Starting in 2013, you may be liable for an Additional Medicare Tax if your income exceeds certain limits. Here are six things that you should know about this tax: 1. The Additional Medicare Tax is 0.9 percent. It applies to the amount of your wages, self-employment income and railroa...

WASHINGTON — The Internal Revenue Service reminds U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2013, that they may have a U.S. tax liability and a filing requirement in 2014. The filing deadline is Monda...

If you made IRA contributions or you’re thinking of making them, you may have questions about IRAs and your taxes. Here are some important tips from the IRS about saving for retirement using an IRA. 1. You must be under age 70 1/2 at the end of the tax year in order to contribute to a...

Starting in 2013, some taxpayers may be subject to the Net Investment Income Tax. You may owe this tax if you have income from investments and your income for the year is more than certain limits. Here are four things from the IRS that you should know about this tax: 1. Net Investment I...

You may be able to reduce your taxes if you made certain energy-efficient home improvements last year. Here are some key facts that you should know about home energy tax credits. Non-Business Energy Property Credit This credit is worth 10 percent of the cost of certain qualified ener...

Did you live or work abroad or receive income from foreign sources in 2013? If you are a U.S. citizen or resident, you must report income from all sources within and outside of the U.S. The rules for filing income tax returns are generally the same whether you’re living in the U.S. or ab...

Taking money out early from your retirement plan may trigger an additional tax. Here are seven things from the IRS that you should know about early withdrawals from retirement plans: 1. An early withdrawal normally means taking money from your plan before you reach age 59½. 2. If ...

You normally must pay income tax on your investment income. That is also true for a child who must file a federal tax return. If a child can’t file his or her own return, their parent or guardian is normally responsible for filing their tax return. Special tax rules apply to certain c...

Many people pay for the care of their child or other dependent while they’re at work. The Child and Dependent Care Credit can reduce that cost. Here are 10 facts from the IRS about this important tax credit: 1. You may qualify for the credit if you paid someone to care for your child...

WASHINGTON — The Internal Revenue Service today announced plans to open the 2014 filing season on Jan. 31 and encouraged taxpayers to usee-file or Free File as the fastest way to receive refunds. The new opening date for individuals to file their 2013 tax returns wil...

When you file your tax return, you usually have a choice whether to itemize deductions or take the standard deduction. Before you choose, it’s a good idea to figure your deductions using both methods. Then choose the one that allows you to pay the lower amount of tax. The one that result...

If you have a child under age 17, the Child Tax Credit may save you money at tax time. Here are some key facts the IRS wants you to know about the credit. • Amount.  The non-refundable Child Tax Credit may help cut your federal income tax by up to $1,000 for each qualifying child y...

If a lender cancels or forgives money you owe, you usually have to pay tax on that amount. But when it comes to your home, an important exception to this rule may apply in 2013. Here are several key facts from the IRS about the special exclusion for cancelled home mortgage debt: • ...

Issue Number: IRS Tax Tip 2014-27 Inside This Issue Ten Facts about Capital Gains and Losses When you sell a ’capital asset,’ the sale usually results in a capital gain or loss. A ‘capital asset’ includes most property you own and use for personal or investment purpose...

BY ALISTAIR M. NEVIUS, J.D. DECEMBER 5, 2013 Taxpayers and practitioners breathed a sigh of relief in January when Congress passed the American Taxpayer Relief Act of 2012 (ATRA), P.L. 112-240, at the last minute, bringing some certainty to a host of provisions that h...

BY SALLY P. SCHREIBER, J.D. OCTOBER 31, 2013 On Thursday, the IRS issued the annual inflation adjustments for 2014 for more than 40 tax provisions and the tax tables for 2014 (Rev. Proc. 2013-35). Among the inflation-adjusted amounts that have increased are the per...

BY SALLY P. SCHREIBER, J.D. DECEMBER 18, 2013 The IRS has finally announced an official start date for the 2014 filing season: It will start accepting returns on Jan. 31. This date is 10 days later than the originally planned starting date of Jan. 21. “The late Janu...

On Wednesday, the IRS issued its annual update of special per diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home in 2013 and 2014 (Notice 2013-65).The notice provides the transportation industry meal and incidental expenses rates, t...

Take stock of tax year 2013’s new and changed provisions, including several for higher-income taxpayers. BY PAUL BONNER JANUARY 2014 For the second year in a row, practitioners will experience a less-than-flying start to tax season. As this article went to pres...

Some people must pay taxes on part of their Social Security benefits. Others find that their benefits aren’t taxable. If you get Social Security, the IRS can help you determine if some of your benefits are taxable. Here are seven tips about how Social Security affects your taxes: 1. I...

There are a few tax rules that affect everyone who files a federal income tax return. This includes the rules for dependents and exemptions. The IRS has seven facts on these rules to help you file your taxes. 1. Exemptions cut income.  There are two types of exemptions: personal exempti...

If you plan to claim a deduction for your medical expenses, there are some new rules this year that may affect your tax return. Here are eight things you should know about the medical and dental expense deduction: 1. AGI threshold increase.  Starting in 2013, the amount of allowable med...

If you have a child under age 17, the Child Tax Credit may save you money at tax time. Here are some key facts the IRS wants you to know about the credit. • Amount.  The non-refundable Child Tax Credit may help cut your federal income tax by up to $1,000 for each qualifying child y...

Your children may help you qualify for valuable tax benefits. Here are eight tax benefits parents should look out for when filing their federal tax returns this year. 1. Dependents.  In most cases, you can claim your child as a dependent. This applies even if your child was born anytim...

WASHINGTON — The Internal Revenue Service today announced plans to open the 2014 filing season on Jan. 31 and encouraged taxpayers to use e-file or Free File as the fastest way to receive refunds. The new opening date for individuals to file their 2013 tax returns will allow the IRS a...

IRS YouTube Videos: Year-End Tax Tips:  English | Spanish | ASL Charitable Contributions:  English | Spanish | ASL Exempt Organizations Select Check:  English | Spanish | ASL WASHINGTON — Individuals and businesses making contributions to charity should kee...

WASHINGTON — The Internal Revenue Service today issued the 2014 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2014, the standard mileage rates for the use of ...

WASHINGTON — For tax year 2014, the Internal Revenue Service announced today annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2013-35 provides details about these annual adjustments. The tax items ...

WASHINGTON — The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2014.  Some pension limitations such as those governing 401(k) plans and IRAs will remain unchanged because...