WASHINGTON — The Internal Revenue Service today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. Responding to many questions received from taxpayers and tax professionals, the IRS said that despite newly-enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity loan, home...
Read MoreThe Interactive Tax Assistant (ITA) is a tool that provides answers to a number of tax law questions. It can determine if a type of income is taxable, if you’re eligible to claim certain credits, and if you can deduct expenses on your tax return. It also provides answers for general questions, such as determining your filing status, if you can claim...
Read MoreUp to one million people a year may lose out on a tax refund simply because they did not file a federal income tax return. Many taxpayers may not file because they didn’t earn enough money to be required to do. However, taxpayers who had federal taxes withheld by their employer may be eligible for a refund of those taxes. Also, even if you aren’t required to file,...
Read MoreWhere’s My Refund? Using a Mobile Device? Download the IRS2Go app to check your refund status. What You Will Need Social security number or ITIN Your filing status Your exact refund amount 24 hours after e-filing 4 weeks after you mailed your return Updates are made daily, usually overnight Refunds Topics Refunds Information Refunds FAQS Direct Deposit...
Read MoreWith the 2018 filing season in full swing, the Internal Revenue Service today offered taxpayers some basic tax and refund tips to clear up some common misbeliefs. Myth 1: All Refunds Are Delayed The IRS issues more than nine out of 10 refunds in less than 21 days. Eight in 10 taxpayers get their refunds faster by using e-file and direct deposit. It’s the...
Read MoreCurrent research indicates that individuals are likely to make errors when preparing their tax returns. The following tax tips were developed to help you avoid some of the common errors dealing with the standard deduction for seniors, the taxable amount of Social Security benefits, and the Credit for the Elderly and Disabled. In addition, you’ll find links...
Read MoreThe IRS encourages everyone to use the Withholding Calculator to perform a quick “paycheck checkup.” This is even more important this year because of recent changes to the tax law for 2018. The Calculator helps you identify your tax withholding to make sure you have the right amount of tax withheld from your paycheck at work. There are several reasons to check your...
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