When school's out on break, what do you do with your children? If you send them to a day camp, the money you pay may qualify for a tax credit when you file your taxes. This means you might get some money back. That's because day camp expenses can be used to claim the child and [...]
This article was published by the IRS. This fact sheet provides answers to frequently asked questions (FAQs) related to educational assistance programs under section 127 of the Internal Revenue Code (Code) (a section 127 educational assistance program). These FAQs are being issued to provide general information to taxpayers and tax professionals as expeditiously as possible. Accordingly, [...]
The IRS Independent Office of Appeals is a separate organization within the IRS. Their mission is to resolve tax disputes fairly and impartially. They understand that dealing with a collections issue - like a lien or levy on your bank account - can be extremely stressful. You have a right to appeal most IRS decisions. If [...]
This article was published by the IRS. The Internal Revenue Service is reminding taxpayers whose income is not subject to withholding that the second quarter estimated tax payment deadline is June 17. Taxpayers making estimated tax payments should consider this deadline to avoid falling behind on their taxes and facing possible underpayment penalties. And the IRS [...]
Income taxes are a pay-as-you-go system. That means you pay your taxes as you earn income during the year. Either your employer withholds tax from your pay, or you pay quarterly estimated taxes on your own. If you have income that's not subject to withholding, you may need to make quarterly payments. This includes income such [...]
