The IRS is conducting large-scale audits of land conservation transactions—targeting billions of dollars of potentially inflated deductions, hundreds of partnerships, and thousands of investors.
When it comes to taxes, members of the military often have unique circumstances. IRS.gov has info on several topics that affect current and former military personnel, as well as their families. Here are resources where people can go to find more information.
Recordkeeping is an important part of running a small business. In fact, keeping good records helps business owners make sure their business stays successful.
The home office deduction can help small business owners save money on their taxes.
The Internal Revenue Service announced that employees in 401(k) plans will be able to contribute up to $19,500 next year.
Now that fall is here and school has started, many teachers are dipping into their own pockets to buy classroom supplies. Doing this throughout the year can add up fast. Fortunately, eligible educators may be able to defray qualified expenses they paid in 2019 when they file their tax return in 2020.
The earned income tax credit benefits working people with low-to-moderate income. Last year, the average credit was $2,445. EITC not only reduces the amount of tax someone owes, but may also give them a refund, even if they don’t owe any tax at all.
Taxpayers who claim at least one child as their dependent on their tax return may be eligible to benefit from the child tax credit. It’s important for people who might qualify for this credit to review the eligibility rules to make sure they still qualify. Taxpayers who haven’t qualified in the past should also check because they may …
When a taxpayer files their tax return, they need to know their filing status. What folks should remember is that a taxpayer’s status could change during the year. So, any time is a good a time for a taxpayer to learn about the different filing statuses and which one is best for them.
After a natural disaster, taxpayers may need records to help them prove their disaster-related losses. This may be for tax purposes, getting federal assistance or insurance reimbursement.