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Archive for the ‘2015 Tax Season’ Category.

Extension Filers: Don’t Miss the Oct. 15 Deadline

If you are one of the 13 million taxpayers who asked for more time to file your federal tax return and still haven’t filed, your extra time is about to expire. Oct. 15is the last day to file for most people who requested an automatic six-month extension. If you have not

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Tax-filing Extension Expires Oct. 15 for Millions of Taxpayers; Check Eligibility for Overlooked Tax Benefits

IRS YouTube Videos: Oct. 15 Tax Deadline:  English | Spanish | ASL IRS Tax Payment Options:  English | Spanish | ASL IRS2Go 5.2:  English | Spanish | ASL Online Payment Agreement:  English | Spanish | ASL WASHINGTON — The Internal Revenue Service today urged taxpayers whose tax-filing extension runs out on Oct. 15 to double check their returns for often-overlooked tax benefits and then file their returns electronically using IRS e-file or

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Review Your Taxes This Summer to Prevent a Surprise Next Spring

Each year, many people get a larger refund than they expected. Some find they owe a lot more tax than they thought they would. If this happened to you, review your situation to prevent another tax surprise. Did you marry? Have a child? Have a change in income? Some life

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IRS Reminds Those with Foreign Assets of U.S. Tax Obligations

WASHINGTON — The Internal Revenue Service  today reminded U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2014, that they may have a U.S. tax liability and a filing requirement in 2015. Most People Abroad Need to File

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There is Still Time to Make your IRA Contribution for the 2014 Tax Year

Did you contribute to an Individual Retirement Arrangement last year? Are you thinking about contributing to your IRA now? If so, you may have questions about IRAs and your taxes. Here are some IRS tax tips about saving for retirement using an IRA. Age rules.  You must be under age 70½

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Avoid These Common Tax Mistakes

Nobody’s perfect. Mistakes happen. But if you make a mistake on your tax return, it will likely take the IRS longer to process it. That could delay your refund. The best way to avoid errors is to use IRS e-file. Paper filers are about 20 times more likely to make a

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Tax Time Guide: Still Time to Contribute to an IRA for 2014

WASHINGTON — The Internal Revenue Service today reminded taxpayers that they still have time to contribute to an IRA for 2014 and, in many cases, qualify for a deduction or even a tax credit. This is the eighth in a series of 10 daily IRS tips called the Tax Time

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Education Tax Credits: Two Benefits to Help You Pay for College

Did you pay for college in 2014? If you did it can mean tax savings on your federal tax return. There are two education credits that can help you with the cost of higher education. The credits may reduce the amount of tax you owe on your tax return. Here

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Claiming a Tax Deduction for Medical & Dental Expenses

Your medical expenses may save you money at tax time, but a few key rules apply. Here are some tax tips to help you determine if you can claim a tax deduction: You must itemize.  You can only claim your medical expenses that you paid for in 2014 if you itemize

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5 Good Reasons You Should Use Direct Deposit for your Taxes

The best way to get your tax refund is by direct deposit. Here are five good reasons to join the 84 million taxpayers who chose direct deposit last year. IRS Direct Deposit: 1. Is Fast.  The fastest way to get your refund is to electronically fileyour federal tax return and use direct deposit.

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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: • Dependents.  In most cases, you can claim your child as a dependent. You can deduct $3,950 for each

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Top 10 Tax Facts about Exemptions & Dependents

Nearly everyone can claim an exemption on their tax return. It usually lowers your taxable income. In most cases, that reduces the amount of tax you owe for the year. Here are the top 10 tax facts about exemptions to help you file your tax return. 1. E-file your tax return. 

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6 Tips on Who Should File a 2014 Tax Return

Most people file their tax return because they have to, but even if you don’t, there are times when you should. You may be eligible for a tax refund and not know it. This year, there are a few new rules for some who must file. Here are six tax

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Top 5 Reasons to E-file Your Taxes

Are you still using the old school method of doing your taxes? Do you still mail paper forms to the IRS? If so, make this the year you switch to a much faster and safer way of filing your taxes. Join the nearly 126 million taxpayers who used IRS e-file

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Tax Season Opens As Planned Following Extenders Legislation

IR-2014-119, Dec. 29, 2014 WASHINGTON — Following the passage of the extenders legislation, the Internal Revenue Service announced today it anticipates opening the 2015 filing season as scheduled in January. The IRS will begin accepting tax returns electronically on Jan. 20. Paper tax returns will begin processing at the same time.

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IRS Tips for Year-End Gifts to Charity

IRS YouTube Videos:  Year-End Tax Tips: English Charitable Contributions: English | Spanish | ASL Exempt Organizations Select Check: English | Spanish | ASL WASHINGTON ― The Internal Revenue Service today reminded individuals and businesses making year-end gifts to charity that several important tax law provisions have taken effect in recent years. Some of the changes taxpayers should keep in mind include:

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6 IRS Tips for Year-End Gifts to Charity

Many people give to charity each year during the holiday season. Remember, if you want to claim a tax deduction for your gifts, you must itemize your deductions. There are several tax rules that you should know about before you give. Here are six tips from the IRS that you

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Various Tax Benefits Increase Due to 2015 Inflation Adjustments

WASHINGTON — For tax year 2015, 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 2014-61 provides details about these annual adjustments. The tax items for tax year 2015 of greatest interest to

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IRS Announces 2015 Pension Plan Limitations; Taxpayers May Contribute up to $18,000 to their 401(k) plans in 2015

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 2015.  Many of the pension plan limitations will change for 2015 because the increase in the cost-of-living index met the statutory thresholds that trigger their

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