IRS

Summertime IRS tax tips

Summertime IRS tax tips

Buying a home? Working a summer job? Volunteering? Activities that are common in the summer often qualify for tax credits or deductions. And, while summertime and part-time workers may not earn enough to owe federal income tax, they should remember to file a return to get a refund for taxes withheld early next year. Here are some summertime tax tips from the IRS that can help taxpayers during tax season next year.

How Lawsuit Settlements Are Taxed?

 How Lawsuit Settlements Are Taxed?

Many plaintiffs win or settle a lawsuit and are surprised they have to pay taxes. Some don't realize it until tax time the following year when IRS Forms 1099 arrive in the mail. A little tax planning, especially before you settle, goes a long way. It's even more important now with higher taxes on lawsuit settlements under the recently passed tax reform law

Millions ITINs set to expire in 2019; IRS says renew early to prevent refund delays

Millions ITINs set to expire in 2019; IRS says renew early to prevent refund delays

Nearly 2 million Individual Taxpayer Identification Numbers (ITINs) are set to expire at the end of 2019. Taxpayers whose ITIN is expiring and who expect to have a filing requirement in 2020 must submit a renewal application. ITINs with the middle digits 83, 84, 85 or 86, 87 (For example: 9NN-83-NNNN).