The Internal Revenue Service is reminding veterans who received disability severance payments after 1991 and claimed it as income that time may be running out to claim their refund. Veterans should take action soon if they received a notice (letters…
These last two tips are for taxpayers who have not yet filed but may be due a refund and those who may need to adjust their withholding. Refunds Require A Tax Return Although workers may not have earned enough money…
Though the higher standard deduction means fewer taxpayers are itemizing their deductions, those that still plan to itemize next year should keep these tips in mind: Deducting State And Local Income, Sales And Property Taxes The total deduction that taxpayers…
Buying a home? Working a summer job? Volunteering? Activities that are common in the summer often qualify for tax credits or deductions. And, while summertime and part-time workers may not earn enough to owe federal income tax, they should remember…
Educators may be able to deduct unreimbursed expenses on their tax return. This deduction can put money right back in the pockets of eligible teachers and other educators. Here are some things to know about this deduction: Educators can deduct…
Many people enjoy hobbies that are also a source of income. From painting and pottery to scrapbooking and soap making, these activities can be sources of both fun and finances. Taxpayers who make money from a hobby must report that…
No matter what time of year, taxpayers should be on the lookout for scams. Here are some things taxpayers should remember to help them spot scams and avoid becoming a victim. Phone Scams The IRS does not leave pre-recorded, urgent…
With scam artists hard at work all year, taxpayers should be on the lookout for a surge of evolving phishing emails and telephone scams. Taxpayers should watch for new versions of two tax-related scams. One involves Social Security numbers related…
Members of the military and their families often qualify for special tax benefits. For example, members of the armed forces don’t have to pay taxes on some types of income. In addition, special rules could lower the tax they owe…
All taxpayers should check their withholding – also known as doing a Paycheck Checkup – as soon as possible. They should do a checkup even if they did one last year. By checking their withholding, taxpayers can make sure enough…
