Category Archives: IRS Tips
Tips to Make Filing Less Taxing
Doing your taxes shouldn’t be taxing. This year you can make preparing and filing your federal income taxes easier. These tips from the IRS can help. • Don’t delay. Avoid doing your taxes at the very last minute. If you rush … Continue reading
Posted in All Taxpayers, Ever wonder, Have you ever asked, IRS Tips
Tagged Filing taxes
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Itemizing vs. Standard Deduction: Six Facts to Help You Choose
When you file a tax return, you usually have a choice to make: whether to itemize deductions or take the standard deduction. You should compare both methods and use the one that gives you the greater tax benefit. The IRS … Continue reading
Posted in All Taxpayers, Ever wonder, Have you ever asked, IRS Tips
Tagged Itemizing, standard deduction, taxes
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Claiming the Child and Dependent Care Tax Credit
The Child and Dependent Care Credit can help offset some of the costs you pay for the care of your child, a dependent or a spouse. Here are 10 facts the IRS wants you to know about the tax credit … Continue reading
Posted in All Service Providers, All Taxpayers, Ever wonder, Have you ever asked, IRS Tips
Tagged Child care, dependent care, tax credits
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Important Facts about Mortgage Debt Forgiveness
If your lender cancelled or forgave your mortgage debt, you generally have to pay tax on that amount. But there are exceptions to this rule for some homeowners who had mortgage debt forgiven in 2012. Here are 10 key facts … Continue reading
Posted in All Taxpayers, Have you ever asked, IRS Tips
Tagged IRS Tips, Mortgage debt forgiveness, taxes
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Take Credit for Your Retirement
Saving for your retirement can make you eligible for a tax credit worth up to $2,000. If you contribute to an employer-sponsored retirement plan, such as a 401(k) or to an IRA, you may be eligible for the Saver’s Credit. … Continue reading
Posted in All Taxpayers, Ever wonder, Have you ever asked, IRS Tips, Retirement Planning
Tagged Retirement, tax credits, taxes
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Seven Important Tax Facts about Medical and Dental Expenses
If you paid for medical or dental expenses in 2012, you may be able to get a tax deduction for costs not covered by insurance. The IRS wants you to know these seven facts about claiming the medical and dental … Continue reading
Posted in All Taxpayers, Ever wonder, Have you ever asked, IRS Tips
Tagged Medical deductions, taxes
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Social Security benefits and your taxes.
Some people must pay taxes on their Social Security benefits. If you get Social Security, you should receive a Form SSA-1099, Social Security Benefit Statement, by early February. The form shows the amount of benefits you received in 2012. Here … Continue reading
Posted in All Service Providers, All Taxpayers, Ever wonder, Have you ever asked, IRS Tips
Tagged Social Security, taxes
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And you thought being a parent was a non-paying job?
Your children may help you qualify for valuable tax benefits, such as certain credits and deductions. If you are a parent, here are eight benefits you shouldn’t miss when filing taxes this year. 1. Dependents. In most cases, you can … Continue reading
6 important facts about dependents and exemptions.
While each individual tax return is unique, there are some tax rules that affect every person who files a federal income tax return. These rules involve dependents and exemptions. The IRS has six important facts about dependents and exemptions that … Continue reading
Posted in All Service Providers, All Taxpayers, Ever wonder, IRS Tips
Tagged deductions, Exemptions
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Murray Tax Services 