The IRS reminds taxpayers there are things they should do before the current tax year ends on Dec.31. Donate to charity Taxpayers may be able to deduct donations to tax-exempt organizations on their tax return. As people are deciding where to make their donations, the IRS has a tool that may help. Tax Exempt Organization Search on…

Here are some of the changes for the 2021 tax year. For those who received unemployment in 2021, the first $10,200 will be exempt from federal income tax. If you do not receive a statement in the mail, go to your Indiana Unemployment account to print a copy for tax purposes. For business owners, mileage…

Individual taxpayers and business owners can use the IRS’s Offer in Compromise Booklet or the new how-to video series to learn how an offer in compromise works and decide if it could help them resolve their tax debt. Taxpayer’s can use pre-qualifier tool see if they are eligible for an offer in compromise. An offer in compromise is an agreement between a taxpayer…

The deadline to use the money in your flexible spending account (FSA) could be approaching, and you may be surprised by how much money you have to use up by year end. A FSA is an employer-sponsored account that allows you to put aside tax-free dollars for eligible health care costs. The IRS allowed account…

WASHINGTON – The Internal Revenue Service today reminded families, teens and senior citizens about the continued importance of protecting personal and financial information (.pdf) online. Although the IRS and its Security Summit partners continue making strides in fighting identity theft and fraudulent tax returns, help is needed. The Security Summit works to protect taxpayers from criminals that file fraudulent returns for…

Every year the IRS mails letters or notices to taxpayers for many different reasons. Typically, it’s about a specific issue with a taxpayer’s federal tax return or tax account. A notice may tell them about changes to their account or ask for more information. It could also tell them they need to make a payment.…

IRAs provide tax incentives for people to make investments that can provide financial security for their retirement. These accounts can be set up with a bank or other financial institution, a life insurance company, mutual fund or stockbroker. Here’s basic overview to help people better understand this type of retirement savings account. Contribution. The money that…

For those who filed extensions on tax returns, October 15 is the deadline. It is coming very quickly! If your taxes have not yet been filed, regardless of extension, the IRS closes on November 20th for electronic filing. Returns can be mailed but expect refunds to take six to eight weeks to be sent. At…

In this day and age where everyone has multiple electronic devices, just to start with, it is important to have a list of all valuables in your home. Documenting valuables by taking pictures or videoing them before a disaster strikes makes it easier to claim insurance and tax benefits, if necessary. IRS.gov has a disaster loss…

The IRS continually offers a service to all taxpayers who would like to add one more layer of protection to their identity when filing a tax return. If your identity has previously been stolen, the IRS has already provided you with a six-digit number to list on your return in addition to the usual information.…