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Our carefully crafted blogs offer valuable insights and guidance on taxes, accounting, finance, and beyond. Stay informed with expert advice designed to help you navigate the financial world with confidence.
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The Internal Revenue Service and Free File Inc., also known as the Free File Alliance, today announced a new five-year agreement that guarantees free, federal tax preparation software products for 70 percent of all taxpayers.
The new agreement opens the door for innovations such as importing prior year information and requests for additional options for free state tax returns so that taxpayers have a seamless experience. It also provides greater transparency regarding any charges associated with state tax return preparation.
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The Internal Revenue Service today reminded taxpayers who are unable to complete their tax returns on time that it’s easy to get more time to file their return. In fact, it can even be done online.
This is the ninth in a series of 10 daily IRS tips called the Tax Time Guide. These tips are designed to help taxpayers navigate common tax issues as the April 15 deadline approaches.
For taxpayers who haven’t yet filed their taxes, the IRS has this advice: don’t panic. Taxpayers who need more time to complete their tax return can request an automatic six-month extension.
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The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning April 1, 2015. The rates will be:
- three (3) percent for overpayments [two (2) percent in the case of a corporation];
- one-half (0.5) percent for the portion of a corporate overpayment exceeding $10,000
- three (3) percent for underpayments; and
- five (5) percent for large corporate underpayments.
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Many people give to charity each year during the holiday season. Remember, if you want to claim a tax deduction for your gifts, you must itemize your deductions. There are several tax rules that you should know about before you give. Here are six tips from the IRS that you should keep in mind:
1. Qualified charities. You can only deduct gifts you give to qualified charities. Use the IRS Select Check tool to see if the group you give to is qualified. Remember that you can deduct donations you give to churches, synagogues, temples, mosques and government agencies. This is true even if Select Check does not list them in its database.