The Internal Revenue Service today announced the winners of its first crowdsourcing competition, called the “Tax Design Challenge,” that encouraged innovative ideas for the taxpayer experience of the future. Out of 48 submissions, winners from California, Minnesota and Washington, D.C., were among those selected in categories covering overall design, taxpayer usefulness and best financial capability. The three-week competition invited the public to imagine the taxpayer experience of the future and […]

Must-Know Tips about the Home Office Deduction If you use your home for business, you may be able to deduct expenses for the business use of your home. If you qualify, you can claim the deduction whether you rent or own your home. You may use either the simplified method or the regular method to claim your deduction. Here are six tips that you should know about the home office […]

If you gave money or goods to a charity in 2015, you may be able to claim a deduction on your federal tax return. Here are six important facts you should know about charitable donations. 1. Qualified Charities. You must donate to a qualified charity. Gifts to individuals, political organizations or candidates are not deductible. An exception to this rule is contributions under the Slain Officer Family Support Act of […]

Claiming a Tax Deduction for Medical and 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 deduct medical and dental expenses on your tax return: You can only claim your medical expenses that you paid for in 2015 if you itemize deductions on your federal tax return. Include all […]

Most people can claim an exemption on their tax return. It can lower 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. Easy does it! Use IRS E-file to file a complete and accurate tax return. The software will help you […]

If someone helps you do your taxes, you’re not alone. The IRS asks you to choose your tax return preparer wisely – for good reason. You are responsible for the information on your income tax return. That’s true no matter who prepares your return. Here are ten tips to keep in mind when choosing a tax preparer: 1. Check the Preparer’s Qualifications. Use the IRS Directory of Federal Tax Return […]