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Archive for the ‘Taxes’ Category

Millions Prepare for Tax Deadline; Use Free File or Direct Pay to Get a 6-Month Tax-Filing Extension; Choose Direct Deposit for Refunds

IR-2016-63, April 14, 2016 WASHINGTON — The Internal Revenue Service today offered last-minute advice today as more than 10 million taxpayers prepare to file tax returns in the next few days and millions more seek six-month extensions. Millions of tax returns are expected to be filed each day as the tax deadline approaches, with more […]

IRS: Payments & Extensions

There are several payment options if you owe federal tax. Never send cash. Electronic payment options are the quickest and easiest way to pay your tax. Check out IRS Direct Pay to pay directly from your bank account. Access Direct Pay on IRS.gov. It’s secure and free. You will get instant confirmation that you have […]

Last Minute Filing Tips

First and foremost, the IRS encouraged taxpayers to file electronically. Doing so, whether through e-file or IRS Free File, vastly reduces tax return errors, as the tax software does the calculations, flags common errors and prompts taxpayers for missing information. And best of all, there is a free option for everyone. Whether filing electronically or […]

How to Determine if the Net Investment Income Tax Applies to You

If you have income from investments, you may be subject to the Net Investment Income Tax. You may owe this tax if you receive investment income and your income for the year is more than certain limits.   Net Investment Income Tax.  The law requires a tax of 3.8 percent on the lesser of either […]

Social Security Benefits and Your Taxes

If you receive Social Security benefits, you may have to pay federal income tax on part of your benefits. These IRS tips will help you determine whether or not you need to pay taxes on your benefits. They also explain the best way to file your tax return. Form SSA-1099. If you received Social Security […]

IRS to Parents: Don’t Miss Out on These Tax Savers

Children may help reduce the amount of taxes owed for the year. If you’re a parent, here are several tax benefits you should look for when you file your federal tax return:    In most cases, you can claim your child as a dependent. You can deduct $3,950 for each dependent you are entitled to […]

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