Amended Returns: Eight Facts IRS Tax Tip 2012-72, April 13, 2012 If you discover an error on your federal income tax return after you e-filed or mailed it, you may want or need to amend your return. Perhaps you are eligible for a deduction or credit and you missed it the first time? Here are eight key points the IRS wants you to know about when considering whether to file an amended federal income tax return. Use Form 1040X, Amended U.S. Individual Income Tax Return, to file an amended income tax return. Links: Form 1040X, Amended U.S. Videos: Amending My Return - English | Spanish | ASL
GFOA of the US & Canada - Home The American Recovery and Reinvestment Act of 2009: Information Center Update May 31, 2013 — Some of the credits and other provisions described on this page, which either expired at the end of 2011 or were set to change or expire at the end of 2012, were extended by the American Taxpayer Relief Act of 2012 (ATRA). Updated information is noted, where applicable, on the web pages relating to these specific credits and other provisions. Update Oct. 31, 2011 — Some of the credits and other provisions described on this page, which were to change or expire at the end of 2010, were extended by the Tax Relief and Job Creation Act of 2010. Additional updated information is noted, where applicable, on the web pages relating to these specific credits and other provisions. Update July 6, 2010 — For those claiming the homebuyer credit, the deadline for closing (going to settlement) on home purchases was extended from June 30 to Sept. 30, 2010. Información en Español Information for Individuals Can you benefit from Recovery Act tax credits? Education benefits.
Affordable Care Act Tax Provisions Check out the new Affordable Care Act Tax Provisions Home Page Información en Español: Disposiciones de La Ley del Cuidado de Salud de Bajo Precio Update The open enrollment period to purchase health insurance coverage for 2014 through the Health Insurance Marketplace ran from Oct. 1, 2013, through March 31, 2014. Effect of Sequestration on Small Business Health Care Tax Credit Pursuant to the requirements of the Balanced Budget and Emergency Deficit Control Act of 1985, as amended, refund payments issued to certain small tax-exempt employers claiming the refundable portion of the Small Business Health Care Tax Credit under Internal Revenue Code Section 45R, are subject to sequestration. Affected taxpayers will be notified through correspondence that a portion of their requested payment was subject to the sequester reduction and the amount. IRC §7216, Disclosure or Use of Information by Tax Return Preparers Medical Loss Ratio (MLR) Reporting Employer Provided Health Coverage in Form W-2
PTIN Requirements for Tax Return Preparers Are you having trouble logging into your online PTIN account? Watch this video for tips on resolving common login problems. PTIN renewal and registration for 2014 are still available. Anyone who prepares or assists in preparing federal tax returns for compensation must have a valid 2014 PTIN before preparing returns. PTIN requirements are not affected by recent litigation. Renew your PTIN in 3 easy steps: 1. If you already have an online PTIN account, login now. 2. Complete the online renewal application. 3. Pay the $63.00 renewal fee via credit card or direct debit. Don't have a PTIN and need to obtain one? Prefer to apply or renew by paper? When Can I Expect My Refund? FS-2012-4, January 2012 The Internal Revenue Service reminds taxpayers to keep in mind that many variables can affect the speed of a tax refund. Using e-file with direct deposit remains the fastest option for taxpayers. Following technology improvements, the IRS will issue refunds to more taxpayers in as few as 10 days this year for those who e-file and select direct deposit. Although refund speed will generally increase overall, the IRS emphasizes these are “best-case scenarios,” where tax returns are filed accurately and no corrections or review are required. In addition, the IRS also cautions taxpayers it is increasing scrutiny of tax returns for signs of fraud. There are some simple ways for people to help ensure they receive their refund quickly. E-file remains the best way to ensure an error-free return. Taxpayers can help ensure their refund arrives as expected by submitting an error free return. You don’t need to wait on the phone to check on the status of your refund.
Plans Jan. 30 Tax Season Opening For 1040 Filers IR-2013-2, Jan. 8, 2013 WASHINGTON — Following the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the Internal Revenue Service announced today it plans to open the 2013 filing season and begin processing individual income tax returns on Jan. 30. The IRS will begin accepting tax returns on that date after updating forms and completing programming and testing of its processing systems. This will reflect the bulk of the late tax law changes enacted Jan. 2. The IRS estimates that remaining households will be able to start filing in late February or into March because of the need for more extensive form and processing systems changes. “We have worked hard to open tax season as soon as possible,” IRS Acting Commissioner Steven T. The IRS will not process paper tax returns before the anticipated Jan. 30 opening date. “The best option for taxpayers is to file electronically,” Miller said. Who Can File Starting Jan. 30? Who Can’t File Until Later?
Provides Guidance on Withholding in 2013 Withholding To Reflect Expiration of 2001 and 2003 Tax Cuts; Guidance Would Be Modified If Congress Acts This news release has been superseded by IR-2013-1. IR-2012-105, Dec. 31, 2012 WASHINGTON — The Internal Revenue Service today released new income-tax withholding tables for 2013 and issued special instructions on implementing new income tax and Social Security tax rates. In issuing this guidance, the IRS takes note of the fact that Congress is currently considering legislation that could affect these rates. The updated tables issued today show the new rates for 2013, which reflect the expiration of the 2001 and 2003 tax cuts. Notice 1036, released today, contains the percentage method income-tax withholding tables and related information that employers need to implement these changes. Employers should start using the new withholding tables and correct the amount of Social Security tax withheld as soon as possible in 2013, but not later than Feb. 15, 2013.
A Brief History of Income Taxes Updated for Tax Year: 2010 Did you know President Abraham Lincoln, one of America's most beloved leaders, also instituted one of its least liked obligations - the income tax? In this brief history of taxes, see the historical events which shaped income taxes in the United States today. Click on the infographic below to open it in a new window. Created by Infographic World Want to use this infographic on your site? <iframe title="TurboTax A Brief History of US Income Taxes Infographic" width="657" height="6170" src=" frameborder="0"></iframe><br /><a href=" Done Right</a> with TurboTax
Taxes President Obama has passed wide-ranging tax relief for working families and small businesses — the drivers of economic growth. But to pay down our deficit and invest in the future, we have to make hard choices. That means asking those at the top to do their fair share and putting an end to special privileges and loopholes that benefit those who need them the least. Tax Cuts for the Middle Class Within weeks of taking office, President Obama took immediate action in the midst of the economic crisis to restore security for middle-class families by cutting their taxes in the Recovery Act. Since then, President Obama has continued to cut taxes for middle class families to make it easier for them to make ends meet. On January 2, 2013, President Obama signed bipartisan legislation that will make sure income tax rates stay low permanently for 98 percent of Americans, while asking the wealthiest households to pay a little more to help reduce the deficit. Tax Cuts for Small Businesses Tax Reform 1.
Credits & Deductions for Individuals EITC Home Page--It’s easier than ever to find out if you qualify for EITC If you worked but earned less than $51,567 during 2013, you may qualify for EITC. The Earned Income Tax Credit, sometimes called EIC is a tax credit to help you keep more of what you earned. You must file a return and claim the credit to receive it. Adoption Credit Taxpayers who adopt an eligible child may qualify for the adoption tax credit. Deducting Business Expenses Find out what qualifies as a deductible business expense, including depreciation.
Taxation in the United States The United States of America is a federal republic with autonomous state and local governments. Taxes are imposed in the United States at each of these levels. These include taxes on income, payroll, property, sales, imports, estates and gifts, as well as various fees. In 2010 taxes collected by federal, state and municipal governments amounted to 24.8% of GDP. In the OECD, only Chile and Mexico taxed less as a share of GDP.[1] The United States also has one of the most progressive tax systems in the industrialized world.[2][3][4] Taxes are imposed on net income of individuals and corporations by the federal, most state, and some local governments. The United States is one of two countries in the world that taxes its nonresident citizens on worldwide income, in the same manner and rates as residents; the other is Eritrea.[7] The Court upheld the constitutionality of the payment of such tax in the case of Cook v. Payroll taxes are imposed by the federal and all state governments.