IRS News

Health Insurance Tax Breaks for the Self-Employed

March 16, 2012

Courtesy of the IRS [TaxMama note: Goodness. This many tax tip is SO limited. It doesn't include any information about HSAs, Sec 105 plans for hiring your spouse, or health care credits small employers can get for paying health insurance premiums for their employees.] If you’re self-employed and paying for medical, dental or long-term care [...]

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What Employers Need to Know About Claiming the Small Business Health Care Tax Credit

March 9, 2012

If you are a small employer with fewer than 25 full-time equivalent employees that earn an average wage of less than $50,000 a year and you pay at least half of employee health insurance premiums…then there is a tax credit that may put money in your pocket. The Small Business Health Care Tax Credit is [...]

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IRS Offers New Penalty Relief and Expanded Installment Agreements

March 7, 2012

Courtesy of the IRS IRS Offers New Penalty Relief and Expanded Installment Agreements to Taxpayers under Expanded Fresh Start Initiative WASHINGTON — The Internal Revenue Service today announced a major expansion of its “Fresh Start” initiative to help struggling taxpayers by taking steps to provide new penalty relief to the unemployed and making Installment Agreements available [...]

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Four Tax Credits that Can Boost your Refund

March 2, 2012

Courtesy of IRS A tax credit is a dollar-for-dollar reduction of taxes owed. Some tax credits are refundable meaning if you are eligible and claim one, you can get the rest of it in the form of a tax refund even after your tax liability has been reduced to zero. Here are four refundable tax [...]

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Free Tax Help for Military Personnel and Their Families

March 2, 2012

Free tax return preparation assistance is available for eligible military members and their spouses. The IRS and U.S. Armed Forces participate in the Volunteer Income Tax Assistance program, which provides free tax advice, tax preparation, return filing and other tax assistance to military members and their families. Here are five things you need to know [...]

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Clearing up Mis-information about Dropping off Returns to IRS

March 2, 2012

Courtesy of IRS [TaxMama note: I have heard a lot of yelling and indignation about this new policy from IRS from tax professionals. However, please note the word 'BULK' in this policy. IRS will still accept one or two returns - just not a whole stack of paper returns. After all, they want tax pros [...]

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IRS Has $1 Billion for People Who Have Not Filed a 2008 Income Tax Return

February 24, 2012

IRS YouTube Videos: Haven’t Filed a Tax Return in Years?:English | Spanish | ASL IR-2012-26, Feb. 23, 2012 WASHINGTON — Refunds totaling more than $1 billion may be waiting for one million people who did not file a federal income tax return for 2008, the Internal Revenue Service announced today. However, to collect the money, [...]

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Californians! Hold Schedule C Returns

February 24, 2012

Hold Schedule C returns (02-23-2012) The FTB has changed Schedule CA to reduce the amount of self-employment tax deductible for California purposes. According to the FTB, taxpayers may only deduct 50% of the self-employment tax for California purposes, while they can deduct more than 50% for federal purposes. If the FTB is correct, there will [...]

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Eight Things to Know about Medical and Dental Expenses and Your Taxes

February 17, 2012

Courtesy of the IRS If you, your spouse or dependents had significant medical or dental costs in 2011, you may be able to deduct those expenses when you file your tax return. Here are eight things the IRS wants you to know about medical and dental expenses and other benefits. Share this:

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Dirty Dozen Tax Scams

February 17, 2012

The Internal Revenue Service has issued its annual “Dirty Dozen” tax scams list, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud. The Dirty Dozen listing, compiled by the IRS each year, lists a variety of common scams taxpayers [...]

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