Tax Tips

Capital Gains and Losses – 10 Helpful Facts to Know
 

Capital Gains and Losses – 10 Helpful Facts to Know

Posted: February 23, 2017
When a person sells a capital asset, the sale normally results in a capital gain or loss. A capital asset includes inherited property or property someone owns for personal use or as an investment. Here are 10 facts that taxpayers should know about capital gains and losses.

Itemize or Choose the Standard Deduction
 

Itemize or Choose the Standard Deduction

Posted: February 21, 2017
Most taxpayers claim the standard deduction when they file their federal tax return. However, some filers may be able to lower their tax bill by itemizing. Find out which way saves the most money by figuring taxes both ways.

IRS "Dirty Dozen" Tax Scams for 2017
 

IRS "Dirty Dozen" Tax Scams for 2017

Posted: February 17, 2017
The annual "Dirty Dozen" list of tax scams highlights various schemes that taxpayers may encounter throughout the year, many of which peak during tax-filing season.

IRS Warns of Video Relay Scam Targeting Deaf and Hard of Hearing
 

IRS Warns of Video Relay Scam Targeting Deaf and Hard of Hearing

Posted: February 17, 2017
Be aware that con artists will use video relay services (VRS) to try to scam deaf and hard of hearing individuals. Deaf and hard of hearing taxpayers should avoid giving out personal and financial information to anyone they do not know.

Check Out These Tax Benefits for Parents
 

Check Out These Tax Benefits for Parents

Posted: February 17, 2017
Taxpayers with children may qualify for certain tax benefits. Parents should consider child-related tax benefits when filing their federal tax return.

Be Prepared to Validate Identity if Calling the IRS
 

Be Prepared to Validate Identity if Calling the IRS

Posted: February 16, 2017
The IRS is reminding taxpayers who have questions about their tax accounts to be prepared to validate their identity when speaking with an IRS assistor. This will help avoid the need for a repeat call.

Are Social Security Benefits Taxable?
 

Are Social Security Benefits Taxable?

Posted: February 13, 2017
If taxpayers receive Social Security benefits, they may have to pay federal income tax on part of those benefits. These IRS tips will help taxpayers determine if they need to do so.