Taxpayers should be aware of gift card scams and take steps to protect themselves. Scammers may target taxpayers by asking them to pay a fake tax bill with gift cards. People should remember that the IRS never asks for or accepts gift cards as payment...
WASHINGTON — The Internal Revenue Service provided taxpayers with six tips to make filing their 2024 tax return easier. Most of the information below is also available on the IRS.gov Let us help you page. Taxpayers should follow these handy suggestions as they prepare to file: Gather all...
Taxpayers should start gathering and organizing records as their first step for tax preparation and filing their 2024 federal tax return. They need all year-end income documents to help ensure they file a complete and accurate 2024 federal tax return and avoid refund delays. The Get...
WASHINGTON The IRS encourages taxpayers to use the IRS Tax Withholding Estimator to ensure they’re withholding the correct amount of tax from their pay in 2025. This digital tool provides workers, self-employed individuals and retirees with wage income a user-friendly resource to effectively adjust the amount of...
Employers who hire people from certain groups can reduce the tax they owe when they claim the Work Opportunity Tax Credit on their federal tax return. To claim the credit, an employer must first get certification an individual is eligible. This credit is extended through the end of...
The SECURE 2.0 Act makes it easier for qualified individuals impacted by a federally declared major disaster to access their retirement savings. Eligibility A taxpayer may be eligible for relief that provides for expanded access to their retirement funds if their principal residence was in a...
This is a question that employers frequently receive from their employees, especially during tax season. When the beginning of a new year rolls around and people begin to receive their W-2 forms, they might notice a difference in the amounts shown on their end of...
WASHINGTON — The Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2025 has increased to $23,500, up from $23,000 for 2024. The IRS today also issued technical guidance regarding all cost‑of‑living adjustments affecting dollar limitations for pension plans and...
WASHINGTON — The Internal Revenue Service reminds taxpayers that during open enrollment season for flexible spending arrangements (FSAs) they may be eligible to use tax-free dollars to pay medical expenses not covered by other health plans. An employee who chooses to participate in an FSA can...
WASHINGTON — The Internal Revenue Service announced that the IRS Free File Guided Tax Software will be available Jan. 10 for taxpayers ahead of the official start of tax season later this month. Starting Jan. 10, the IRS Free File will begin accepting individual tax returns....