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Taxpayers Who Might Need to Amend Their Tax Returns…Here’s What They Should Know

Taxpayers may discover an error after filing their tax return. They shouldn’t panic, they just need to correct it by filing an amended tax return. Here are some common reasons to file an amended return: Using the wrong filing status Entering income incorrectly…

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Earned Income Tax Credit (EITC)

The Earned Income Tax Credit, EITC or EIC, is a benefit for working people with low to moderate income. To qualify, you must meet certain requirements and file a tax return, even if you do not owe any tax or…

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Why It’s Important for Taxpayers to Know Their Filing Status

When a taxpayer files their tax return, they need to know their filing status. What folks should remember is that a taxpayer’s status could change during the year. So, any time is a good a time for a taxpayer to…

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Tips for Taxpayers Who Make Money From a Hobby

IRS Tax Tip 2019-85, July 1, 2019 Many people enjoy hobbies that are also a source of income. From painting and pottery to scrapbooking and soapmaking, these activities can be sources of both fun and finances. Taxpayers who make money…

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IRS Have Begun Contacting Virtual Currency Owners Regarding Back Taxes

WASHINGTON — The Internal Revenue Service have begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly. "Taxpayers should…

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Tax Planning Includes Reviewing Eligibility for Credits and Deductions

Tax credits and deductions can mean more money in a taxpayer’s pocket. Most people only think about this when they file their tax return. However, thinking about it now can help make filing easier next year. This tip is one in…

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IRS Interactive Tools

Tax questions can pop up any time of the year. When people need answers, they should start with Interactive Tax Assistant on IRS.gov. It’s a tool that provides answers to a many tax law questions. The taxpayer enters answers to a series…

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