Are you confused about what income is taxable and what income is not taxable? Taxable income can include money you receive, such as wages and tips, or noncash income from property or services. For example, both parties in a barter exchange
Tax/Business News & Updates
Alternatives to Calling the IRS Next Week
IRS Warns of Heavy Call Volume, Offers Tips for Faster Answers WASHINGTON – The IRS reminded taxpayers the Presidents Day holiday period typically marks one of the busiest weeks of the tax filing season for its phone lines. There are
Don’t Miss These Deductions and Credits
Don’t overpay taxes by overlooking tax deductions, credits, and elections on your tax return. See the most common ones listed below that could cost you “money”. Credits Education Credits. Send your children to school and get a tax credit under
Small Business and Self-Employed Tax Center
Do you feel overwhelmed sometimes by all the tax information needed to run your business? Well, you don’t have to be an expert. The IRS has the Small Business and Self-Employed Tax Center to help business owners know the basics
EITC Awareness Day
The Internal Revenue Service (IRS) invites community organizations, elected officials, state and local governments, employers, and other interested parties to join a nationwide effort on Earned Income Tax Credit (EITC) Awareness Day, January 31, 2014. IRS estimates four of five eligible
IRS Resources
The IRS will start processing federal income tax returns starting Friday, January 31, 2014. If you need tax help, the IRS website has forms, information, and IRS contact information you need. The quickest way to get federal income tax information
1099-G Online Form Requests
Residents of Connecticut, Missouri, New Jersey, New York and Pennsylvania (and possibly other states) will no longer receive a mailed copy of Form 1099-G, Certain Government Payments, for state and local income tax refunds. These states now require the taxpayer
Tax Tip – 5 Tax Mistakes to Avoid
1. Not Filing a Tax Return Always file, even if you do not have the money to pay the taxes you owe. The IRS considers not paying on time and not filing as two separate issues, and a penalty is involved
14 Common IRS Audit Triggers
The Internal Revenue Service audited .96 percent of individual tax returns in fiscal year 2013, declining for the second straight year. Even though there was a decline, the IRS increased the revenue it collected from tax enforcement by 6.3%. Ever
Business Tax Filing Season Begins January 13
The IRS will begin accepting 2013 business tax returns on Monday, January 13, 2014. This start date applies to both electronically-filed and paper-filed returns. Business returns include any return that posts on the IRS Business Master File (BMF). BMF returns include a variety of income tax and