This article was published by the IRS. It’s a new year, and tax season is here. Tax season is a busy time for criminals, too, as they ramp up efforts to trick people into sharing sensitive personal information. Identity thieves might use this information to try filing false tax returns and stealing refunds. The IRS wants [...]
This article was published by the IRS. The 2026 tax filing season is drawing near. The IRS encourages taxpayers to “Get Ready” and start preparing now. Taking a few steps today can save time and help taxpayers ensure they’re filing accurate returns in the coming months. The annual IRS "Get Ready" campaign is a series of [...]
Tax credits are more favorable than deductions because a tax credit reduces the amount of income tax you may have to pay. Unlike a deduction, which reduces the amount of income subject to tax, a credit directly reduces the tax itself. The following are the main tax credits available for individuals in 2025: Residential Clean Energy [...]
Taking the Standard Deduction Versus Itemizing The Tax Cuts and Jobs Act (TCJA) substantially increased the standard deduction amounts, thus making itemized deductions less attractive for many individuals. The OBBBA makes this change permanent. For 2025, the standard deduction amounts are: $15,750 (single); $23,625 (head of household); and $31,500 (married filing jointly). If the total of [...]
This IRS video course discusses Section 501(c)(3) eligibility, the benefits of exemption, how to apply, and filing requirements while waiting for a determination letter. (Ensure that your organization is eligible for tax exemption before applying.) Learn about: the life cycle of a typical organization exempt under Section 501(c)(3) of the Internal Revenue Code. benefits and responsibilities [...]
