Tax Tips

20
May

Like, Hashtag, and Follow Tax Tips on Social Media

Social media is a great way to get tax tips and helpful news from the IRS. The agency uses a variety of social media platforms to share tips and information with taxpayers: YouTube: Get video tax tips in English, Spanish, and American Sign Language. Instagram: Follow the official IRS Instagram account @IRSNews for the latest tax scam information to help

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13
May

Tax Facts About Renting Out Residential Property

  For individuals who rent out their residential property for income, there are different tax rules that apply based on whether they used the property as a residence at any time over the course of the year.   Residential rental property may include a single house, condominium, apartment, mobile home, vacation home, or similar property. These properties are often referred

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6
May

Tips to Protect Your Financial Information When Shopping Online

  Cybercriminals are looking for any opportunity to steal your tax and financial data. Theft of your Social Security number could result in a false tax filing. Take these extra steps to protect your financial information, Social Security numbers, and credit card data: Avoid unprotected Wi-Fi. Unprotected, public Wi-Fi, available in coffee shops or other public places, could give thieves

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29
Apr

Tax Credit for the Elderly or Disabled

You may be able to take the credit if you are 65 years of age or older or if you retired on total and permanent disability and have taxable disability income. There are certain limits that your income cannot exceed. Claiming the Senior Tax Credit if You’re 65 Years or Older Based on your filing status, there are certain qualifications.

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22
Apr

Tax Refunds

About 80% of Americans will receive a tax refund this year. If you’re one of them, you may have questions about “where’s your refund”?   It sounds obvious, but “Where’s My Refund?” is actually the best place to start. Visit www.irs.gov/refunds to find the latest refund information. Here are some common questions about the information that the IRS Where’s My

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15
Apr

Making a Tax Payment

It’s that time again. If you need to pay this year, the IRS makes it easy for you to make payments. In some cases, you may be able to make installments if you’re not able to pay the full amount on time. Here are some ways to pay that bill:   Direct Pay: You can pay your tax bill online

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8
Apr

Child and Dependent Care Credit

Working moms and dads can get a break with the Child and Dependent Care Credit. Child care is expensive, and this credit is designed to offset some of that cost. The credit covers children age 12 or younger, a spouse if they are unable to take care of themself, or any other person claimed as a dependent who can’t take

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1
Apr

Free Tax Services for Military; Military OneSource MilTax

Military OneSource MilTax is a free service for the military and their families. The service offers an entire suite of tax and financial services, which are exclusively designed for military life. Highlights of MilTax include:   Tax preparation e-filing that’s secure and free. It’s available from January through October and takes into consideration military tax deductions and credits Access to

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25
Mar

Mileage Rates Increased for 2019

Each year, the IRS issues standard mileage rates used to calculate the deductible costs of operating vehicles for business, charitable, medical, or moving purposes.   As of January 1, 2019, the rates for vehicles used for the above purposes are:   58 cents per mile driven for business use 20 cents per mile driven for medical or moving purposes 14

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18
Mar

Pensions and Annuities: What’s Taxed?

  Depending on the types of retirement benefits you receive, they could be taxable. Here are some basics:   Fully Taxable Payments The pension or annuity payments that you receive are fully taxable if you don’t have an investment in the contract because:   You didn’t contribute anything to your pension or annuity Your employer didn’t withhold contributions from your

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