Insights on tax return due dates, form 1040, form 1040ez, tax refunds and more

WASHINGTON – Before starting a summer job, taking a vacation or sending the kids off to camp, the Internal Revenue Service wants taxpayers to know that some summertime activities may qualify for tax credits or deductions. The IRS also recommends that taxpayers check the amount of their withholding taxes now to help avoid surprises next filing season. Here are some tips from the IRS that may help taxpayers lower taxes and avoid issues with their taxes: Worker classification matters. As with other workers, business owners must correctly determine whether summer workers are employees or independent contractors. Independent contractors are not subject to withholding, making them responsible for paying their own… Read More

A college student wanting to do something other than wait tables. A teacher needing to make a little extra money. A family wanting to rent out their home while they’re on vacation. These are just a few examples of taxpayers making money from the sharing economy who should consider how this income affects their taxes. Here are some key things for taxpayers to know about participating in the sharing economy: Taxes. Sharing economy activity is generally taxable, including Part-time work A side business Cash payments received Income stated on a 1099 or W-2 Rentals. Special rules apply to a taxpayer who rents out a home or apartment, but who also… Read More

Retirement can affect someone’s tax situation. Anyone who has retired recently — or who plans to retire soon — can visit IRS.gov for information that can help them prepare for filing their taxes next year. Here are some tools and resources for retirees, all available on IRS.gov: Individual Retirement Arrangement FAQs – Withdrawals Publication 915, Social Security and Equivalent Railroad Retirement Benefits Interactive Tax Assistant: Are My Social Security or Railroad Retirement Tier I Benefits Taxable? Publication 575, Pension and Annuity Income Publication 590-B, Distributions from Individual Retirement Arrangements Retirement Topics: Required Minimum Distributions Publication 721, Tax Guide to U.S. Civil Service Retirement Benefits Retirement Savings Contributions Credit (Saver’s Credit)… Read More