With hurricane season underway, the IRS offers advice to those impacted by storms and other natural disasters. Here are some tips to help you prepare for such events: Use Electronic Records. You may have access to bank and other financial statements online. If so, your statements are already securely stored there. You can also keep […]

Each year, many people get a larger refund than they expect. Some find they owe a lot more tax than they thought they would. If this has happened to you, review your situation to prevent a tax surprise. Did you marry? Have a child? Change in income? Life events can have a major impact on […]

The IRS normally sends correspondence in the mail. We mail millions of letters to taxpayers every year. Keep these important points in mind if you get a letter or notice: Don’t Ignore It.  You can respond to most IRS notices quickly and easily. Follow Instructions.  Read the notice carefully. It will tell you if you […]

If you are in the U. S. Armed Forces, there are special tax breaks for you. For example, some types of pay are not taxable. Certain rules apply to deductions or credits that you may be able to claim that can lower your tax. In some cases, you may get more time to file your […]

Do you plan to donate your services to charity this summer? Will you travel as part of the service? If so, some travel expenses may help lower your taxes when you file your tax return next year. Here are several tax tips that you should know if you travel while giving your services to charity. […]

Many students get summer jobs. It’s a great way to earn extra spending money or to save for later. Here are some tips for students with summer jobs: Withholding and Estimated Tax. If you are an employee, your employer normally withholds tax from your paychecks. If you are self-employed, you may be responsible for paying […]

benefits from your employer. Keep in mind this credit is not just a summer tax benefit. You may be able to claim it at any time during the year for qualifying care. IRS Publication 503, Child and Dependent Care Expenses, provides complete details on all the rules. Get it anytime on IRS.gov. For help or […]

The IRS has issued a consumer alert about possible fake charity scams in the wake of last weekend’s mass shooting in Orlando, Fla. Scam artists commonly try to take advantage of generosity after such a headline tragedy by impersonating charities to get money or private information from taxpayers, the agency warns. Such fraudulent schemes may […]

Along with saving taxes, a retirement plan also secures your future. You can save more in taxes by choosing the right kind of retirement plans according to your financial situation. Before you select one, it’s important to know the various types of retirement plans available: 1. Individual Retirement Arrangements (IRAs) 2. Roth IRAs 3. 401(k) […]

You can use tax credits and deductions to lower your tax liability, but you can also lower your taxes by using tax tips throughout the year. Here are a few: Contribute more to your retirement savings – A good way to lower your tax bill is to begin contributing more to your IRA and other […]