8 Tax Tips for Students Working this Summer
Jun30

8 Tax Tips for Students Working this Summer

Many students get summer jobs. It’s a great way to earn extra spending money or to save for later. The IRS offers 8 tax tips for students with summer jobs: 1. Withholding and Estimated Tax. If you are an employee, your employer normally withholds tax from your paychecks. If you are self-employed, you may be responsible for paying taxes directly to the IRS. One way to do that is by making estimated tax payments on set dates during the...

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Child and Dependent Care Credit this Summer
Jun23

Child and Dependent Care Credit this Summer

Day camps are common during the summer months. Many parents enroll their children in a day camp or pay for day care so they can work or look for work. If this applies to you, your costs may qualify for a federal tax credit. Here are 10 things to know about the Child and Dependent Care Credit: 1. Care for Qualifying Persons.  Your expenses must be for the care of one or more qualifying persons. Your dependent child or children under...

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Safeguarding Tax Records in Natural Disasters
Jun21

Safeguarding Tax Records in Natural Disasters

Hurricane season has started and the Internal Revenue Service advises individuals and businesses to safeguard their records against natural disasters by taking a few simple steps. Create an Electronic Additional Set of Records Taxpayers should keep a duplicate set of records including bank statements, tax returns, identifications and insurance policies in a safe place such as a waterproof container, and away from the original set....

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IRS Warns of Charity Scams Relating to Orlando Mass-Shooting
Jun17

IRS Warns of Charity Scams Relating to Orlando Mass-Shooting

The Internal Revenue Service today issued a consumer alert about possible fake charity scams emerging due to last weekend’s mass-shooting in Orlando, Fla., and encouraged taxpayers to seek out recognized charitable groups. Such fraudulent schemes may involve contact by telephone, social media, e-mail or in-person solicitations. When making donations to assist victims of last weekend’s terrible tragedy, the IRS cautions donors to...

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IRS Launches More Rigorous e-Authentication Process
Jun14

IRS Launches More Rigorous e-Authentication Process

The Internal Revenue Service has launched a more rigorous e-authentication process for taxpayers that will significantly increase protection against identity thieves impersonating taxpayers to access tax return information through the IRS Get Transcript online service.  This enhanced authentication process will also provide a foundation for additional IRS self-help services in the future. After being disabled last spring, Get...

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