Here’s how tax reform affects taxpayers who claim the child tax credit
Many people claim the child tax credit to help offset the cost of raising children. Tax reform legislation made changes to that credit for 2018 and later. Here are some important things for taxpayers to know. Credit amount. The new law increases the child tax credit from $1,000 to $2,000. Eligibility factors for the credit […]
Individuals who need passports for imminent travel should contact IRS promptly to resolve tax debt
WASHINGTON ― The Internal Revenue Service today reiterated its warning that taxpayers may not be able to renew a current passport or obtain a new passport if they owe federal taxes. To avoid delays in travel plans, taxpayers need to take prompt action to resolve their tax issues. In January of last year, the IRS […]
There are six new schedules some taxpayers will file with the new Form 1040
The 2018 Form 1040 replaces prior year Forms 1040, 1040A and 1040EZ. The 2018 Form 1040 uses a building-block approach that allows individuals to file only the schedules they need with their federal tax return. Many people will only need to file Form 1040 and no schedules. Electronic filers may not notice these changes as […]
Tax Time Guide: Most people affected by major tax reform changes; Special publication, other online resources can help
WASHINGTON –– With major tax law changes impacting every taxpayer, the Internal Revenue Service has developed a special electronic publication and other online resources designed to help people understand how tax reform affects them this year and the years ahead. This news release is part of a series called the Tax Time Guide, a resource […]
Here are five facts about the new Form 1040
There are several changes to the 2018 Form 1040. However, taxpayers who file electronically may not notice the changes as the tax return preparation software guides people through the filing process. The IRS worked closely with its partners in the tax return preparation and tax software industries to prepare for tax reform and tax form […]
IRS urges businesses to e-file cash transaction reports; It’s fast, easy and free
WASHINGTON — The Internal Revenue Service today urged businesses required to file reports of large cash transactions to take advantage of the speed and convenience of filing these reports electronically. Although businesses have the option of filing Form 8300, Report of Cash Payments Over $10,000, on paper, many have already found that e-filing is a […]
Here’s what taxpayers should do to protect private data
Taxpayers should protect their personal and financial data from criminals who continue to steal large amounts of information. Thieves use the data to file bogus tax returns and commit crimes while impersonating the victim. All taxpayers should follow these steps to protect themselves and their data. Keep a secure computer. Taxpayers should: Use security software […]
Farmers, fishermen face March 1 tax deadline; IRS encourages convenience of IRS Direct Pay
WASHINGTON — The Internal Revenue Service reminds farmers and fishermen who chose to forgo making quarterly estimated tax payments that they must file their 2018 Form 1040 along with a payment for all taxes owed by Friday, March 1, 2019. This special rule normally applies to taxpayers whose farming or fishing income was at least […]
EITC provides tax break for low to moderate income taxpayers
The earned income tax credit benefits low to moderate income people and families. The credit can lower the tax someone owes or mean a refund for the taxpayer. Taxpayers can do these things to determine if they qualify for the EITC and make claiming it easier: Review their eligibility Taxpayers must have earned income of […]