Taxpayers who sell a home may qualify to exclude from their income all or part of any gain from the sale. Below are some things taxpayers should keep in mind when selling a home: Ownership and use. To claim the exclusion, the homeowner must meet the ownership and use tests. During a five-year period ending on the date of the sale, the homeowner must have: Owned the home for at […]

During the summer, taxpayers often rent out their property. They usually think about things such as cleanup and maintenance, but owners also need to be aware of the tax implications of residential and vacation home rentals. If taxpayers receive money for the use of a house that’s also used as a taxpayer’s personal residence, it generally requires reporting the rental income on a tax return. •Vacation Home.  This may be […]

While the federal income tax-filing deadline has come and gone for most people, some taxpayers still haven’t filed or paid their taxes. Here are some tips for handling common issues after the filing deadline has passed: Anyone who didn’t file and owes tax should file a return as soon as possible and pay as much as possible to reduce penalties and interest. There’s no penalty for filing a late return […]

WASHINGTON —With many businesses facing a tight job market, the Internal Revenue Service reminds employers to check out a valuable tax credit available to them for hiring long-term unemployment recipients and other categories of workers with employment barriers. During National Small Business Week — April 29 to May 5 — the Internal Revenue Service is highlighting tax benefits and resources designed to help new and existing small businesses. The Work […]

The 2018 National Small Business Week is April 29 through May 5. This is the perfect time for small business owners and the self-employed to check out many online products to help them understand their tax responsibilities. Here are a few of the products in the spotlight for this year’s National Small Business Week: Sharing Economy Tax Center.  This web page provides fast answers to tax questions and links and […]

WASHINGTON — While the federal income tax-filing deadline has passed for most people, there are some taxpayers still facing tax-related issues. This includes people who still haven’t filed, people who haven’t paid their taxes or those who are waiting for their tax refund. The IRS offers these tips for handling some typical after-tax-day issues: Didn’t file by April 18? There is no penalty for filing a late return after the […]

Taxpayers who have questions about the Tax Cuts and Jobs Act have several resources that will help answer questions. The legislation, passed in December 2017, changes many areas of the tax law. Here are some of the resources on IRS.gov that will help individual taxpayers, businesses and the tax community: New Tax Reform Web Page. The IRS created the Tax Reform page to highlight what taxpayers need to know about […]

WASHINGTON — With the April 17 tax deadline fast approaching, taxpayers can find most answers to their tax questions by taking advantage of the wide variety of easy-to-use online tools available on IRS.gov. This is the eighth in a series of nine IRS news releases called the Tax Time Guide, designed to help taxpayers navigate common tax issues. Already this year, visits to IRS.gov have jumped 21 percent over the […]

WASHINGTON — More than 720,000 people get plain-language IRS tax tips sent to their email inbox through a free subscription service available on IRS.gov. These short and concise tax tips arrive one per business day and cover a wide range of topics to help people with issues pertaining to their taxes. Many tips offer information on money-saving tax credits and deductions that can be easily overlooked and could affect a […]

As people are filing their taxes, the IRS reminds taxpayers to hang onto their tax records. Generally, the IRS recommends keeping copies of tax returns and supporting documents at least three years. Taxpayers should keep some documents — such as those related to real estate sales — for three years after filing the return on which they reported the transaction. Use a Tax Return to Validate Identity Taxpayers using a […]