struggling taxpayers by taking steps to provide new penalty relief to the unemployed and making Installment Agreements available to more people. Under the new Fresh Start provisions, part of a broader effort started at the IRS in […]

Tax Scam Warning: Beware of Phony Refund Scheme Abusing Popular College Tax Credit; Senior Citizens, Working Families and Church Members Are Targets

IRS YouTube Video: Tax Refund Scams: English | Spanish | ASL WASHINGTON – The Internal Revenue Service today warned senior citizens and other taxpayers to beware of an emerging scheme tempting them to file tax returns claiming fraudulent refunds. The scheme carries a common theme of promising refunds to people who have little or no […]

Payroll Tax Cut Extended to the End of 2012; Revised Payroll Tax Form Now Available to Employers

WASHINGTON — The Internal Revenue Service today released revised Form 941 enabling employers to properly report the newly-extended payroll tax cut benefiting nearly 160 million workers. Under the Middle Class Tax Relief and Job Creation Act of 2012, enacted yesterday, workers will continue to receive larger paychecks for the rest of this year based on […]

IRS Has $1 Billion for People Who Have Not Filed a 2008 Income Tax Return

IRS YouTube Videos: Haven’t Filed a Tax Return in Years?: English | Spanish | ASL WASHINGTON — Refunds totaling more than $1 billion may be waiting for one million people who did not file a federal income tax return for 2008, the Internal Revenue Service announced today. However, to collect the money, a return for […]

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Ten Things to Know About Capital Gains and Losses

Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When you sell a capital asset, the difference between the amount you paid for the asset and its sales price […]

Early Distribution from Retirement Plans May Have a Tax Impact

Taxpayers may sometimes find themselves in situations when they need to withdraw money from their retirement plan early. What they may not realize is that that transaction may mean a tax impact when they file their return. Here are 10 facts from the IRS about the tax implications of an early distribution from your retirement […]