If your pay from your job includes tips, the IRS has a few important reminders about tip income: Tips are taxable. Individuals must pay federal income tax on any tips they receive. The value of non-cash tips, such as tickets, passes or other items of value are also subject to income tax.
March 1, 2013 12:00 amIn general, the American opportunity tax credit, lifetime learning credit and tuition and fees deduction are available to taxpayers who pay qualifying expenses for an eligible student. Eligible students include the primary taxpayer, the taxpayer’s spouse or a dependent of the taxpayer. Though a taxpayer often qualifies for more than one of these benefits, he or she can only claim one of them for a particular student in a particular year.
March 1, 2013 12:00 amTotal Tax Insights is the first tax calculator to offer a comprehensive view of how taxes affect us. It’s brought to you by the American Institute of CPAs, a longtime advocate for sound tax policy, tax simplification and taxpayer education. It’s an easy-to-use tool that gives you a clearer picture of the types of taxes you pay—including many you may not even know exist—and their estimated amounts.
March 1, 2013 12:00 amStarting Sunday, Feb. 10, the IRS will start processing tax returns that contain Form 4562, Depreciation and Amortization. And on Thursday, Feb.
February 11, 2013 12:00 amMany businesses will be able to file their 2012 federal income tax returns starting Monday, Feb. 4. Filers of forms affected by January tax law changes will need to wait until late February or early March.
February 2, 2013 12:00 amThe IRS announced on Monday that taxpayers filing Form 8863, to claim the American Opportunity Tax Credit or the Lifetime Learning Credit can begin filing by the middle of February after the IRS updates its processing systems. The delayed start will have no impact on taxpayers claiming other education-related tax benefits, such as the tuition and fees deduction and the student loan interest deduction. Filers who need to attach Form 8863 used to claim the American Opportunity Tax Credit and the L...
February 2, 2013 12:00 amThe Internal Revenue Service is gearing up to kick off tax filing season on January 30 and has announced a new and improved version of its refund lookup tool, “Where’s My Refund?” If you e-file, you can get personalized refund information within 24 hours after the IRS receives your e-filed return–or four long weeks if you mail in a paper return. Yes, the IRS wants you to e-file. You can check on your refund on the IRS mobile app, IRS2Go, or on the IRS web page here (remember it won’t work until ...
February 2, 2013 12:00 amThe following tax forms will be accepted by the IRS in late February or into March after updating forms and completing programming and testing of its processing systems. A specific date will be announced in the near future. Form 3800 General Business Credit Form 4136 Credit for Federal Tax Paid on Fuels Form 4562 Depreciation and Amortization (Including Information on Listed Property) Form 5074 Allocation of Individual Income Tax to Guam or the Commonwealth of the Corporations Form 5695 Resident...
January 29, 2013 12:00 amOn Monday, two days before the delayed Jan. 30 start of the 2013 filing season, the IRS announced a further delay in processing returns that contain Form 8863, Education Credits, which must be filed by people claiming the American opportunity and the lifetime learning tax credits. During testing, the IRS discovered that programming modifications must be made before the form can be processed correctly so returns that include the form cannot be filed until mid-February.
January 29, 2013 12:00 amBusinesses should issue a Form 1099-MISC to appropriate vendors (non-corporate) to whom they paid more than $600 for services during a calendar year. The Form should be provided to the vendor by January 31st and should be mailed to the IRS (along with Form 1096) by February 28th 2012. If you are electronically filing form 1099, then last date to submit form to IRS is April 2nd 2012 A non-corporate entity includes individual sole proprietorship, partnership or limited liability company (LLC).
January 15, 2013 12:00 amThis website uses cookies and other tracking technologies to improve your browsing experience for the following purposes: to enable basic functionality of the website, to provide a better experience on the website, to measure your interest in our products and services and to personalize marketing interactions, to deliver ads that are more relevant to you.
