Ten Facts that You should know about Capital Gains and Losses

Washington, D.C. – When you sell a capital asset the sale results in a capital gain or loss.

A capital asset includes most property you own for personal use or own as an investment.

The Internal Revenue Service gives 10 facts that you should know about capital gains and losses. [Read more]

Itemizing vs. Standard Deduction; IRS gives Five Tips to Help You Choose

Washington, D.C. – When you file your tax return, you usually have a choice whether to itemize deductions or take the standard deduction. Before you choose, it’s a good idea to figure your deduction using both methods.

Then choose the one that allows you to pay the lower amount of tax.

The IRS offers these five tips to help you choose. [Read more]

IRS gives Tips on Deducting Charitable Contributions

Washington, D.C. – Giving to charity can benefit others and can also lower your tax bill.

The IRS offers these nine tips to help ensure your contributions pay off on your tax return. More information on charitable contributions can be found in Publication 526, Charitable Contributions of the www.irs.gov website. [Read more]

IRS Tips for Taxpayers Who Travel for Charity Work

Washington, D.C. – Do you plan to travel while doing charity work this summer?

Some travel expenses may help lower your taxes if you itemize deductions when you file next year.

Here are five tax tips the IRS wants you to know about travel while serving a charity.

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[Read more]

Health Insurance Tax Breaks for the Self-Employed

Washington, D.C. – If you’re self-employed and paying for medical, dental or long-term care insurance, the IRS wants to remind you about a special tax deduction for some insurance premiums paid for you, your spouse, and your dependents.

Starting in tax year 2011, this deduction is no longer allowed on Schedule SE (Form 1040), but you can still take it on Form 1040, line 29. [Read more]

Six Facts About the Alternative Minimum Tax

Washington, D.C. – The Alternative Minimum Tax attempts to ensure that anyone who benefits from certain tax advantages pays at least a minimum amount of tax. The AMT provides an alternative set of rules for calculating your income tax.

In general, these rules should determine the minimum amount of tax that someone with your income should be required to pay. If your regular tax falls below this minimum, you have to make up the difference by paying alternative minimum tax. [Read more]

IRS Offers Summer Tax Tips

Nashville, TN – Before you start a summer job, take a vacation, or send the kids off to camp, the Internal Revenue Service wants you to know that certain summertime activities may help you qualify for tax benefits. However, there are also some tax issues that must be handled correctly now to avoid problems later.

“Remember that some common summertime activities can lead to tax benefits, but they can also lead to tax problems if not handled correctly,” said IRS spokesman Dan Boone. [Read more]

IRS Kicks Off 2011 Tax Season with Deadline Extended to April 18th

Taxpayers Impacted by Recent Tax Breaks Can File Starting in Mid- to Late February

Washington, D.C. – The Internal Revenue Service today opened the 2011 tax filing season by announcing that taxpayers have until April 18th to file their tax returns. The IRS reminded taxpayers impacted by recent tax law changes that using e-file is the best way to ensure accurate tax returns and get faster refunds.

Taxpayers will have until Monday, April 18th to file their 2010 tax returns and pay any tax due because Emancipation Day, a holiday observed in the District of Columbia, falls this year on Friday, April 15th. By law, District of Columbia holidays impact tax deadlines in the same way that federal holidays do; therefore, all taxpayers will have three extra days to file this year. Taxpayers requesting an extension will have until October 17th to file their 2010 tax returns. [Read more]