The IRS, or Internal Revenue Service, is the agency in the federal government responsible for regulating and collecting taxes. Learn more here about your taxes and what the IRS does in these articles, columns, blog posts, videos and radio shows.
Tax Breaks Available For Homeowners
Most homeowners know that they can deduct the mortgage and real estate taxes they pay from their federal income tax forms. But there are some other deductions you may be able to take as well. In addition to the regular tax breaks for your mortgage and home equity loan interest you pay, you can also get a regular deduction if you have a home office. One of the great tax benefits is the ability to take your profits tax-free when you sell your home.
Credit Card Debt, IRS News, Financial Roundup 2003
A reduction in the average amount of credit card debt, an update from the IRS, and new loan purchase limits are just a few news items in the 2003 financial news round-up. In 2003, the average credit card debt for the typical American family dropped form $3,200 to $2,300. Also in the 2003 Financial Roundup, the IRS is testing a system that will allow them provide resolutions to a variety of problems electronically. The IRS also plans to get more Americans to file their taxes electronically.
IRS Refund Checks
The economy grew at a blistering 7.2 percent pace this quarter, fueled by the IRS refund checks that arrived in most Americans' mailboxes. Did you get yours? If not there's still time to claim that missing money.
Prepare Early For Tax Time
It's not even the end of the year, but fall is the perfect time to start thinking about your taxes. With plenty of time left to spare in the year, you can make sure you pay the right amount next April 15, or even maximize your deductions.
Capital Gains Tax Cut Could Help Sellers
Today, you can keep up to $250,000 in profits tax-free when you sell your home, as long as you've lived in the home for two of the last five years. If you're married, you and your spouse can keep up to $500,000 in profits tax-free. But what happens if you have profits that exceed those astonishing numbers? If you've owned your home for 30 or 40 years, it's entirely possible that your profits will exceed the tax-free limit.
It’s Tax Day
It's tax day, and if you haven't filed yet, you've still got about 12 hours to get your return i the mail. There are even faster ways to get your return to the IRS without going through the U.S. Postal Service. The IRS is pushing hard to get more Americans to file electronically.
Tax Day: Ways To Avoid Getting Audited
Avoid getting auditing by not making easy mistakes that can draw the IRS' attention, like math errors, forgetting about interest and dividends when calculating your income. not using the IRS' pre-printed label, forgetting to sign and date your check, using the wrong tax table, and missing the deadline to file an extension. Also, if you are self-employed or in other professions that tend to draw attention, make sure you keep all of your receipts.
Simplifying Tax Returns With Online Programs
Once you've got your deductions lined up, wouldn't it be nice to know where your W2 is? Especially now that it's tax time? A new online payroll service called Surepayroll allows you to access your pay information, 24/7 from any computer in the world with internet access. Other programs allow you to calculate the exact deduction value of your charitable donations and contributions.
Taking Capital Gains Tax Free
A change in the tax code now permits you to take up to the first $250,000 in profits tax free when you sell your home. If you're married, you can take up to $500,000 in profits tax free. You must have lived in this home as a primary residence for 2 of the last 5 years. If you've lived in the home less than 2 years, you may take a proportionate share of the profits tax free.